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U.S. Investors to Get Easy ETF Access to Ant Group and China's Nasdaq
September 23, 2020--Ant Group has passed muster for a Shanghai IPO on the STAR Market, which soon should see its first index-tracking exchange traded funds.
U.S. investors soon should have a way to tap China's walled-off tech stocks from behind the Bamboo Curtain. The move comes just in time, offering potential access to the blockbuster Ant Group initial public offering (IPO).
Chinese stock regulators have approved the first set of index-tracking exchange traded funds (ETFs) based on the Nasdaq-style STAR Market in Shanghai. That's the market on which the Alibaba Group Holding (BABA) spinoff Ant Group plans to list its mainland shares in what promises to be the world's largest-ever IPO.
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Source: realmoney.thestreet.com
Citi halts market making in retail options
September 23, 2020--Closure of business is latest sign of computer-driven rivals forcing out Wall Street banks.
Citigroup has closed its market making business in retail options, in a move that underscores how the boom in zero-commission trading has squeezed the profitability of the industry's middlemen.
Its decision to pull out of retail options leaves Morgan Stanley as the sole major Wall Street bank in the business, which is dominated by market makers such as Citadel Securities, Susquehanna, Simplex Trading and Optiver.
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Source: ft.com
Active managers fail to beat the market again
September 22, 2020--Two-thirds of US equity funds underperformed benchmarks over last 12 months, report shows
Most active fund managers in the US failed to beat the market over the past year, according to another dispiriting report on an industry that often claims it will come into its own during periods of volatility.
In a majority of the categories of US equity funds, the average active manager underperformed the benchmark index, according to the latest semi-annual report on fund manager performance from S&P Global.
The new bourse went live trading seven symbols, including Alphabet Inc, BlackBerry Ltd, and Exxon Mobil Corp, and plans to begin trading all U.S. stocks on Sept. 29. view more CBO-The 2020 Long-Term Budget Outlook
Even after the effects of the 2020 coronavirus pandemic fade, deficits in coming decades are projected to be large by historical standards. In CBO's projections, deficits increase from 5 percent of gross domestic product (GDP) in 2030 to 13 percent by 2050-larger in every year than the average deficit of 3 percent of GDP over the past 50 years.
view filing CBO's Projection of the Effect of Climate Change on U.S. Economic Output: Working Paper 2020-06
That annual growth differential accumulates to a 1.0 percent reduction in the projected level of real GDP in 2050. Of that 1.0 percent reduction, one-third reflects a continuation of the effect of climate change on real GDP growth in recent years, and two-thirds reflects expected increases in that effect in the future. view more S&P Index Manager Charged With $900,000 Insider-Trading Scheme view more Global X ETFs Adds to Covered Call Suite with Funds Designed to Balance Income and Growth view more Hundreds of US companies fight new rules on hedge fund disclosure view more Leveraged ETP popularity brings gambling risk, experts warn view more
Source: reuters.com
September 21, 2020--Summary: Each year, the Congressional Budget Office publishes a report presenting its projections of what federal deficits, debt, spending, and revenues would be for the next 30 years if current laws governing taxes and spending generally did not change. This report is the latest in the series.
Deficits.
Source: cbo.gov
September 21, 2020--This paper describes how CBO constructed its projection of the effect of climate change on U.S. output, how the projected effect should be interpreted, limitations of the analysis, and the central climate-change scenario that CBO used.
Summary
As part of its long-term economic forecast, the Congressional Budget Office projects the effect of climate change on the growth of U.S. real gross domestic product (GDP).
CBO projects that climate change will, on net, reduce average annual real GDP growth by 0.03 percentage points from 2020 to 2050, relative to growth that would occur under the climatic conditions that prevailed at the end of the 20th century.
Source: cbo.gov
September 21, 2020--He's accused of trading ahead of firms being added to index
SEC complaint also names Queens sushi restaurant manager
An index manager of S&P Global Inc. was charged on Tuesday with being part of an insider-trading scheme that netted more than $900,000 in illegal profits by trading hours ahead of public announcements that companies would be added or removed from a popular stock market index.
Source: bloomberg.com
September 21, 2020--Global X ETFs, the New York-based provider of exchange-traded funds (ETFs), today announced the launch of the Global X Nasdaq 100 Covered Call & Growth ETF (QYLG) and the Global X S&P 500 Covered Call & Growth ETF (XYLG).
Investors face a historically low-yielding market amidst the backdrop of rock-bottom interest rates and tight credit spreads.
At the same time, equity markets have offered investors robust growth since their March 2020 lows and continue to test new all-time highs. QYLG and XYLG are designed to balance upside participation in major US equity indexes with generating additional income potential through covered call writing.
Source: Global X
September 21, 2020--Hundreds of US-listed companies, including Coca-Cola, Procter & Gamble and Ford, have come out against a proposal from the securities regulator that would shield the vast majority of hedge funds from disclosing their stock market holdings.
A total of 381 companies on Monday signed a letter, organised by the New York Stock Exchange, saying the Securities and Exchange Commission proposal would deal a "debilitating blow" to investor relations.
Source: technocodex.com
September 20, 2020--A surge of interest in leveraged and inverse exchange traded products could be luring inexperienced investors into gambling with all its attendant risks, experts warn.
Globally, leveraged and inverse ETPs saw net inflows of $20.6bn in the seven months to the end of July, according to data from ETFGI, a consultancy, compared to net outflows of $3.4bn in the same period last year and $4.1bn during the whole of 2019. This took their assets to a record $89.7bn.
Source: technocodex.com
