DECPG Global Weekly -continued

July 20, 2018--TAKING STOCK
U.S. industrial production rebounded in June; retail sales growth remained solid; new housing construction fell
Euro Area headline inflation edged up in June
Japan's inflation was steady in June; trade surplus widened in June
China GDP growth slowed slightly in 2018Q2; industrial production and investment growth eased; retail sales rose
Crude oil prices tumbled on rising supplies

Taking Stock
U.S. industrial production rebounded in June; retail sales growth remained solid; new housing construction fell.
U.S. industrial production rose 0.6 percent (m/m, sa) in June, after contracting 0.5 percent in May (Figure 1), boosted by a rebound in manufacturing and further gains in mining output. Headline retail sales rose 0.5 percent (m/m) in June, following an upwardly revised 1.3 percent increase in May, led by motor vehicle sales and higher gasoline prices.

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Source: World Bank

Global ETP News
World Bank-Global Value Chain Development Report 2019: Technological Innovation, Supply Chain Trade and Workers in a Globalized World
April 15, 2019--Highlights
More than two-thirds of world trade now occurs through global value chains (GVCs).
Over the last two decades, GVCs have reduced trade barriers, lowered the costs of transportation, created jobs for workers and driven significant economic growth in developing countries.
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BBH Survey: ETF Investors in Greater China are set to Increase their ETF Allocation in 2019
April 15, 2019--Brown Brothers Harriman's ETF survey also finds 70% of US and European ETF investors plan to invest in the China capital markets this year.
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60 Investors Commit to Manage over $350 Billion in Assets in Line with New Impact Principles
April 12, 2019--IFC, a member of the World Bank Group, announced today that 60 investors are adopting the Operating Principles for Impact Management-a market standard for impact investing in which investors seek to generate positive impact for society alongside financial returns in a disciplined and transparent way.
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FTSE Russell introduces Multi-Asset Composite Index Series
April 11, 2019--− Designed to provide broad measures of cross-asset market performance across a diverse selection of regions and risk exposures
A wide range of indexes across major asset classes covering global, regional and Emerging markets, including US, Europe and China
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TRADEWEB MARKETS Monthly Activity Report-March 2019 A New Record For Total ADV in March
April 11, 2019--Average daily volume (ADV) across rates, credit, equities and money markets for Tradeweb Markets set a new monthly record in March, exceeding $700 billion (bn) for the first time ever. ADV for March 2019 of $709.1 bn rose 35.3 percent (%) year over year (YoY) while average daily trades totaled 51,412.
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Precious Metals Outlook: April 2019-Gold's Allure Remains Despite a Tepid First Quarter
April 11, 2019--The macroeconomic environment remains conducive for gold keeping the probability of a bullish scenario outcome for gold elevated.
Global growth forecasts continued to be cut for 2019 among major economic organizations, as weakness in both Europe and China weigh on outlooks.
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The Global Economy: A Delicate Moment
April 10, 2019--A year ago, economic activity was accelerating in almost all regions of the world.
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High Debt Hampers Countries' Response to a Fast-Changing Global Economy
April 10, 2019--Economic growth is slowing and public debt remains high across the world. Meanwhile, demographic changes and technological advances are reshaping the global economy.
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IMF-Global Financial Stability Reports-Vulnerabilities in a Maturing Credit Cycle
April 10, 2019-- Description: The April 2019 Global Financial Stability Report (GFSR) finds that despite significant variability over the past two quarters, financial conditions remain accommodative. As a result, financial vulnerabilities have continued to build in the sovereign, corporate, and nonbank financial sectors in several systemically important countries, leading to elevated medium-term risks.
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IMF-World Economic Outlook, April 2019 Growth Slowdown, Precarious Recovery
April 10, 2019--After strong growth in 2017 and early 2018, global economic activity slowed notably in the second half of last year, reflecting a confluence of factors affecting major economies.
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Weak Spots in Global Financial System Could Amplify Shocks
April 10, 2019--In the United States, the ratio of corporate debt to GDP is at record-high levels. In several European countries, banks are overloaded with government bonds. In China, bank profitability is declining, and capital levels remain low at small and medium-size lenders.
