International – Business News Updates https://newsdaily.business Wed, 18 Jan 2023 04:50:48 +0000 en hourly 1 https://wordpress.org/?v=6.4.3 https://newsdaily.business/wp-content/uploads/2021/02/cropped-handshake-hand-gesture-dollar-money-finance-coin_96px-32x32.png International - Business News Updates https://newsdaily.business 32 32 Magic Millions Proves Sales Market Still Strong https://newsdaily.business/2023/01/18/magic-millions-proves-sales-market-still-strong/ https://newsdaily.business/2023/01/18/magic-millions-proves-sales-market-still-strong/#respond Wed, 18 Jan 2023 04:50:48 +0000 https://newsdaily.business/2023/01/18/magic-millions-proves-sales-market-still-strong/ Syndicators have reported continued insatiable demand for shares in racehorses, following an affluent Magic Millions yearling sale on the Gold Coast, giving confidence to the strength of the middle market underlying racehorse ownership in Australia.   Some prominent players in the industry had forecast an element of trepidation within the market leading into the season-opening […]]]>


Syndicators have reported continued insatiable demand for shares in racehorses, following an affluent Magic Millions yearling sale on the Gold Coast, giving confidence to the strength of the middle market underlying racehorse ownership in Australia.  

Some prominent players in the industry had forecast an element of trepidation within the market leading into the season-opening auction, amid suggestions of a retracting economy and rising interest rates, factors that would likely put a squeeze on the disposable income of Australian households—in contrast with the relentless demand for racehorse ownership during the Covid-19 pandemic.

However, the record-breaking Magic Millions sale defied any such pessimism within the bloodstock industry, as unprecedented aggregate and average figures were set on the Gold Coast.

While the strength at the top end of the market was prevalent for all to see, and resulted in four $2 million-plus (AU) lots for the first time at Magic Millions, the middle market also played its hand, as syndicators splashed in excess of AU$24 million across the seven-day sale.

And their confidence in the market appears to be justified, with one syndicator reporting shares in all 10 of their horses purchased last week to be already “70 percent sold,” less than 48 hours after the conclusion of the Magic Millions sale on Jan. 16.

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Victoria-based syndicators Bennett Racing spent AU$2,465,000 (US$1,722,936) during the Magic Millions sale, breaking their record price paid for a yearling no less than four times, as the operation secured an AU$400,000 Snitzel  (US$279,584) filly, alongside an AU$370,000 (US$258,615) filly by Zoustar  in conjunction with Gai Waterhouse and Adrian Bott, an AU$330,000 (US$230,657) Extreme Choice colt with Ciaron Maher, and an AU$310,000 (US$216,678) colt by the same Newgate stallion.

“The market was very solid. I think it’s the strongest market that we’ve ever been involved with,” said Nathan Bennett, principal of Bennett Racing.

“All the nice horses were making good money, and everything in Australia is going up (in price). The old $150,000 horse is now $250,000, so if you don’t back yourself in, you’re not going to be able to buy those horses.

Scene, 2023 Magic Millions Gold Coast Yearling Sale
Photo: Courtesy of Magic Millions/Bronwen Healy & Darren Tindale Photography

Sales were brisk at the Magic Millions Gold Coast Yearling Sale

“The take up of shares has been fantastic. From the 10 horses we’ve purchased, we’re sitting at about 70 percent sold across the horses. Some are pretty much done, others have a little way to go, but 70 percent across all 10 is a good position to be in.”

Syndicators expending with record purchases was not an uncommon feature of the Gold Coast yearling sale. In addition to Bennett Racing’s new benchmark, Jamie Walter of Proven Thoroughbreds went to AU$470,000 (US$328,511) for a filly by Deep Field, surpassing the AU$450,000 Walter paid in 2021 for Proven’s listed-winning filly Stroll.

Joe O’Neill’s Prime Thoroughbreds and Triple Crown Syndications last week both went to their second-highest-ever price paid for a yearling; Darby Racing paid AU$1,705,000 (US$1,191,727) for eight yearlings; while Star Thoroughbreds, the leading buyer by aggregate among syndicators with 11 purchases amassing AU$2.9 million (US$2,026,984), paid a top price of AU$410,000 (US$286,574) for a filly by I Am Invincible .

Dynamic Syndications were also active at the Magic Millions sale, purchasing 13 horses for a total of AU$2,040,000 (US$1,425,878).

