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AdvisorShares-Weekly Market Review Highlights of the week of October 03, 2016 to October 07, 2016
October 10, 2016--Goldilocks & a Flash Crash
Macro
First, Goldilocks which is how some have described the September jobs report which came in with 156,000 jobs created
versus an expectation of 172,000.
The headline unemployment rate ticked up to 5.0% as more people entered the labor force while the participation rate printed at 62.9%. Wages increased
by 0.2% and the broader U6 measure of unemployment was steady at 9.7%.
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Source: AdvisorShares
CBO-Monthly Budget Review for September 2016
October 7, 2016--The federal government ran a budget deficit of $588 billion in fiscal year 2016, the Congressional Budget Office estimates-$149 billion greater than the shortfall recorded in fiscal year 2015.
The 2016 deficit equaled an estimated 3.2 percent of gross domestic product (GDP), up from 2.5 percent of GDP in 2015. The increase in the deficit, measured as a share of the nation's output, was the first since 2009.
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Source: Congressional Budget Office (CBO)
Moody's: State pension liabilities set to balloon to $1.75 trillion
October 7, 2016--States' adjusted net pension liabilities totaled $1.25 trillion in fiscal year 2015 and are expected to increase a further $500 billion in the two next years, said a report Thursday from Moody's Investors Service.
In light of low fiscal year 2015 and 2016 returns, that figure is expected to rise over the next two reporting years, reaching an estimated $1.75 trillion in fiscal year 2017, said Marcia Van Wagner, Moody's vice president and senior credit officer, in a news release on the report.
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Source: www.pionline.com
Reaves Utilities ETF Announces Primary Listing Venue Change
October 7, 2016--The Reaves Utilities ETF (Ticker:UTES), the first actively managed exchange traded fund focused on the utilities sector, today announced its plans to change the primary listing venue from NASDAQ to NYSE Arca.
The Reaves Utilities ETF, which is sub-advised by Reaves Asset Management, will retain its current ticker symbol with the NYSE Arca listing. The Fund will commence trading on NYSE Arca upon market open on October 24, 2016.
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Source: Reaves Asset Management
Schwab cuts ETF fees again, as expense war with rivals BlackRock, Fidelity and Vanguard heats up
October 7, 2016--Charles Schwab & Co. (SCHW) re-entered the ETF fee war Friday, announcing fee cuts to five of its exchange-traded funds.
While the expense cuts were modest-one basis point, or 1/100th of a percentage point-the move underscores the fierce price competition in the growing ETF market.
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Source: investmentnews.com
Sage Advisory launches ESG ETF portfolios
October 5, 2016--US asset management firm Sage Advisory has over USD12 billion under management in its strategic ETF portfolios, 60 per cent for institutional investors, and 40 per cent for retail.
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Source: alphaq.world
Supreme Court hears vastly different insider trading arguments
October 5, 2016--The U.S. Supreme Court must now determine whether a gift of information to family or a friend is enough to prove "benefit" for a tipper suspected of insider trading, following oral arguments in Salman v. United States on Oct. 5.
The "personal benefit" test, which originated in Dirks v. SEC over 30 years ago, stated an insider must receive some sort of personal benefit in order for illegal insider trading to have occurred. In addition, the court deemed the disclosure of non-public information to a friend or family member constituted a personal benefit.
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Source: thehill.com
BlackRock Cuts ETF Fees
October 5, 2016--Move is another indication of how new retirement rules are transforming industry
The world's largest money manager is cutting fees at more than a dozen exchange-traded funds, another sign of how a federal overhaul of retirement-savings rules is transforming parts of the financial-services industry.
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Source: Wall Street Journal
Trade Vital for Latin America's Future Growth
October 5, 2016--Region's average growth to remain below zero in 2016 but expected to rebound in 2017
Mexico, Central American and Caribbean growing above average this year and next
Region showing signs of new and necessary export activity
Countries in Latin America and the Caribbean are beginning to show signs of economic recovery and an increased volume of exports, including new products in higher quality niches, according to the new semianual World Bank report on Latin America and the Caribbean, "The Big Switch: Restoring Growth through Trade."
view the World Bank The Big Switch in Latin America: Restoring Growth through Trade report
Source: World Bank
Lower Volatility Smart Beta Funds-A Safe Haven in Turbulent Times?
Part 2 of a Series on Multifactor Smart Beta ETFs
October 5, 2016--Smart Beta funds are hot
According to ETF.com, more than half of the 150 funds launched in 2016 implemented smart beta strategies. For the year to June 30, 2016, ETFGI's most recent data show that assets in smart beta funds have a five-year annual compound growth rate of 31.3 percent.
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Source: MPI Research Corner