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ETF investor inflows tumble 28% in first quarter
April 10, 2019--Lyxor and State Street Global Advisors among worst performers so far in 2019
ETF investor inflows tumble 28% in first quarter
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ETFGI reports assets invested in the Global ETF and ETP industry reached a new record US$5.40 trillion at the end of March 2019
April 10, 2019--ETFGI, a leading independent research and consultancy firm covering trends in the global ETF/ETP ecosystem, reported today that ETFs and ETPs listed Globally gathered net inflows of US$37.48 billion in March, bringing year-to-date net inflows to US$99.14 billion. Assets invested in the Global ETF/ETP industry finished the month up 1.42%, from US$5.32 trillion at the end of February, to US$5.40 trillion, according to ETFGI's March 2019 Global ETF and ETP industry landscape insights report, an annual paid-for research subscription service.
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ETF investor inflows tumble 28% in first quarter
April 10, 2019--Lyxor and State Street Global Advisors among worst performers so far in 2019
ETF investor inflows tumble 28% in first quarter
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Global Business Value Of Artificial Intelligence In Banking To Reach $300 Billion By 2030, IHS Markit Says
April 10, 2019--Artificial intelligence (AI) is revolutionizing the banking sector by detecting fraud in financial transactions on the basis of a pre-defined set of rules. In 2018 AI in banking business was estimated to be $41.1 billion, which includes the cost savings and efficiencies of introducing AI technology compared to keeping existing infrastructures and processes.
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Deutsche Boerse to pay $850m for analytics firm AxiomaDeutsche Boerse to pay $850m for analytics firm Axioma
April 9, 2019--German exchange operator Deutsche Börse is buying Axioma for $850 million and combining the analytics specialist with its index businesses in a new company.
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SocGen Is Latest Bank to Shutter Its Commodities Business
April 9, 2019--Bank Shutting OTC commodities business, trading subsidiary
Comes after BNP shut its U.S commodities derivatives desk
Add Societe Generale SA to the list of banks and financial institutions to take a big step back from commodities amid a slump in trading profits.
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Machine-learning on the rise in financial services: Refinitiv
April 9, 2019--The use of machine-learning has picked up across the financial services industry, although problems such as data quality continue to dog its progress, a study by Refinitiv has found.
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IMF Working Paper-Illuminating Economic Growth
April 9, 2019--Summary:
This paper seeks to illuminate the uncertainty in official GDP per capita measures using auxiliary data. Using satellite-recorded nighttime lights as an additional measurement of true GDP per capita, we provide a statistical framework, in which the error in official GDP per capita may depend on the country's statistical capacity and the relationship between nighttime lights and true GDP per capita can be nonlinear and vary with geographic location.
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Bassanese Bites: Beautiful Numbers
April 8, 2019--Week in Review
To paraphrase former PM Paul Keating, last week produced a fairly consistent set of "beautiful numbers" across the global economy. Key manufacturing indices in both the US and China were better than expected and suggest tentative signs of recovery due to easing trade tensions, the Fed's dovish tilt and renewed Chinese stimulus.
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As Growth Slows in Europe and Central Asia, Financial Inclusion Can Play Key Role Addressing Long-Term Challenges
April 5, 2019--Economic growth in the Europe and Central Asia region slowed to 3.1% in 2018, and is projected to decline to 2.1% in 2019, amid slowing global growth and uncertain prospects, according to the World Bank's Economic Update for Europe and Central Asia, released today.
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FSB publishes directory of crypto-assets regulators
April 5, 2019--The Financial Stability Board (FSB) published today a Crypto-assets regulators directory. The purpose of the directory is to provide information on the relevant regulators and other authorities in FSB jurisdictions and international bodies who are dealing with crypto-asset issues, and the aspects covered by them.
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BlackRock analysis helps define climate-change risk
April 4, 2019--Study says investors fail to price in effect of extreme weather on portfolios
Investors underestimate the risks that extreme weather poses to their portfolios, according to landmark research by BlackRock that could drastically alter how the investment industry considers climate change in its risk management processes.
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IMF-Global Financial Stability Report-Chapter 2: Downside Risks to House Prices
April 4, 2019--Chapter 2 studies and quantifies house prices at risk, a measure of downside risks to future house price growth-using theory, insights from past analyses, and new statistical techniques applied to 32 advanced and emerging market economies and major cities. The chapter finds that lower house price momentum, overvaluation, excessive credit growth, and tighter financial conditions predict heightened downside risks to house prices up to three years ahead.
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World Economic Forum-Why globalization needs an upgraded operating system
April 4, 2019--The G20 Leaders' Summit in London on April 2, 2009, is widely regarded as one of the best examples of global cooperation in a generation. Meeting as a group for only the second time, leaders of the world's top economies, accounting for some 85% of global GDP, agreed to provide $5 trillion in fiscal stimulus and $1 trillion in additional resources to the International Monetary Fund, and to implement a wide-ranging program of financial regulatory reform.