Among those lots was a three-quarter brother to Capitalist, a Pierro  colt out of a half sister to Fastnet Rock, and a Justify   colt out of a half-sister to group 1 winner Takedown.

Dynamic director Adam Watt spoke of how he believed the middle market presented an opportunity at the Gold Coast, with that section of the market “not as strong” as he had anticipated.

“We exceeded the quality of the horses we wanted, so we were delighted to be able to walk away with what we did,” said Adam Watt of Dynamic Syndications. “I think the market at the moment is a two-speed market, and I think that’s probably backed up by the median and the sale averages.

“The big stallion funds are going to unprecedented levels, but I thought that in the middle market there was unbelievable value for money. We’ve walked away with three Snitzels with two of them out of proper black-type mares.

“We thought some of those horses would go for much more than what we were able to get them for. I thought they’d well and truly exceed our values for what we could go to with our budgets.”

Watt said Dynamic, who sold out of all shares of horses purchased last year in November, were “ahead” of where they were 12 months ago in terms of share take up from their clients.

“Take up of shares has been unbelievable,” he said. “People are still after quality. It doesn’t matter what environment you’re in, economically, people will still want quality.

“They still want to go out and buy BMWs and look at nice homes, and the bloodstock market is exactly the same. When you’re giving people the opportunity to race three-quarter brothers to Capitalists and horses out of half-relations to Fastnet Rock…  we went there and shopped really hard and our clients have responded in kind.”

 



Read More:
Magic Millions Proves Sales Market Still Strong

2023-01-18 01:25:00

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CBDCs rock the world of international finance https://newsdaily.business/2023/01/14/cbdcs-rock-the-world-of-international-finance/ https://newsdaily.business/2023/01/14/cbdcs-rock-the-world-of-international-finance/#respond Sat, 14 Jan 2023 04:30:49 +0000 https://newsdaily.business/2023/01/14/cbdcs-rock-the-world-of-international-finance/ Authors: Ross Buckley and Mia Trzecinski, UNSW For almost 80 years, the US dollar has dominated the global financial system. Its pre-eminence survived the collapse of the Bretton Woods system in the early 1970s and has even risen since the COVID-19 pandemic. The United States has long enjoyed the many benefits that flow from this […]]]>


Authors: Ross Buckley and Mia Trzecinski, UNSW

For almost 80 years, the US dollar has dominated the global financial system. Its pre-eminence survived the collapse of the Bretton Woods system in the early 1970s and has even risen since the COVID-19 pandemic.

An E-CNY payment sign is put up on a desk in a store in the Luohu District in Shenzhen city, China, 11 October 2020 (Photo: Reuters/Zou Bixiong)

The United States has long enjoyed the many benefits that flow from this privileged position — continuous capital inflows, lower foreign borrowing costs and the power to sanction other nations. But with the development of new monetary technologies and the sanctions imposed on Russia’s central bank in 2022, this could be set to change.

Central Bank Digital Currencies (CBDCs) have the potential to disrupt dollar dominance and transform the mechanics of the global financial system by providing faster and cheaper ways to settle international trade and financial transactions. CBDCs are a form of digital currency issued by the central bank, either for use by the general public (retail) or by businesses (wholesale). Wholesale CBDCs will be used in substantial transactions and are designed to improve the efficiency of interbank, trade and financial settlements.

Retail CBDCs will make central bank-backed digital money available to the general public. Customers will likely still be dealing with commercial banks, but with the terms and conditions set by the central bank rather than the commercial bank. While the customer experience may be largely unchanged, the infrastructure supporting it will be.

In 2021, the Bank for International Settlements conducted a survey and found that 90 per cent of central banks that responded are exploring CBDCs, with 54 per cent considering issuing one in the next six years. China is leading the world in these efforts, with its CBDC — the digital renminbi (e-CNY) — expected to be the first issued by a major economy. The e-CNY has already been trialled in over 20 cities and used in over 100 billion RMB (US$14 billion) worth of transactions, giving China a massive first-mover advantage.

Wholesale CBDCs, which have attracted far less attention than their retail counterparts, pose a real challenge to the US dollar dominance and have the potential to deliver massive gains in cross-border payments. The development of CBDCs has occurred alongside growing efforts by states to build alternatives to the dollar — largely pioneered by the BRICS (Brazil, Russia, India, China and South Africa) coalition. The coalition was formed in 2009–10 to increase their role in global governance.

