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Federal Reserve Beige Book
January 16, 2019--Overall Economic Activity
Economic activity increased in most of the U.S., with eight of twelve Federal Reserve Districts reporting modest to moderate growth. Nonauto retail sales grew modestly, as several Districts reported more holiday traffic compared with last year.
Auto sales were flat on balance. The majority of Districts indicated that manufacturing expanded, but that growth had slowed, particularly in the auto and energy sectors. New home construction and existing home sales were little changed, with several Districts reporting that sales were limited by rising prices and low inventory.
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Source: federalreserve.gov
Hackers broke into an SEC database and made millions from inside information, says DOJ
January 15, 2019--Federal prosecutors unveil charges against seven individuals Tuesday in an international stock-trading scheme that involved hacking into the SEC's corporate filing database.
The operation, taking place from May to at least October 2016, nets $4.1 million for fraudsters from the U.S., Russia and Ukraine, prosecutors say.
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Source: Bloomberg
First Trust SSI Strategic Convertible Securities ETF Notified of Upcoming Acquisition of its Investment Sub-Advisor
January 10, 2019--First Trust SSI Strategic Convertible Securities ETF (the Fund) (Nasdaq: FCVT), a series of First Trust Exchange-Traded Fund IV (the Trust), announced today that it has been informed that Resolute Investment Managers, Inc. has announced an agreement to acquire a majority interest in SSI Investment Management Inc. (SSI), the Funds investment sub-advisor responsible for portfolio management of the Fund (the Transaction).
Based upon information provided to the Fund, the Fund believes that the consummation of the Transaction may be considered an assignment (as defined in the Investment Company Act of 1940, as amended) of the investment sub-advisory agreement among the Fund, SSI and First Trust Advisors L.P. (First Trust), the Funds investment advisor, which would result in its automatic termination. First Trust and the Funds Board of Trustees will evaluate the impact of the Transaction on the Fund.
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Source: globalbankingandfinance.com
U.S. Weekly FundFlows Insight Report: Mutual Fund and ETF Investors Cheer Improving Trade Talks for the Week
January 10, 2019--For the second week in three, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $35.8 billion for Lipper's fund-flows week ended January 9, 2019. Fund investors were net purchasers of money market funds (+$17.1 billion), equity funds (+$8.7 billion), taxable fixed income funds (+$8.4 billion), and municipal bond funds (+$1.6 billion).
Market Wrap-Up
Investors turned upbeat during the fund flows week, cheering news that the U.S. and China have narrowed their disagreements on trade, the release of a stellar December nonfarm payrolls report, and that the Fed was becoming a little more dovish in its comments. The Russell 2000 Price Only Index (+6.11%) posted the strongest returns of the broad-based indices for the flows week, followed by the NASDAQ Composite Price Only Index's 4.37%, and the S&P 500 Price Only Index's 2.99% plus-side returns.
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Source: Refinitiv
VanEck Lowers Expense Ratio for Vaneck Vectors ChinaAMC CSI 300 ETF (PEK) and VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT)
January 10, 2019--VanEck announced today that it is lowering the expense ratio for its VanEck Vectors(R) ChinaAMC CSI 300 ETF (NYSE Arca: PEK(R)) and its VanEck Vectors(R) ChinaAMC SMEChiNext
ETF (NYSE Arca: CNXT(R)).
Effective January 10, 2019, the expense cap for PEK will be reduced
from 0.72% to 0.60%,1 and the expense cap for CNXT will be reduced from 0.78% to 0.65%.2 PEK seeks
to track the CSI 300 Index, which is comprised of the largest and most liquid stocks in the Chinese A-share market. CNXT seeks to track the SME-ChiNext 100 Index, which is comprised of the 100 largest and most liquid onshore China A-share stocks listed on the Small and Medium Enterprise (SME) Board and the
ChiNext Board of the Shenzhen Stock Exchange.
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Source: VanEck