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World Gold Council-Global gold-backed ETF holdings grew incrementally in March
April 4, 2019--Holdings in global gold-backed ETFs and similar products rose slightly in March by 3 tonnes(t) to 2,483t, equivalent to US$183mn in inflows. Global assets under management (AUM) fell by 1.6% in US dollars to US$103bn over the month, driven by the 2% decline in the price of gold during the same period.
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Economic Forces, Not Tariffs, Drive Changes in Trade Balances
April 3, 2019--New IMF research finds that macroeconomic factors, not tariffs, explain most of the changes in trade balances between two countries.
Bilateral trade balances (the difference in the value of exports and imports between two countries) have come under scrutiny recently.
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IOSCO report on behavioural insights seeks to enhance retail investor protection
April 2, 2019--The Board of the International Organization of Securities Commissions today published a report on behavioural insights that seeks to help its members improve the effectiveness of retail investor protection. The report, The Application of Behavioural Insights to Retail Investor Protection, provides guidance to help regulators better understand the behaviour of retail investors in making financial investment decisions.
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Bitcoin surges as cryptocurrency market suddenly springs to life
April 2, 2019--Bitcoin climbed suddenly on Tuesday to the highest level since November, leading a surge in virtual currencies and ending three months of calm in the $160 billion market.
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WTO Global trade growth loses momentum as trade tensions persist
April 2, 2019--WTO economists expect merchandise trade volume growth to fall to 2.6% in 2019-down from 3.0% in 2018. Trade growth could then rebound to 3.0% in 2020; however, this is dependent on an easing of trade tensions.
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Biggest banks lead the switch to blockchain
April 2, 2019--The world's largest globally systemically Important Banks (G-SIBs) are swiftly integrating blockchain technology into their operations ahead of their smaller rivals according to data released by UBS.
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IMF-World Economic Outlook, Analytical Chapters, April 2019
April 3, 2019--Chapter 2: The Rise of Corporate Market Power and Its Macroeconomic Effects
This chapter investigates whether corporate market power has increased and, if so, what the macroeconomic implications are. The three main takeaways from a broad analysis of cross-country firm-level patterns are that (1) market power has increased moderately across advanced economies, as indicated by firms' price markups over marginal costs rising by close to 8 percent since 2000, but not in emerging market economies;
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March 2019 FTSE Country Classification Interim Review
April 2, 2019--Every March, FTSE Russell conducts an interim review of country classification within the FTSE Global Equity Index Series (FTSE GEIS) and all indexes derived from FTSE GEIS.
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Central Banks Are Thinking Greener as Climate Change Hits Policy
April 2, 2019--Monetary authorities are studying how to handle changes
Financial risks and economic trouble could emerge, they worry.
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BetaShares-Super Tuesday
April 1, 2019--Week in Review
Global equities recovered somewhat last week, perhaps encouraged by the fact that while most global growth indicators have softened in recent months, they're overall still consistent with at least moderate growth (i.e. no recession) and low inflation. Central banks are also not deaf, with the Reserve Bank of New Zealand becoming the latest to turn dovish-indicating the next move in rates would now likely be down.
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Sizing the Impact Investing Market
April 1, 2019--The Global Impact Investing Network's Sizing the Impact Investing Market report, provides an in-depth analysis of the current size and composition of the impact investing market. The GIIN estimates the current size of the global impact investing market to be $502 billion.
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FTSE Russell-China's retail investment market: Implications for minimum variance
April 1, 2019--Index IDEA: The global equity bounce back
Following a challenging 2018 for equity markets around the world, global equity markets have bounced back in a major way thus far in 2019, helped by the rapid easing in global financial conditions led by the US Federal Reserve's more accommodative policy stance.
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Watchdogs probe systemic risks of passive fund growth
March 31, 2019--The growing weight of money committed to ETFs by asset managers is attracting more scrutiny
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BIS-Triennial Central Bank Survey of foreign exchange and OTC derivatives markets in 2016
March 29, 2019--The Bank for International Settlements (BIS) today launched the 12th Triennial Central Bank Survey of Foreign Exchange and Over-The-Counter (OTC) Derivatives Markets.
Conducted every three years since 1986, the Triennial Survey is the most comprehensive source of information on the size and structure of global foreign exchange and OTC derivatives markets.
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JPMorgan and BofA Lead Race for Blockchain Banking Supremacy
March 29, 2019--JPMorgan and Bank of America lead the pack when it comes to implementing blockchain in the financial sector. In fact, the competition isn't even close.