CBDCs are the most promising development for states looking to develop alternatives to the dollar — a quest that has been accelerated by the unprecedented sanctions imposed on Russia in 2022. In recognition of this risk, the United States has now expedited the development of a digital dollar. But it is still far behind China in this development.

Smaller economies are motivated to implement CBDCs to promote financial inclusion. The Bahamas and Cambodia have introduced their own CBDCs. These measures are aimed at improving financial inclusion for the unbanked and promoting financial stability. They address gaps in existing payment infrastructure. This is distinguishable from wholesale CBDCs in major economies that aim to improve trust in wholesale financial and international trade markets, improve efficiency and implement fiscal and monetary policy.

While CBDCs are potentially financially and technically transformative, they could also be geopolitically disruptive. A digital dollar could maintain or strengthen US dollar dominance, even with alternatives developed by rival states, because a digital dollar will be cheaper and easier to use than dollars today.

But the United States could also lose its dominant position in the global financial system as rival states develop CBDC-based alternatives, fragmenting the global economy into two or more competing blocs. There could also be a transition toward a multipolar system characterised by cooperation rather than competition, though this is the least likely outcome in the current geopolitical climate.

Each of these possibilities will pose opportunities and risks for Australia and the global financial system. But the second outcome — a global economy fragmented into two or more competing blocs, likely led by the United States and China — would be very difficult for Australia. Given Australia’s historic security ties to the United States and its economic ties to China, Australia will likely attempt to engage with the CBDC networks of both blocs.

Balancing these relationships have become more difficult, but this could be further complicated if the China-led bloc imposes political or security requirements for membership. Given the importance of exports to the Chinese economy, China may be slow to mandate use of e-CNY. But the United States has shown a willingness to use financial sanctions to address global conflicts and China is playing a long and strategic game.

Australian policymakers must begin preparing for these challenges. The Reserve Bank of Australia is already working to identify the uses for a digital Australian dollar. While the issuance of CBDCs is likely to significantly impact the global financial system and Australia will have very limited influence over the outcome of this disruption, our policymakers need to think of approaches and strategies that will mitigate the risks and realise potential benefits.

Ross P Buckley is Scientia Professor in the School of Private and Commercial Law at the University of New South Whales.

Mia Trzecinski is Research Fellow at the University of New South Whales.

 



Read More:CBDCs rock the world of international finance

2023-01-14 04:00:02

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What’s behind the energy spat between Canada, Mexico and the US? | International Trade News https://newsdaily.business/2023/01/07/whats-behind-the-energy-spat-between-canada-mexico-and-the-us-international-trade-news/ https://newsdaily.business/2023/01/07/whats-behind-the-energy-spat-between-canada-mexico-and-the-us-international-trade-news/#respond Sat, 07 Jan 2023 03:12:01 +0000 https://newsdaily.business/2023/01/07/whats-behind-the-energy-spat-between-canada-mexico-and-the-us-international-trade-news/ Mexican President Andres Manuel Lopez Obrador has said Mexico has ‘inalienable’ ownership of its energy resources. The leaders of Canada, Mexico and the United States are due to hold a summit next week, where a significant bone of contention could be a dispute centring on whether Mexico breached a trade pact by tightening state control […]]]>


Mexican President Andres Manuel Lopez Obrador has said Mexico has ‘inalienable’ ownership of its energy resources.

The leaders of Canada, Mexico and the United States are due to hold a summit next week, where a significant bone of contention could be a dispute centring on whether Mexico breached a trade pact by tightening state control of its energy market.

Where does the dispute stand?

Tensions over Mexico’s nationalist policies boiled over into a formal dispute in July, when the governments in Washington, DC, and Ottawa filed a complaint against Mexico under the countries’ joint trade deal: the US-Mexico-Canada Agreement (USMCA).

The complaint argued that efforts by Mexican President Andres Manuel Lopez Obrador discriminated against US and Canadian companies, by changing the market to favour Mexico’s state oil company Petroleos Mexicanos (Pemex) and its national power utility Comision Federal de Electricidad (CFE).

The companies also complained that bureaucratic delays were stymieing their operations.

Talks to resolve the dispute began and, although progress has been halting, Canada and the US agreed last year to extend the process beyond its initial 75-day window.

Under USMCA, if the controversy is not resolved during consultations, a dispute panel can be called to adjudicate.

What is Mexico’s defence?

