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South Korean retail investors join global move to ETFs
June 14, 2023--Rise in assets last year to $60bn helped offset 8.8% decline in mutual funds AUM
South Korean retail investors are showing a greater appetite for exchange traded funds in lieu of mutual funds, coinciding with a push to loosen regulations and spearhead product innovation, according to a Cerulli report.
Macroeconomic headwinds that affected markets globally last year resulted in broad South Korea fund industry assets plunging 5.8 per cent to Won341tn ($261bn) from Won361.9tn in the previous year, data compiled by Cerulli show.
By contrast, ETFs fared much better during the period, realising a 6.1 per cent increase in assets from Won74tn in 2021 to Won78.5tn.
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Source: ft.com
Priority Reforms Key for Sustaining Growth and Achieving China's long-term goals-World Bank Report
June 14, 2023--China's economic activity bounced back in the first quarter of 2023 with the removal of mobility restrictions and a surge in spending on services. However, growth momentum has slowed since April, indicating that China's recovery remains fragile and dependent on policy support, according to Sustaining Growth through the Recovery and Beyond, the latest China Economic Update released today by the World Bank.
China's GDP growth is projected to rise to 5.6 percent in 2023, led by a rebound in consumer demand. Capital spending in infrastructure and manufacturing is expected to remain resilient. Meanwhile, external demand is expected to remain soft with weak global growth impacting exports.
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Source: worldbank.org
Adventure and Cultural tourism will deliver bigger returns for the Pacific: World Bank
June 14, 2023--The Pacific region has a unique opportunity to redefine its tourism industry and foster more inclusive and sustainable growth, according to a new report by the World Bank.
With the unprecedented disruptions caused by the COVID-19 pandemic, focusing on developing higher value tourism markets, such as adventure and cultural tourism, can provide Pacific governments and their private sectors with more environmentally and economically sustainable sources of growth.
By 2019, international arrivals in the Pacific had doubled over the two preceding decades, with the region attracting 1.8 million tourists, generating annual revenue of US$2.4 billion. Over that time this industry provided jobs for more than 71,000 people across the region, while contributing to reduced poverty and increased employment opportunities for women. In 2020 however, revenue dropped by 81 percent following region-wide border closures.
The Future of Pacific Tourism report, launched today, examines tourism trends and future opportunities in eleven Pacific Island countries-including the Federated States of Micronesia, Fiji, Kiribati, Palau, Papua New Guinea, Republic of Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu-before and after the pandemic. By examining these trends, the report offers new insights into the economic impacts of the tourism sector.
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Source: worldbank.org
CSOP AM ETF aims to profit from shift away from China factories
June 11, 2023--The fund will focus on India and south-east Asian retail as well as technology, cars and component producers
CSOP Asset Management is gearing up to launch what it claims will be Singapore's first exchange traded fund focusing on the technology industry across south-east Asia and India.
The fund firm is aiming to raise up to $30mn by June 20, when the ETF will officially list on the Singapore bourse, with a longer-term goal of hitting $100mn in assets within the first year.
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Source: ft.com
IMF Working Paper-Some Lessons from Asian E-Money Schemes for the Adoption of Central Bank Digital Currency
June 9, 2023--Summary:
This paper synthesizes four lessons from the experiences of six Asian e-money schemes for central banks as they consider adopting central bank digital currency (CBDC): (i) CBDC should embody four attributes: trust, convenience, efficiency, and security; (ii) CBDC service providers can facilitate CBDC adoption through four channels: leveraging digital technology, targeting use cases, developing business models, and complying with legal and regulatory requirements;
(iii) central banks could incentivize CBDC service providers to develop these four channels when considering CBDC adoption; and (iv) central banks may be able to establish data-sharing arrangements that preserve privacy while leaving room for CBDC service providers to explore the economic value of data.
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Source: imf.org
IMF-Malaysia: 2023 Article IV Consultation-Press Release and Staff Report
June 1, 2023-Summary:
Malaysia registered a strong economic recovery in 2022, backed by its well diversified economy, sound policy frameworks, and commodity exporter status. While monetary policy started a gradual post-pandemic normalization, record costly spending on fuel subsidies broadly kept inflationary pressures suppressed in 2022.
Meanwhile, the new national unity government has signaled its commitment to the reform priorities outlined in the Twelfth Malaysia Plan (12MP) and the 2023 Budget to propel the economy toward net-zero greenhouse gas emissions and high-income status.
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Source: imf.org
IMF-People's Republic of China-Hong Kong Special Administrative Region: 2023 Article IV Consultation Discussions-Press Release; and Staff Report
May 31, 2023--Summary:
After coping with another year of large COVID-related disruptions, economic activity is normalizing with the re-opening of the border, including with Mainland China.
Strong fiscal policy support has helped the economy navigate through multiple shocks over the last few years, while strong institutional frameworks and financial buffers have allowed the financial system to remain resilient and continue to operate smoothly, including the Linked Exchange Rate System. The economy is facing macro-financial challenges amid rising interest rates, spillovers from strains in Mainland China's real estate sector, adjustment in the local property market, and global economic slowdown.
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Source: imf.org
Betashares Launches Global Shares ETF and Currency Hedged Version Tracking Solactive GBS Developed Markets ex Australia Large & Mid Cap Index
May 26, 2023--In the face of market volatility, investors often turn to portfolio diversification as a key strategy. One effective approach to manage volatility is to diversify exposure across various developed markets, which generally provide higher exposure to more advanced industries, lower risks of political or economic instability, as well as greater accounting reliability.
In this context, Solactive is pleased to announce that leading Australian fund manager, Betashares, has expanded its engagement with the German index provider by choosing the Solactive GBS Developed Markets ex Australia Large & Mid Cap Index (plus AUD hedged version) as the benchmark for their new ETFs- Betashares Global Shares ETF and Betashares Global Shares Currency Hedged ETF. These products are designed to be suitable as core allocations to global equities in a well-constructed -investment portfolio. The currency hedged version specifically caters to those seeking to minimize the impact of currency fluctuations on investment returns.
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Source: Solactive AG
Betashares Australian ETF Review April 2023: Investor flows push industry to a new high, even as markets decline
May 15, 2023--The strong rise in global sharemarkets together with continued investor flows allowed the Australian ETF industry to once again set a new all-time high in funds under management (FuM).
Exchanged Traded Funds Market cap
Australian Exchange Traded Funds Market Cap(ASX + CBOE): $146.0B-new all time high
ASX CHESS Market Cap: $131.0B1
Market cap increase for month: 2.4%, $3.4B
Market cap growth for last 12 months: 9.4%, $12.5B
Comment: The Australian ETF Industry's FuM grew by 2.0% month-on-month, for a total monthly market cap increase of $2.8B. Industry funds under management ended the month at $142.6B, a new record high.
New money
Net inflows for month: +$0.8B
Comment: The growth this month came primarily from asset value appreciation, although investor flows remained positive, at $0.7B (25% of the monthly growth).
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Source: betashares.com.au
Asia Poised to Drive Global Economic Growth, Boosted by China's Reopening
May 1, 2023--China and India together are forecast to generate about half of global growth this year
70 percent of global growth this year-a much greater share than in recent years.
Asia and the Pacific is a relative bright spot amid the more somber context of the global economy's rocky recovery.
As the Chart of the Week shows, the region will contribute about Our latest Regional Economic Outlook describes the resilience of the world's most dynamic region and important challenges facing its policymakers.
Growth in Asia and the Pacific is forecast to accelerate to 4.6 percent this year from 3.8 percent last year.
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Source: imf.org
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