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IMF Working Paper-Gains from Anchoring Inflation Expectations: Evidence from the Taper Tantrum Shock
March 28, 201--Summary:
Many argue that improvements in monetary policy frameworks in emerging market economies over the past few decades, have made them more resilient to external shocks. This paper exploits the May 2013 taper tantrum in the United States to study the reaction of 18 large emerging markets to an external shock, conditioning on their degree of inflation expectations' anchoring.
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Do Bear markets require recession?
March 27, 2019--This article explores the link between bear markets and recessions. Is a bear market the inevitable consequence of a recession? How often does a bear market occur in the absence of a recession? David Bassanese looks at what history tells us about what might lie ahead.
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Global Green Finance Index 3-European Centres Lead The Green Finance Index, Spotlight On Fossil Fuels
March 27, 2019--Green rankings not affected by level of fossil fuel financing
Amsterdam and London continue to lead the latest global rankings of green financial centres, according to the latest edition of the Global Green Finance Index. Copenhagen, Zurich and Paris are close behind.
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World Gold Council-Market Update Investor insights: gold in Islamic investment
March 27, 2019--Following the launch of the AAOIFI Shari'ah Standard on Gold in 2016, we have engaged with Islamic banks and financial institutions to develop the market for Shari'ah-compliant gold-backed products.1 As part of this we undertook research to understand how investors view Islamic finance, their attitudes towards gold, and preferences for gold-backed products.
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FTSE Russell Blog-Goldilocks walks a tightrope
March 26, 2019--Hopes that the Goldilocks economic backdrop can persist are facing increased challenges, says Philip Lawlor, head of global markets research...
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Bassanese Bites: We're done-The Fed's dovish tilt fails to fire stocks.
March 26, 2019--Week in Review
Global equity markets nervously retreated on the back foot last week and bond yields dropped further-reflecting soft US and European manufacturing data, a surprisingly dovish turn by the Federal Reserve, and inversion of part of the US yield curve.
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IMF Working Paper-The Return of the Policy That Shall Not Be Named: Principles of Industrial Policy
March 26, 2019--Summary:
Industrial policy is tainted with bad reputation among policymakers and academics and is often viewed as the road to perdition for developing economies. Yet the success of the Asian Miracles with industrial policy stands as an uncomfortable story that many ignore or claim it cannot be replicated.
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IMF Working Paper-Financial Deepening, Terms of Trade Shocks, and Growth Volatility in Low-Income Countries
March 25, 2019--Summary:
This paper contributes to the literature by looking at the possible relevance of the structure of the financial system-whether financial intermediation is performed through banks or markets-for macroeconomic volatility, against the backdrop of increased policy attention on strengthening growth resilience.
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IEA-Global Energy & CO2 Status Report The latest trends in energy and emissions in 2018
March 25, 2019--Global trends
Global energy consumption in 2018 increased at nearly twice the average rate of growth since 2010, driven by a robust global economy and higher heating and cooling needs in some parts of the world. Demand for all fuels increased, led by natural gas, even as solar and wind posted double digit growth.
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IMF Working Paper-Costs of Sovereign Defaults: Restructuring Strategies, Bank Distress and the Capital Inflow-Credit Channel
March 25, 2019--Summary:
Sovereign debt restructurings are associated with declines in GDP, investment, bank credit, and capital flows. The transmission channels and associated output and banking sector costs depend on whether the restructuring takes place preemptively, without missing payments to creditors, or whether it takes place after a default has occurred.
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World Economic Forum-World's Energy Transition in Doubt as Progress on Affordability, Sustainability Stalls
March 25, 2019--The world's transition to secure, affordable and sustainable energy has stagnated, with little or no progress achieved in the past five years
Across 115 economies, more people than ever before now have access to energy. However, this is offset by reduced affordability and almost no progress in making energy systems environmentally sustainable
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Basel Committee publishes follow-up reports on Basel III implementation assessments
March 25, 2019--The Basel Committee on Banking Supervision has published overviews of follow-up actions taken or planned by member jurisdictions as of end-2018 to address deviations from the Basel standards identified as part of the Committee's Regulatory Consistency Assessment Programme (RCAP).
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Commodity Trading Goes Back To The Future
March 25, 2019--As trading margins continue to decline, proprietary intelligence is once again determining which traders will thrive.
The combination of unprecedented political uncertainty, trade wars, and rapidly evolving technologies is making commodity markets almost as unpredictable as they were during the financial crisis.