Lopez Obrador has put on a bullish front, saying Mexico has broken no laws and that “nothing is going to happen”.

It comes after he overhauled the electricity market in the name of national sovereignty, giving CFE priority over private companies in connecting power stations to the grid.

Often couching his opposition to foreign and private participation in the energy sector as part of his drive to eradicate corruption, he argues past governments skewed the market in favour of private capital.

He also says that energy is a domestic matter and points to an article he had inserted into USMCA stipulating Mexico’s “inalienable” ownership of its oil and gas. Critics say the article does not justify Lopez Obrador’s policies towards foreign firms.

Can Mexico fix the dispute?

Most analysts predict Mexico would lose if a panel were asked to resolve the dispute. That could be very costly to Mexico, raising the prospect of punitive US tariffs.

Both countries have previously stressed they want to sort out the disagreement before it reaches a panel.

Talks slowed down after Mexico’s economy minister resigned in October. Her successor cleared out several experienced trade negotiators, leaving an inexperienced team in charge.

The new team says it has put forward proposals that could deal with two of the four areas of consultations and that they are also addressing other US concerns. But there has been little clear indication of meaningful progress.

Resolution appears to hinge on whether energy nationalists inside the Mexican administration, who have taken their cues from Lopez Obrador, are prepared to compromise.

What are Mexico’s bargaining chips?

Lopez Obrador has made energy policy a cornerstone of his presidency, making it hard for him to back down.

His administration is also mindful that Mexico’s assistance on tackling illegal immigration tends to carry more weight in Washington, DC due to its prominence in US domestic politics, giving the government tacit, if unstated, leverage.

Mexican industry is also so heavily integrated with the US economy that a trade conflict could be painful for both countries at a time when the region is attempting to reduce its reliance on Asia and bring down soaring inflation.

Still, the spat has hit investor confidence in Mexico. Lopez Obrador is seeking US help to finance solar power output in northern Mexico and attract investment in greener manufacturing, particularly in car-making, a key industry.



Read More:What’s behind the energy spat between Canada, Mexico and the US? | International Trade News

2023-01-06 23:21:54

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Third of world economy to hit recession in 2023, IMF head warns | International Monetary Fund (IMF) https://newsdaily.business/2023/01/02/third-of-world-economy-to-hit-recession-in-2023-imf-head-warns-international-monetary-fund-imf/ https://newsdaily.business/2023/01/02/third-of-world-economy-to-hit-recession-in-2023-imf-head-warns-international-monetary-fund-imf/#respond Mon, 02 Jan 2023 22:26:07 +0000 https://newsdaily.business/2023/01/02/third-of-world-economy-to-hit-recession-in-2023-imf-head-warns-international-monetary-fund-imf/

For much of the global economy, 2023 is going to be a tough year as the main engines of global growth – the US, Europe and China – all experience weakening activity, the head of the International Monetary Fund has warned.

The new year is going to be “tougher than the year we leave behind,” IMF managing director Kristalina Georgieva said on the CBS Sunday morning news program Face the Nation on Sunday.

“Why? Because the three big economies – the US, EU and China – are all slowing down simultaneously,” she said.

“We expect one-third of the world economy to be in recession. Even countries that are not in recession, it would feel like recession for hundreds of millions of people,” she added.

2023 IMF PREDICTION: “We expect one-third of the world economy to be in recession,” IMF Managing Director Kristalina Georgieva tells @margbrennan. But, a strong U.S. labor market might help the world get through a difficult year, she says. pic.twitter.com/Vbhj478pFo

— Face The Nation (@FaceTheNation) January 1, 2023

In October, the IMF cut its outlook for global economic growth in 2023, reflecting the continuing drag from the war in Ukraine as well as inflation pressures and the high interest rates engineered by central banks like the US Federal Reserve aimed at bringing those price pressures to heel.

Georgieva said that China, the world’s second-largest economy, is likely to grow at or below global growth for the first time in 40 years as Covid-19 cases surge following the dismantling of its ultra-strict zero-Covid policy.

“For the first time in 40 years, China’s growth in 2022 is likely to be at or below global growth,” Georgieva said.

2023 will be a difficult year for the world. The silver lining is we can use it to transform economies & accelerate change that’s good for our climate, good for growth. At the IMF, we recognize our responsibility to be a force for good. Watch the event: https://t.co/Yv1TvfCytH pic.twitter.com/lsrXDDLNyy

— Kristalina Georgieva (@KGeorgieva) December 29, 2022

Moreover, a “bushfire” of expected Covid infections there in the months ahead are likely to further hit its economy and drag on both regional and global growth, said Georgieva, who traveled to China on IMF business late last month.

