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Korean degens have gone nuts for leveraged ETFs
October 10, 2023--Autocallables are so passé
Forget Mrs Watanabe and her carry trades in Turkey, Indonesia or Brazil; it turns out that South Koreans are the true trading degens of Asia.
MainFT's Song Jung-a has written a fascinating piece on how South Korean retail investors' love of leverage and volatility are now even freaking out local financial regulators.
South Korea's financial regulators have vowed to curb short-term speculation by retail investors, as their bets on tech stocks fuel fears of a market bubble.
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Source: ft.com
World Bank Expects Solid Growth but Risky Outlook for South Asia
October 3, 2023--South Asia is expected to grow by 5.8% this year-higher than any other developing country region in the world, but slower than its pre-pandemic pace and not fast enough to meet its development goals, says the World Bank in its twice-a-year regional outlook.
Released today, the latest South Asia Development Update, Toward Faster, Cleaner Growth forecasts growth to slow to 5.6% in 2024 and 2025, as post-pandemic rebounds fade and a combination of monetary tightening, fiscal consolidation, and reduced global demand weigh on economic activity.
Growth prospects are subject to downside risks, including due to fragile fiscal positions. Government debt in South Asian countries averaged 86% of GDP in 2022, increasing the risks of defaults, raising borrowing costs, and diverting credit away from the private sector.
Growth prospects are subject to downside risks, including due to fragile fiscal positions. Government debt in South Asian countries averaged 86% of GDP in 2022, increasing the risks of defaults, raising borrowing costs, and diverting credit away from the private sector. The region could also be affected by a further slowdown in China's economic growth and natural disasters made more frequent and intense by climate change.
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Source: worldbank.org
India's Growth to Remain Resilient Despite Global Challenges
October 3, 2023--India continues to show resilience against the backdrop of a challenging global environment, according to World Bank's latest India Development Update (IDU).
The IDU, the Bank's flagship half yearly report on the Indian economy, observes that despite significant global challenges, India was one of the fastest-growing major economies in FY22/23 at 7.2%.
India's growth rate was the second highest among G20 countries and almost twice the average for emerging market economies.
This resilience was underpinned by robust domestic demand, strong public infrastructure investment and a strengthening financial sector. Bank credit growth increased to 15.8% in the first quarter of FY23/24 compared with 13.3% in the first quarter of FY22/23.
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Source: worldbank.org
Chinese ETFs tracking new CSI 2000 index underperform in IPOs
October 2, 2023--In a recent development, eight Chinese Exchange-Traded Funds (ETFs) tracking the newly launched CSI 2000 index have shown disappointing performance. Despite the anticipation that the index would stimulate domestic equities, these ETFs managed to raise an average of RMB574 million ($78.5 million) each in their initial public offerings (IPOs), falling short of the RMB668 million September average for all ETFs.
Leading the pack were China Universal Asset Management, E Fund, and Guotai Asset Management with RMB1.2 billion, RMB812 million, and RMB600 million, respectively. However, Huatai-PineBridge, Harvest Fund Management, and GF Fund Management lagged behind. Other underperformers included China Asset Management, China Southern Fund Management, and Fullgoal Asset Management.
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Source: investing.com
East Asia and Pacific: Sustained Growth, Momentum Slowing
October 1, 2023--Improving external conditions to benefit region in 2024
Growth in developing East Asia and Pacific is projected to remain strong at 5% in 2023 but will ease in the second half of 2023 and is forecast to be 4.5% during 2024, the World Bank said on Sunday in its semi-annual economic outlook for the region.
According to the World Bank's East Asia and Pacific October 2023 Economic Update, regional growth this year is higher than average growth projected for all other emerging market and developing economies but lower than previously projected. Growth in China in 2023 is projected to be 5.1% and in the region excluding China to be 4.6%. Growth among Pacific Island Countries is expected to be 5.2%.
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Source: worldbank.org
Indxx Licenses Cybersecurity Index to Global X ETFs Australia for an Exchange Traded Fund
September 13, 2023--Indxx is pleased to announce the licensing of their Indxx Cybersecurity Index to Global X ETFs Australia as the underlying benchmark for the Global X Cybersecurity ETF (Ticker: BUGG) which began trading today on the Australian Securities Exchange (ASX).
This marks the fifth product tracking the index, with the other funds listed in the United States, Europe, Canada, and South Korea.
The Indxx Cybersecurity Index seeks to provide exposure to companies involved in the development and management of security protocols preventing intrusion and attacks to systems, networks, applications, computers, and mobile devices. The theme comprises of companies in some, but not limited to these industries: Packaged Software, Aerospace & Defense, Wireless Communications, Computer Communications and Information Technology Services.
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Source: Indxx
Taiwan to crack down on payout mechanism for high-dividend ETFs
September 12, 2023--New investors' money is often used to boost dividends that would otherwise be diluted by huge inflows
Taiwan's Financial Supervisory Commission has announced plans to crack down on exchange traded funds' use of so-called earnings equalisation mechanisms that are used to shore up existing investors’ dividends.
Such ETFs set aside a portion of invested funds, often from newer subscribers, to mitigate the dilution of the percentage paid out in dividends due to existing investors in the ETF. The regulator instead wants to ensure that such payouts should largely come from "dividends and bond yield".
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Source: ft.com
China attracts record ETF flows even as US and Europeans pull out
September 12, 2023--Stimulus measures appear to have prompted a surge that accounts for nearly a third of August global ETF investment
A push by Beijing to pump money into Chinese equity markets appears to have prompted a surge in investment resulting in China accounting for almost a third of global exchange traded fund flows in August.
China-focused equity ETFs saw record net inflows of $20.6bn in August, two-and-a-half times the level in July, according to data from BlackRock, dwarfing the $11.1bn pulled in by ETFs focused on US equities. The money that poured in all came from Asia Pacific-listed funds including China, with US and European investors actually pulling money out.
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Source: ft.com
IMF Staff Completes 2023 Article IV Mission to Republic of Korea
September 6, 2023--With a gradual strengthening in 2023H2, growth is projected at 1.4 percent in 2023. Trend inflation is projected to continue to moderate toward the authorities' target.
Near-term fiscal and monetary policies should stay the course and remain restrictive, limiting the increase in public debt and continuing to address inflation.
Proactive measures have helped address stress in financial markets. Continued efforts are needed to contain financial vulnerabilities related to the real estate market and high household debt.
Structural reforms are needed to raise medium-term growth and address fiscal challenges from population aging.
"Like many other advanced economies, Korea has faced inflation challenges and a sharp growth slowdown. Headline inflation has declined significantly after peaking in mid-2022, though core inflation has remained stickier. Pockets of financial sector vulnerability emerged amid the housing market downturn and rising interest rates, and financial risks have increased but appear to remain manageable.
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Source: imf.org
China fast-tracks approval of large batch of ETFs
September 4, 2023--Move coincides with flurry of measures aimed at stimulating stock market
China's securities regulator approved 17 exchange traded funds on a single day as part of a speeded-up process that resulted in three dozen public funds being authorised for sale.
The ETFs, which were part of the unusually large number of approvals on Friday last week, will invest in small-cap stocks and technology start-ups, according to regulatory filings posted on the China Securities Regulatory Commission website.
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Source: ft.com
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