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BetaShares-Market Trends: June 2019
June 5, 2019--Key Market Trends
A resumption of US-China trade tensions saw global equities pull back in May, with the MSCI All-Country World Index declining by 5.7% in local currency terms. As seen in the chart below, this continues the broadly choppy performance of equity markets since early 2018, reflecting the interaction of slowing global growth and trade fears, yet subdued inflation and an increasingly benign interest rate environment.
Indeed, bond yields continued to trend lower in May, while the "safe-haven" $US remained firm. Commodity price performance also remained choppy, with May's risk-off sentiment helping gold prices, but not oil prices.
Asset Class Performance-Aussie equities withstand global sell-off
In unhedged Australian dollar terms, global equities declined by a somewhat smaller 4.2% in May, reflecting strength in global currencies versus the Australian dollar. Contrary to the global sell-off, however, Australian equities produced a feisty 1.7% gain, which was similar to the gains by "safer-haven" asset classes like Australian bonds and gold.
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Source: BetaShares
The 'seven' ceiling: China's yuan in trade talks
June 3, 2019--Investors and the public have been looking at the renminbi with caution after the Trump administration threatened to increase duties on countries that intervene in the markets to devalue/undervalue their currency relative to the dollar. The fear is that China could weaponise its currency following the further increase in tariffs imposed by the United States in early May.
What is the likelihood of this happening and what would be the consequences for the existing tensions with the United States, as well as for the global economy?
The renminbi has been depreciating since June and is currently hovering around 7 yuan per US dollar. The current value, the lowest since December last year, raised some eyebrows as it could signal currency manipulation.
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Source: bruegel.org
Domestic Demand is Key to Sustaining Growth in China Amid High Uncertainty: World Bank Report
May 31, 2019--China's economic growth has so far remained resilient in the face of high global uncertainty. GDP growth was 6.4 percent year on year in the fourth quarter of 2018 and in the first quarter of 2019, compared to 6.8 percent in the first half of 2018. Growth is projected at 6.2 percent for 2019 and 6.1 percent for 2020.
In an external environment that has become less favorable due to slowing global growth and rising trade tensions, China's economy will need to rely increasingly on domestic demand to sustain rapid growth, according to Managing Higher Uncertainty, the May 2019 edition of the World Bank's China Economic Update released today.
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view the World Bank China Economic Update-May 2019
Source: World Bank
ASIC updates information for businesses on ICOs and crypto-assets
May 30, 2019--ASIC has released new information to help businesses involved with initial coin offerings (ICOs) and crypto-assets to consider their legal obligations and satisfy themselves they are operating lawfully.
ASIC has updated Information Sheet 225 Initial coin offerings and crypto-assets (INFO 225) based on our recent experiences with ICOs and crypto-assets, which indicate that ICOs and crypto-assets will often be financial products or involve financial products that are regulated under the Corporations Act.
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Source: ASIC
HKEX Welcomes its First Listing of Two-Time Inverse Product
May 28, 2019--Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to welcome today (Tuesday) its first listing of a two-time Inverse Product, the CSOP Hang Seng Index Daily (-2x) Inverse Product (stock code: 7500).
An Inverse Product, also known as an Inverse Exchange Traded Fund (ETF), is designed to provide daily investment results of up to 200 per cent of the inverse performance of its underlying benchmark, before fees and expenses. The increase in the leverage multiple on Inverse Products to a maximum of negative two times from negative one time will allow investors to potentially capture higher returns during a market decline.
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Source: Hong Kong Exchanges and Clearing Limited (HKEX)
NSE launches new brand identity for Nifty indices
May 28, 2019--The National Stock Exchange (NSE) on Tuesday announced the launch of a new brand identity for Nifty indices.
The new brand logo emphasises on the letter 'N' and an upward rising graph, signifying growth and momentum, capturing a new direction for the Indian capital markets.
"Nifty indices, more particularly the Nifty 50 index, has become synonymous with equity markets and reflected the growth story of Indian equity markets."
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Source: business-standard.com
eInvest launches Australia's first actively managed ESG ETF
May 23, 2019--eInvest, a distributor of exchange traded managed fund solutions, has launched Australia’s first actively managed ESG exchange traded fund (ETF).
The new fund, eInvest Future Impact Small Caps Fund (IMPQ) is also Australia's first Small Cap Active ESG ETF and is managed by affiliate, Perennial Value Management.
The fund aims to provide long-term capital growth by investing in Australian and New Zealand small and mid cap stocks that contribute positively and sustainably to society and the environment.
The founding belief of this new strategy is that investors in environmental, social and governance (ESG) portfolios should not have to sacrifice their financial objectives in order to achieve an ESG impact.
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Source: eInvest
Sebi allows mutual funds in exchange traded commodity derivatives-The mutual fund schemes cannot invest in physical goods except in "gold" through ETFs
May 22, 2019--The Securities and Exchange Board of India (Sebi) on Tuesday allowed mutual funds to participate in exchange-traded commodity derivatives (ETCD). However, the regulator has decided to keep away MFs from trading in derivatives of sensitive commodities.
The mutual fund schemes cannot invest in physical goods except in 'gold' through ETFs.
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Source: economictimes.indiatimes.com
Singapore Lowers Growth Forecasts as Global Economy Cools
May 21, 2019--Singapore's government has downgraded its growth forecasts for this year, as the Asian city state posted its worst quarterly economic performance in a decade amid a slowing global economy and trade upheaval, the Financial Times reported. The global trade hub's Ministry of Trade and Industry said on Tuesday that it now expects Singapore's growth for 2019 to come in at between 1.5 per cent and 2.5 per cent.
Previously the government had forecast economic expansion of between 1.5 per cent and 3.5 per cent for the year. The downgrade came as Singapore posted its worst quarterly expansion in gross domestic product in almost a decade. For the first three months of the year, the economy grew by just 1.2 per cent compared to the same period in 2018. That was below both the 1.5 per cent rate of growth predicted by economics polled by Reuters, and the 1.3 per cent recorded in the immediately prior fourth quarter.
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Source: globalinsolvency.com
Korea's Economic Outlook in Six Charts
May 21, 2019--With strong fundamentals, Korea's economy has performed well in recent years, but short-term growth is now moderating, and long-term growth is facing headwinds. Fiscal and monetary policies should boost growth, and structural policies should foster inclusion and enhance productivity, according to the IMF’s latest assessment of the Korean economy.
Korea is the 11th largest economy in the world and its per capita income has recently passed the $30,000 mark. It has a very strong export base and a skilled labor force. Importantly, to guard the economy against significant adverse developments, Korea has built large buffers in the financial and public sectors.
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Source: IMF
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