“For the next couple of months, it would be tough for China, and the impact on Chinese growth would be negative, the impact on the region will be negative, the impact on global growth will be negative,” she said.

Meanwhile, Georgieva said, the US economy is standing apart and may avoid the outright contraction that is likely to afflict as much as a third of the world’s economies.

The “US is most resilient,” she said, and it “may avoid recession. We see the labour market remaining quite strong.”

“This is … a mixed blessing because if the labour market is very strong, the Fed may have to keep interest rates tighter for longer to bring inflation down,” Georgieva said.

The US job market will be a central focus for Federal Reserve officials who would like to see demand for labour slacken to help undercut price pressures. The first week of the new year brings a raft of key data on the employment front, including Friday’s monthly nonfarm payrolls report, which is expected to show the US economy minted another 200,000 jobs in December and the jobless rate remained at 3.7% – near the lowest since the 1960s.

Reuters contributed to this report





Read More:Third of world economy to hit recession in 2023, IMF head warns | International Monetary Fund (IMF)

2023-01-02 21:09:00

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Slumping U.S. stock market lags these international ETFs as 2022 comes to an end https://newsdaily.business/2022/12/29/slumping-u-s-stock-market-lags-these-international-etfs-as-2022-comes-to-an-end/ https://newsdaily.business/2022/12/29/slumping-u-s-stock-market-lags-these-international-etfs-as-2022-comes-to-an-end/#respond Thu, 29 Dec 2022 21:49:01 +0000 https://newsdaily.business/2022/12/29/slumping-u-s-stock-market-lags-these-international-etfs-as-2022-comes-to-an-end/ Hi! As a bruising 2022 winds down, this week’s ETF Wrap gives you a look at how international markets have stacked up against the U.S. Please send feedback and tips to christine.idzelis@marketwatch.com. You can also follow me on Twitter at @cidzelis and find me on LinkedIn. U.S. stocks are broadly lagging international equities this year as investors wrap […]]]>


Hi! As a bruising 2022 winds down, this week’s ETF Wrap gives you a look at how international markets have stacked up against the U.S.

Please send feedback and tips to christine.idzelis@marketwatch.com. You can also follow me on Twitter at @cidzelis and find me on LinkedIn.

U.S. stocks are broadly lagging international equities this year as investors wrap up their final week of trading for 2022. 

Shares of the SPDR S&P 500 ETF Trust
SPY
have tanked 20.7% this year through Wednesday, a deeper loss than the 18.5% drop for the iShares MSCI ACWI ex U.S. ETF
ACWX,
which provides exposure to stocks in developed and emerging markets but excludes the U.S., according to FactSet data. 

“Over the long run, the U.S. has consistently outperformed the rest of the globe, but this year the US’ relative strength has wavered,” Bespoke Investment Group wrote in its 2023 outlook report. “2022 was a year all about war, inflation, and the Fed.”

Russia invaded Ukraine in early 2022, a war that stoked even hotter inflation as the U.S. grappled with the highest cost of living in decades. U.S. stocks sank as the Federal Reserve shifted from its easy monetary policy to a hawkish stance of fighting surging inflation with aggressive interest rates hikes. 

Developed markets are broadly faring better than emerging markets in 2022.

The iShares MSCI EAFE ETF
EFA,
which tracks developed-market stocks in Europe, Australia and the Far East, is down 17% this year through Wednesday, also beating the S&P 500 index. 

But emerging markets broadly fared worse than the widely-followed U.S. stock index, with the iShares MSCI Emerging Markets ETF
EEM
tanking 22.6% over the same period. Still, the Freedom 100 Emerging Markets ETF
FRDM,
which invests in emerging-market stocks based on personal and economic freedom metrics, has outperformed EEM, EFA and the S&P 500.

“Investors woke up to autocracy risk,” said Perth Tolle, founder of Life + Liberty Indexes and creator of the Freedom 100 Emerging Markets ETF, in a phone interview. She pointed to concerns surrounding authoritarian governments in China and Russia, countries that the ETF has excluded as result of its freedom weightings that are annually rebalanced in January. 

The Freedom 100 Emerging Markets ETF, which trades under the ticker FRDM, was down 15.4% this year through Wednesday. 

