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India's recovery to take time after economy shrinks 24% in June quarter
September 1, 2020--Economic slump adds pressure for further stimulus, rate cut
India's economy shrank by nearly a quarter in April-June, much more than forecast and pointing to a longer than previously expected recovery with analysts calling for further stimulus.
Consumer spending, private investments and exports all collapsed during the world's strictest lockdown imposed in late March to combat the COVID-19 pandemic and India -the world's fastest-growing large economy until a few years ago-now looks to be headed for its first full-year contraction since 1980.
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Source: zawya.com
BlackRock gets regulators' approval to set up China mutual fund unit
August 28, 2020--BlackRock (BLK.N) has become the first global asset manager to win regulatory approval to set up a mutual fund unit in China, as Beijing throws open its 17.7 trillion yuan ($2.58 trillion) sector.
The world's biggest asset manager by assets got the green light on Aug. 21 to form a wholly-owned subsidiary in Shanghai, the China Securities Regulatory Commission (CSRC) said on its website late on Friday.
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Source: reuters
Global X launches two ETFs in Japan
August 28, 2020--Global X, the exchange traded fund provider owned by South Korea's Mirae Asset Global Investments, has launched two ETFs in Japan almost a year after it struck a partnership with Tokyo-based Daiwa Asset Management.
The ETF provider, which has its headquarters in New York, listed the Global X Logistics J-Reit ETF and Global X MSCI SuperDividend Japan ETF on the Tokyo Stock Exchange on August 26.
The Global X Logistics J-Reit ETF tracks the TSE Reit Logistics Focus index and is the first ETF in Japan that aims to capture growth in logistics facilities in the country, Global X said.
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Source: technocodex.com
ETFGI reports ETFs and ETPs in Japan gathered net inflows of US$6.58 billion during July 2020
August 27, 2020-- ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs/ETPs ecosystem, reported today that ETFs and ETPs listed in Japan gathered net inflows of US$6.58 billion during July, bringing year-to-date net inflows to US$51.54 billion significantly more than the US$26.44 billion gathered at this point in 2019 and significantly more than the net inflows of US$36.72 billion gathered in all of 2019.
Assets invested in the Japanese ETFs/ETPs industry have decreased by 1.2%, from US$420.41 billion at the end of June, to US$415.33 billion at the end of July taking assets to the third highest level on record, according to ETFGI's July 2020 Japanese ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
The Bank of Japan held $304 Bn or 73% of all ETFs/ETPs assets in Japan at the end of July.
YTD net inflows are $51.54 Bn significantly more than the $26.44 Bn gathered at this point in 2019 and significantly more than the net inflows of $36.72 Bn gathered in all of 2019.
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SOurce: ETFGI
Vanguard to leave Hong Kong and open Shanghai HQ
August 26, 2020--Vanguard Group, the world's largest mutual fund manager, confirmed this morning it will be closing its Hong Kong operations and opening a new regional office in Shanghai.
In a statement the company said a "review has now led us to the conclusion to wind down our Hong Kong operation, which primarily serves institutional clients, and not the individual investors that are our primary strategic focus."
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Source: internationalinvestment.net
China's Economy Is Bouncing Back-And Gaining Ground on the U.S.
August 24, 2020--Success in containing Covid-19 is bringing life back to normal and helping close the economic gap with a rival
As much of the world struggles to contain the coronavirus, China's recovery is gaining momentum, positioning it to further close its gap with the U.S. economy.
Across China, restaurants and gyms are busy again. Subway cars and airport departure lounges are packed. Children are preparing to return to classrooms with few of the restrictions U.S. officials say will be hallmarks of post-coronavirus life. In some schools, children are being asked to bring masks-but they don’t have to wear them.
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Source: wsj.com
Chinese managers apply to launch first Hang Seng Tech index ETFs
August 24, 2020--Two Chinese managers have applied to launch exchange traded funds that will track the newly launched Hang Seng Tech Index, according to records from the China Securities Regulatory Commission.
China Asset Management and Dacheng Fund Management have made applications to list the new ETFs, which will be aimed at mainland Chinese investors and will use the fund managers' qualified domestic institutional investors quota.
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Source: technocodex.com
China and Russia Ditch Dollar in Move Toward 'Financial Alliance'
August 18, 2020--Russia and China are partnering to reduce their dependence on the dollar-a development some experts say could lead to a "financial alliance" between them.
In the first quarter of 2020, the dollar's share of trade between Russia and China fell below 50% for the first time on record, according to recent data from Russia's Central Bank and Federal Customs Service.
The greenback was used for only 46% of settlements between the two countries. At the same time, the euro made up an all-time high of 30%, while their national currencies accounted for 24%, also a new high.
https://www.caixinglobal.com/2020-08-10/china-and-russia-ditch-dollar-in-move-toward-financial-alliance-101590876.html?Sfrom=twitter&cxg=web&rkey=4jojc+U9Dvsngy8ZDEibRfFL/E7ci4pKB1sVGiymftccsdTAhqrCJQ%3D%3D
Source: caixinglobal.com
Coronavirus: Japan suffers its biggest economic slump on record
August 17, 2020--The Japanese economy has shrunk at its fastest rate on record as it battles the coronavirus pandemic.
The world's third largest economy saw gross domestic product fall 7.8% in April-June from the previous quarter, or 27.8% on an annualised basis.
Japan was already struggling with low economic growth before the crisis.
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Source: bbc.com
Asia's biggest market for ESG debt hit by 'greenwashing' concerns
August 16, 2020--Asia's fastest-growing market for debt billed as "socially responsible" has drawn criticism after data showed the vast majority of this funding has been raised for jobs and housing rather than the environment.
South Korea has for several years been one of the world's hottest markets for debt raised according to environmental, social and governance principles. Banks, industrial groups and the government have repeatedly touted the benefits to society from the Won64.7tn ($54.7bn) in ESG notes issued since May 2018.
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Source: technocodex.com
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