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The anatomy of a very brief bear market
August 2, 2020--The Covid-19 economy has had many unprecedented events packed into a few months, but none more extraordinary than the switchback in global equities.
The advanced economies experienced a savage but brief bear market up to 23 March, followed by a spectacular recovery that eliminated all the year-to-date losses within 17 more weeks.
Any investor who succeeded in navigating both legs of this reversal was either very skilled, or very lucky.
Economists are already investigating the episode-what have they learnt?
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Source: technocodex.com
State Street lashes out at new US ESG rule
August 2, 2020--State Street Global Advisors, the world's third-largest asset manager, has lambasted a proposed US rule on the use of environmental, social and governance investing across pension portfolios, arguing it could jeopardise the retirement incomes of millions of people.
In June, the Department of Labor set out plans for a rule that would require private pension administrators to prove that they were not sacrificing financial returns by putting money in ESG-focused investments.
But the $3tn asset manager said it did not support the change, joining a growing chorus of organisations and investors calling for the DoL to roll back its proposals.
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Source: technocodex.com
Top fund firms oppose planned U.S. roadblock to green retirement funds
July 31, 2020--Top asset managers including Vanguard Group, State Street Corp and Franklin Resources have urged the Trump administration to reconsider proposed investment rules that would make it harder for retirement plans to use socially focused funds like those that invest in renewable energy.
Letters to the U.S. Labor Department from firms with assets approaching $10 trillion show how the finance industry has embraced causes once seen as distractions. Representatives of the firms showed the letters to Reuters on Thursday.
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Source: reuters.com
CFTC.gov Commitments of Traders Update
July 31, 2020--The current reports for the week of July 28, 2020 are now available
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CFTC.gov
Top fund firms oppose planned U.S. roadblock to green retirement funds
July 31, 2020--Top asset managers including Vanguard Group, State Street Corp and Franklin Resources have urged the Trump administration to reconsider proposed investment rules that would make it harder for retirement plans to use socially focused funds like those that invest in renewable energy.
Letters to the U.S. Labor Department from firms with assets approaching $10 trillion show how the finance industry has embraced causes once seen as distractions. Representatives of the firms showed the letters to Reuters on Thursday.
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Source: Reuters.com
Canadian ETFs set first-half inflow record of $22.4 billion
July 31, 2020--Mid-year review highlights victories across fixed-income, equity, smart-beta, and ESG categories
In the midst of the financial-market turbulence stirred up by the COVID-19 pandemic, Canada's ETF industry set a new record in inflows as it proved its strength on multiple fronts.
In its ETF Mid-Year Market Review and Outlook, BMO Global Asset Management (BMO GAM) reported that net flows into Canada-listed ETFs had reached $22.4 billion as of June 30, a record for the first six months of the year.
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Source: wealthprofessional.ca
US financial advisers struggle to overcome their lack of racial diversity
July 30, 2020--Financial firms across the US rushed to display their commitment to racial justice and diversity after the killing of George Floyd in police custody.
The industry has vowed to change-starting with a need to engage with black and Latino communities
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Source: FT.com
Federal Reserve: COVID-19 surge threatens economic recovery
July 30, 2020--Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring.
As a result, Powell said, the Fed plans to keep interest rates pinned near zero well into the future.
"The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals," said voting members of the Federal Open Market Committee in their policy statement.
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Source: hoiabc.com
KFA Global Carbon ETF Launches First US-listed ETF to Establish a Global Price for Carbon Emissions*
July 30, 2020--By Going Long the Price of Carbon Emissions Investors Can Support Positive Climate Action
July 30, 2020--Krane Funds Advisors, LLC, the investment manager for KFA Funds and KraneShares ETFs, today announced the launch of the KFA Global Carbon ETF (ticker: KRBN) on the New York Stock Exchange.
KRBN is benchmarked to IHS Markit's Global Carbon Index, which offers broad coverage of cap-and-trade carbon allowances by tracking the most traded carbon credit futures contracts.
The index introduces a new measure for hedging risk and going long the price of carbon while supporting responsible investing. Currently, the index covers the major European and North American cap-and-trade programs: European Union Allowances (EUA), California Carbon Allowances (CCA), and the Regional Greenhouse Gas Initiative (RGGI).
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Source: Krane Funds Advisors, LLC
Global X ETFs releases new Telemedicine & Digital Health ETF tracking ARTIS(R)-based Solactive Index
July 30, 2020--Digitization continues to permeate many areas of society's everyday life. The healthcare sector is a prime example of this trend, as a historically localized and analog industry increasingly adopts digital solutions to improve health outcomes and reduce costs.
To capture the growth potential associated with this theme, Global X ETFs is introducing the Telemedicine & Digital Health ETF (EDOC), which includes companies both providing or are affiliated with digital medical services and digital healthcare.
According to recent statistics, the global digital health market is expected to reach a value of USD 504.4 billion by 2025, growing with an expected CAGR of 29.6 percent from 2019 to 2025[1]. Investors, who want to participate in the potential growth of the digital health market, now have the opportunity to invest in a basket of companies pooled into EDOC, which tracks the Solactive Telemedicine & Digital Health Index.
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Source: Solactive AG