Emerging-market countries with “freer markets” have more flexibility to respond to market trends, said Tolle. The Freedom 100 Emerging Markets ETF cited Chile as its top country holding as recently as Sept. 30, followed by Taiwan and South Korea.

Read: China sends 39 warplanes and 3 ships toward Taiwan in 24 hours

Chile “really outshined this year in our index” as a result of its diversified commodities exposure during a period of inflation, Tolle said. “They are one of the freer emerging markets, so they have a high allocation in our index,” she said, but added that gains of stocks in Chile this year propelled the country to its top holding.

Shares of the iShares MSCI Chile ETF
ECH
have jumped 14.8% in 2022 through Wednesday, FactSet data show. 

Meanwhile, China is the largest geographic exposure for the iShares MSCI Emerging Markets ETF
EEM,
followed by India and Taiwan, according to the fund’s fact sheet for the end of September. The iShares MSCI China ETF
MCHI
is down 24.9% this year through Wednesday, according to FactSet data.

‘Decoupling’ from China

In Tolle’s view, “globalization is alive and well” and that’s going to give investors a choice in a world bifurcated between freer and less free countries. Within emerging markets, she expects that countries such as Chile, Mexico, and Indonesia stand to benefit from “the global trend of decoupling from China” as companies move production plants outside autocracies.

“We don’t penalize free trade,” she said. “What we do want to stay away from is that direct autocracy exposure,” where companies are at risk of having “to put state interests before all other shareholders and stakeholders like their customers.”

Read: All quiet in China’s streets as protests recede amid heavy police presence

Also read: CDC calls out China for ‘lack of adequate and transparent’ COVID data

Mexico and Brazil also have helped the Freedom 100 Emerging Markets ETF’s outperformance in 2022, according to Tolle. 

Shares of the iShares MSCI Brazil ETF
EWZ
and iShares MSCI Mexico ETF
EWW
each have eked out small gains this year through Wednesday, with the Brazil focused fund rising slightly more than 1% and the ETF targeting Mexico edging up 0.2%, FactSet data show. 

Russia ETFs halt trading in 2022

In authoritarian regimes, “there’s the risk of capricious government actions wiping out shareholder value overnight,” said Tolle. 

She pointed to Russia’s invasion of Ukraine in February as such a risk. Russia-focused ETFs stopped trading in early March after Russian President Vladimir Putin’s attack on Ukraine.

See: U.S. Oil Fund outperforms while ETFs remain ensnared in Russia-Ukraine war fallout

The VanEck Russia ETF (RSX) halted trading on March 4 and an initial liquidation distribution is scheduled to be sent to shareholders on or around Jan. 12, according to a notice posted on VanEck’s website.

Beyond emerging markets, the iShares MSCI EAFE ETF, which tracks developed-market equities excluding the U.S. and Canada, ranked Japan as its biggest geographic exposure at the end of the third quarter, its fact sheet shows. The U.K. was its second largest exposure geographically and France was third.

Nick Kalivas, head of factor and core equity product strategy for Invesco ETFs, said in a phone interview that dividend and low-volatility strategies that have fared relatively well in the U.S. this year also have held up comparatively well in international markets. 

For example, shares of the Invesco S&P Emerging Markets Low Volatility ETF
EELV
have fallen 7.6% this year through Wednesday, while the Invesco International Dividend Achievers ETF
PID
has dropped 10.6%, according to FactSet data. 

EELV selects low-volatility stocks, which “tend to be more defensive in nature” and don’t fall as much in “big selloffs” as seen in 2022, said Kalivas. As for the Invesco International Dividend Achievers ETF, he said its heaviest exposures based on geographies are in Canada and the U.K.

“The idea of dividends has really gained a lot of steam this year,” said Kalivas. “Dividend-payers tend to have a more defensive characteristic to them.”

As usual, here’s your look at the top- and bottom-performing ETFs over the past week through Wednesday, according to FactSet data.

