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Crypto shares tumble as Binance SEC lawsuit ripples through industry
June 5, 2023--Cryptocurrencies and shares in crypto and blockchain-related companies tumbled on Monday after the U.S. securities regulator sued crypto exchange Binance, another blow to the industry.
The U.S. Securities and Exchange Commission sued Binance and its CEO Changpeng Zhao for secretly controlling Binance.US as part of a "web of deception" to evade U.S. laws, among other charges. Reuters earlier reported that Binance controlled its US affiliate's bank accounts, despite claiming it was independent.
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Source: reuters.com
Cboe Launches New Global Listing Offering for Companies and ETFs of the Purpose-Driven Innovation Economy
June 2, 2023--Cboe leverages its existing network of stock exchanges in five markets around the world to facilitate access to capital and liquidity across the globe
Cboe Global Listings focuses on growth companies and asset managers committed to innovation with a global impact
Abaxx Technologies to become first "intralisted" company to list on both Cboe U.S. and Cboe Canada exchanges, with shares also available for trading on Cboe UK and Cboe Netherlands exchanges
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading securities and derivatives exchange network, announces the launch of Cboe Global Listings, the first-of-its-kind, global listing network facilitating worldwide access to capital and secondary liquidity for companies and ETFs.
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Source: Cboe Global Markets, Inc.
ConvexityShares Announces Appointment of New Sponsor of ConvexityShares Trust
June 2, 2023--ConvexityShares, LLC, as the sponsor (the "Sponsor") of ConvexityShares Trust (the "Trust"), entered into an agreement to voluntarily withdraw as Sponsor to the Trust and transfer its role as the Sponsor to Teucrium Trading LLC ("Teucrium"), effective July 3, 2023 (the "Effective Date"). As of the Effective Date, Teucrium will serve as the new sponsor of the Trust.
The Trust consists of two series, ConvexityShares 1x SPIKES Futures ETF (SPKX) and the ConvexityShares Daily 1.5x SPIKES Futures ETF (SPKY) (each, a Fund and collectively, the Funds). Teucrium currently serves as the commodity trading adviser for each Fund and, as of the Effective Date, will become the commodity pool operator for each Fund. Teucrium has more than a decade of experience sponsoring commodity futures-based exchange traded products.
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Source: ConvexityShares
AllianzIM Grows Line of Buffered ETFs Designed to Mitigate Risk
June 1, 2023--June Buffered ETFs series provides investors with new tools to fortify their portfolios against potential bear market and provide upside opportunity
Allianz Investment Management LLC (AllianzIM), a subsidiary of Allianz Life Insurance Company of North America, announced today the launch of its latest series of Buffered ETFs.
The June Buffered ETFs series includes two 12-month outcome period ETFs: AllianzIM U.S. Large Cap Buffer10 Jun ETF (NYSE Arca: JUNT) and the AllianzIM U.S. Large Cap Buffer20 Jun ETF (NYSE Arca: JUNW).
With persistently high levels of inflation and potential recessionary concerns from aggressive central bank rate hiking top of mind, many investors are struggling to navigate the frequent ups and downs of today's volatile markets. With the ability to augment the traditional 60/40 portfolio, AllianzIM Buffered ETFs seek to better help investors balance the risk and reward of investing in equity markets. The ETFs offer a downside Buffer of 10% or 20% against market drops, while allowing investors the opportunity to participate in the upside potential of the SPDR S&P 500 ETF Trust up to a stated Cap.
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Source: allianzlife.com
ETFs charge into collateralised loan obligations
June 1, 2023--Since the first two US-domiciled CLO ETFs launched in 2020, seven more have come to market.
The drive for diversification is pushing more innovation in the market.
Since the first two US exchange traded funds offering exposure to collateralised loan obligations launched in 2020, seven more have come to market, Morningstar data shows.
In all, the ETFs have about $2.8bn in assets under management.
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Source: ft.com
Federal Reserve Beige Book May 31, 2023
May 31, 2023--Overall Economic Activity
Economic activity was little changed overall in April and early May. Four Districts reported small increases in activity, six no change, and two slight to moderate declines. Expectations for future growth deteriorated a little, though contacts still largely expected a further expansion in activity.
Consumer expenditures were steady or higher in most Districts, with many noting growth in spending on leisure and hospitality. Education and healthcare organizations saw steady activity on balance.
Manufacturing activity was flat to up in most Districts, and supply chain issues continued to improve. Demand for transportation services was down, especially in trucking, where contacts reported there was a "freight recession." Residential real estate activity picked up in most Districts despite continued low inventories of homes for sale. Commercial construction and real estate activity decreased overall, with the office segment continuing to be a weak spot. Outlooks for farm income fell in most districts, and energy activity was flat to down amidst lower natural gas prices. Financial conditions were stable or somewhat tighter in most Districts. Contacts in several Districts noted a rise in consumer loan delinquencies, which were returning closer to pre-pandemic levels. High inflation and the end of Covid-19 benefits continued to stress the budgets of low- and moderate-income households, driving increased demand for social services, including food and housing.
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Source: federalreserve.gov
Franklin Templeton to buy Putnam Investments for more than $1bn
May 31, 2023-- Acquisitive California asset manager strikes deal that will expand business in alternatives and retirement plans
Franklin Templeton has agreed to buy rival Putnam Investments for more than $1bn as the California-based asset manager continues its expansion into alternative products and retirement plans.
Franklin will pay Putnam's owner, Great-West Lifeco, $925mn in cash and shares up front and up to $375mn more over the next seven years if revenue targets are reached. The deal gives the Canadian insurer a 6.2 per cent stake in Franklin.
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Source: ft.com
Rise of the tech giants exposes the problem of index distortions
May 30, 2023--Investors need to check whether passive investment vehicles deliver the diversification they want
Mega market cap stocks are eating their indices, distorting their usefulness in some cases as market gauges for investors.
The most widely used index in the world is the S&P 500, which is supposed to be a broad barometer of the US stock market but has increasingly been driven by a small number of tech giants. This year, the S&P 500 is up by about 10 per cent but with much of its returns driven by Apple, Microsoft, Amazon, Alphabet, Nvidia, Meta and Tesla.
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Source: ft.com
ETF share of US market turnover jumps to a record 31%
May 29, 2023--Surge reignites debate over ETF influence and underlines increasing use to rapidly change market exposure
Exchange traded funds accounted for a record 30.7 per cent of US stock market turnover last year, a jump of more than a fifth from their 25.3 per cent share in 2021, raising questions about their seemingly unstoppable rise.
The data, revealed in the latest report from the Investment Company Institute, a US trade body, reignites concerns about their influence on the broader market and underlines their increasing use as shorter-term trading instruments for participants looking to rapidly change market exposure, analysts say.
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Source: ft.com
IMF-United States of America: Staff Concluding Statement of the 2023 Article IV Mission
May 26, 2023-- Resilient Demand and a Robust Labor Market
The U.S. economy has proven resilient in the face of the significant tightening of both fiscal and monetary policy that took place in 2022. Consumer demand has held up particularly well, boosted initially by a drawdown of pent-up savings and, more recently, by solid growth in real disposable incomes.
Prime age labor force participation has risen above its pre-pandemic peak, the unemployment rate for women and African Americans has fallen to historical lows, and real wages have been rising faster than inflation since mid-2022. Growth of around 1.2 percent (on a q4/q4 basis) is expected for this year, modestly picking up momentum later in 2024. This slowing, but still-solid, growth is expected to be associated with unemployment rising slowly to close to 4½ percent by the end of 2024.
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Source: imf.org
