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World Bank-Malaysia Economic Monitor June 2022: Catching Up
June 15, 2022--Malaysia's economy is on an upwards track to recovery from the pandemic following a successful vaccination drive and the full withdrawal of movement restrictions.
The economy is projected to expand 5.5 percent in 2022, driven mainly by a strong rebound in consumption.
Malaysia's labor market is improving, with the unemployment rate decreasing from 4.3 percent in Q4 2021 to 4.1 percent in Q1 2022.
To further sustain recovery, a key priority for Malaysia is to address the economic impact of COVID-19 by gradually rebuilding fiscal buffers through increased revenue collection and greater spending efficiency.
While there is a surge in growth, external headwinds and global uncertainties pose a challenge and add to the country's downside risks.
Global growth is expected to decelerate to [3.2] percent in 2022 (2021e: 5.7 percent) due to spillovers from the war in Ukraine, fading pent-up demand, and reduced macroeconomic support amid high inflation.
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Source: worldbank.org
Mirae Asset Global Investments Takes over ETF Securities in Australia
June 15, 2022--Mirae Asset Global Investments announced on June 15 that it has acquired ETF Securities, an Australian ETF management company.
ETF Securities is a leading ETF manager in Australia's ETF market. Analysts predict that ETF Securities will strengthen Mirae Asset Global Investments' ETF business in the Australian market, which has great growth potential. Global X ETFs, a New York-based provider of exchange-traded funds that was acquired by Mirae Asset Global Investments in 2018,also participated in the acquisition of ETF Securities.
Mirae Asset will ramp up its investment in the Australian market through ETF Securities. I
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Source: businesskorea.co.kr
World Bank-China Economic Update-June 2022
June 8, 2022-Key Messages: China Economic Update - June 2022
China's economy is projected to slow in 2022. After a strong start in early 2022, the largest COVID-19 wave in two years has disrupted China's growth normalization. We project real GDP growth to slow sharply to 4.3 percent in 2022- 0.8 percentage points lower than projected in the December China Economic Update.
This downward revision largely reflects the economic damage caused by Omicron outbreaks and the prolonged lockdowns in parts of China from March to May. Growth momentum is expected to rebound in the second half of 2022, helped by aggressive policy stimulus to mitigate the economic downturn.
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Source: worldbank.org
Cosmos Asset Management launches ethereum ETF
June 1, 2022--Cosmos Asset Management has launched another crypto ETF in Australia.
A new fund providing access to the world's first physically settled ether ETF has commenced trading on the Cboe Australia exchange.
The Cosmos-Purpose Ethereum Access ETF (CPET) from Cosmos Asset Management invests in the Purpose Ether ETF on the Toronto Stock Exchange which holds physically settled Ether tokens rather than derivatives.
"The CPET launch allows Australian investors the opportunity to add Ethereum to their portfolio alongside their traditional portfolio without the need for investors to worry about Ethereum wallets or cold storage," explained Cosmos Asset Management CEO Dan Annan.
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Source: investordaily.com.au
Rising retail interest prompts new India ETF guidelines
May 31, 2022--Asset managers will also be permitted to roll out passively managed equities-linked saving schemes
The Securities and Exchange Board of India has introduced new guidelines for exchange traded funds and index funds, following a sharp rise in local investors' interest in the products.
The recommendations, which also spell out norms for ETF market makers, investor education and awareness efforts, and disclosure guidelines, will take effect on July 1, and will apply to all existing ETFs and index funds.
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Source: ft.com
Mainland and Hong Kong ETFs will join stock connect in move seen as 'gift' for 25th anniversary of handover
May 28, 2022--The move comes ahead of the July 1 anniversary celebrating 25 years since the handover, as Hong Kong tries to strengthen its role as a global financial hub
ETFs which track main indexes such as the Hang Seng Index, Hang Seng China Enterprise Index and Hang Seng Tech Index could be selected in the first batch
The newly announced inclusion of exchange-traded funds (ETFs) in mainland China's stock connect scheme with Hong Kong will help consolidate the city's role as a financial hub and bridge between China and the rest of the world, according to experts.
The China Securities Regulatory Commission (CSRC) and Hong Kong Securities and Futures Commission have reached an in-principle agreement on the inclusion, with the goal of deepening mutual market access between the mainland and Hong Kong, according to an announcement posted on the CSRC website on Friday night.
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Source: scmp.com
Publication of "Progress Report on Enhancing the Asset Management Business 2022"
May 27, 2022--"Progress Report on Enhancing the Asset Management Business 2022" was published by the Financial Services Agency in Japan (FSA), on 27th May this year.
This report outlines the key challenges in the asset management industry in Japan, as well as our analysis on them and the courses of our potential actions going forward, identified through dialogues with asset managers.
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Source: fsa.go.jp
IMF Staff Completes 2022 Article IV Mission with Singapore
May 24, 2022--Singapore has recovered sharply from the COVID-19 pandemic thanks to the authorities' decisive policy response, impressive vaccine rollout, and the country's strong economic fundamentals. The recovery nevertheless has been uneven across sectors.
The ongoing normalization of policies is appropriate and timely.
The tighter fiscal stance in the FY 2022 Budget, combined with targeted assistance to vulnerable households and firms, will facilitate a broadening of the recovery. The tighter monetary stance will help prevent inflationary pressures from becoming entrenched. Should downside risks materialize, Singapore has ample fiscal space to deploy additional targeted support as a first line of defense.
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Source: IMF
State Street Announces Expansion of Fund Connect ETF Portal in Singapore
May 18, 2022--Milestone builds on State Street's expansion of its ETF digital capabilities across multiple technology platforms; Portal now supports ETF trading across the globe including in the US, Canada, Europe and Asia-Pacific
State Street Corporation (NYSE:STT) today announced that its Fund Connect ETF portal- a division of State Street Digital and its leading global, primary market ETF portal with access to more than 960 exchange traded fund (ETFs) from leading issuers-is officially live in Singapore with its first product in the region. The firm had previously provided back-office services for ETFs including custody and fund administration.
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Source: State Street Corporation
UOB Asset Management (Taiwan), in first engagement with Solactive, launches ETF tracking Solactive Metaverse Technology and Services Index
May 17, 2022--The metaverse has been considered a driving force setting the stage for the future and, therefore, it is regarded as a massive prospect. Many big Techs start to see this revolutionary concept as their next direction of development. Morgan Stanley predicts that the metaverse is an $8.3 trillion market opportunity depending on the level of its development[1].
JPMorgan forecasts similar order of magnitude[2]. Many financial institutions increasingly see the Metaverse as quickly becoming a viable long-term investment opportunity. In a strategic move within this field, UOB Asset Management (Taiwan) launches the United Metaverse Technology and Services ETF, which aims to track the Solactive Metaverse Technology and Services Index.
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Source: Solactive AG
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