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Hedge Fund Launches Hit 18-Year Low
March 22, 2019--Blame declining investor risk tolerance for fewer fund launches in 2018, according to Hedge Fund Research.
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Global IPO momentum slows but Q2 2019 is set to rebound
March 21, 2019--Global IPO activity falls following ongoing geopolitical and trade uncertainty
Technology, health care and industrials were the most active sectors in Q1 2019
Rebounding IPO activity will bloom in Q2 2019 once fog of uncertainty has lifted
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FTSE Russell to launch indicative Digital Assets Index
March 21, 2019--New indicative index designed to test and evaluate a benchmark for Digital Assets Market
Will help increase awareness and transparency of Digital Assets Market
VWAP pricing available on 100 most actively traded digital assets. Only vetted digital exchanges used and pricing quality screens applied
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Greenwich Associates Finds Buy-Side's Expanded Use of Trade Performance Analysis Tools is Eclipsing Client-Broker Loyalty
March 21, 2019--New research underscores the increasing role of execution quality analysis in capturing and retaining trade flow
A new Greenwich Associates study "Customer Retention in the Age of Electronic Trading," shows buy-side clients are increasingly reallocating their business among broker-dealers as they apply heightened scrutiny to execution quality.
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China and EU seek common ground on environmentally friendly green bonds
March 21, 2019--Agreement on standards would be rare deal as relations between the trading partners fray on other fronts
US under President Donald Trump have turned a cold shoulder to environmental concerns, withdrawing from the Paris Agreement to combat climate change
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Basel III monitoring results published by the Basel Committee
March 20, 2019--Changes in minimum required capital from fully phased-in final Basel III remain stable for large internationally active banks compared with end-2017
All banks continue to meet initial Basel III minimum and target CET1 capital requirements
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Report Says Most Crypto Trading Volume Is Suspicious
March 20, 2019--Most of the trading volume on the world's largest cryptocurrency exchanges is questionable, according to a report from a startup that revisits one of the recurring concerns in the decade-old digital-asset market.
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First Bridge Data-ETF Worldwide Snapshot-Mar 2019
March 20, 2019--Key Highlights
Our monthly 'ETF 20/20' report briefly summarizes recent Exchange Traded Fund (ETF) trends globally. It uses data from the First Bridge ETF database that includes all global ETPs.
Global ETP assets increased in February 2019 to $5.42T.
Salt Financial, a small ETF manager, filed an amendment with the US SEC to pay investors 0.05% on an ETF it launched recently ('LSLT') till the fund reaches $100M in assets.
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CryptoCompare Publishes Exchange Review for February 2019
March 19, 2019-- CryptoCompare today published its February 2019 Exchange Review, offering institutional and retail investors insights into the cryptocurrency exchange industry.
The February Monthly Review provides the latest exchange rankings; an evaluation of spot vs futures volumes including both crypto exchanges (BitMEX and BitflyerFX) and traditional exchanges (CBOE and CME); and an evaluation of volumes for the top trans-fee mining and decentralised exchanges.
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World Gold Council-The impact of monetary policy on gold
March 19, 2019--The upcoming Federal Reserve Open Markets Committee (FOMC) meeting on 20 March is expected to confirm market expectations that the Federal Reserve (Fed) will remain on hold for the rest of the year. This, in turn, will likely influence gold's performance. Our historical analysis shows that when the Fed has shifted from a tightening to a neutral stance, gold prices have increased, even if this effect has not always been immediate.
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New factor research-Factor valuation considerations
March 19, 2019--In our latest factor research paper we examine how the increasing popularity of factor investing has raised questions about the valuation of factors. As with individual stocks, there is no definitive valuation metric that provides a clear answer, and different valuation metrics may well result in different conclusions.
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The Eurekahedge Report March 2019
March 19, 2019--Highlights from this month's report
The Eurekahedge Hedge Fund Index gained 0.89% in February, bringing its year-to-date return to 3.26%. The risk-on sentiment among investors driven by the Fed's patient stance and optimism over the potential resolution of the US-China trade tension persisted through the month, sending global equity markets on a rally through February.
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IMF Working Paper-Fundamental and Speculative Demands for Housing
March 19, 2019--Summary:
This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only.
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Managers remain skittish on growth of global economy-BofA
March 19, 2019--Allocations to equities dropped to their lowest level since September 2016 despite profit expectations rising, rate expectations falling and cash levels dropping among investors, said Bank of America Merrill Lynch's monthly fund manager survey released Tuesday.
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