The good…
Top Performers

%Performance

iShares MSCI Brazil ETF
EWZ
1.5

iShares MSCI Saudi Arabia ETF
KSA
1.2

Invesco DB Agriculture Fund
DBA
1.0

abrdn Physical Platinum Shares ETF
PPLT
0.9

iShares S&P GSCI Commodity Indexed Trust
GSG
0.8

Source: FactSet data through Wednesday, Dec. 28, excluding ETNs and leveraged products. Includes NYSE, Nasdaq and Cboe traded ETFs of $500 million or greater

…and the bad
Bottom Performers

%Performance

KraneShares Global Carbon Strategy ETF
KRBN
-19.1

First Trust Nasdaq Clean Edge Green Energy Index Fund
QCLN
-10.5

Invesco WilderHill Clean Energy ETF
PBW
-9.8

ARK Innovation ETF
ARKK
-9.4

ALPS Clean Energy ETF
ACES
-9.3

Source: FactSet

New ETFs
  • Element Funds said Thursday that it launched the Element EV, Solar & Battery Materials (Lithium, Nickel, Copper, Cobalt) Futures Strategy ETF under the ticker CHRG.

  • VanEck announced Dec. 22 that it launched the VanEck Commodity Strategy ETF
    PIT,
    an actively-managed fund that invests in commodity futures contracts in the areas of energy, precious metals, industrial metals, agriculture and livestock.

  • Vanguard Group said Dec. 22 that it expects to launch the Vanguard Short-Term Tax-Exempt Bond ETF in the first quarter of 2023. The fund will mainly invest in short-term investment-grade municipal bonds and trade under the ticker VTES.

Weekly ETF reads





Read More:Slumping U.S. stock market lags these international ETFs as 2022 comes to an end

2022-12-29 21:35:00

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Currency Exchange International (CURN): Rebounding While Remaining Undervalued https://newsdaily.business/2022/12/29/currency-exchange-international-curn-rebounding-while-remaining-undervalued/ https://newsdaily.business/2022/12/29/currency-exchange-international-curn-rebounding-while-remaining-undervalued/#respond Thu, 29 Dec 2022 15:25:58 +0000 https://newsdaily.business/2022/12/29/currency-exchange-international-curn-rebounding-while-remaining-undervalued/ MicroStockHub Despite operating in a highly volatile market, Currency Exchange International, Corp. (OTCPK:CURN) maintains a robust performance. It has already rebounded from its sharp plunge in the last two years. Revenues and margins are increasing as it expands its operations. CURN maintains an impressive Balance Sheet, given its large cash reserves. Indeed, it has more […]]]>


Global Market Trends

MicroStockHub

Despite operating in a highly volatile market, Currency Exchange International, Corp. (OTCPK:CURN) maintains a robust performance. It has already rebounded from its sharp plunge in the last two years. Revenues and margins are increasing as it expands its operations. CURN maintains

Operating Revenue

Operating Revenue (MarketWatch And Author Estimation)

Operating Margin

Operating Margin (MarketWatch And Author Estimation)

Tourist Visit Arrivals In Canada

Tourist Visit Arrivals In Canada (Trading Economics)

Tourist Visit Arrivals In The US

Tourist Visit Arrivals In The US (Trading Economics)

Travel Plans In 2023

Travel Plans In 2023 (CNBC)

Global Energy Commodity Prices

Global Energy Commodity Prices (Trading Economics)

E-Commerce Sales

E-Commerce Sales (b.)

Cash And Equivalents And Borrowings

Cash And Equivalents And Borrowings (MarketWatch)



Read More:Currency Exchange International (CURN): Rebounding While Remaining Undervalued

2022-12-29 14:48:00

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LBank Presents TechFest International Blockchain Summit In Bombay https://newsdaily.business/2022/12/25/lbank-presents-techfest-international-blockchain-summit-in-bombay/ https://newsdaily.business/2022/12/25/lbank-presents-techfest-international-blockchain-summit-in-bombay/#respond Sun, 25 Dec 2022 08:58:58 +0000 https://newsdaily.business/2022/12/25/lbank-presents-techfest-international-blockchain-summit-in-bombay/ INTERNET CITY, DUBAI, 24th December, 2022, Chainwire Meta: LBank, a top cryptocurrency exchange has made its presence in the Asia’s Largest Technology festival in Bombay. Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. TechFest IIT Bombay is Asia’s Largest technology festival where the world’s leading crypto influencers gather […]]]>


INTERNET CITY, DUBAI, 24th December, 2022, Chainwire

Meta: LBank, a top cryptocurrency exchange has made its presence in the Asia’s Largest Technology festival in Bombay.


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Sign-up for the Invezz newsletter, today.

TechFest IIT Bombay is Asia’s Largest technology festival where the world’s leading crypto influencers gather with key government delegates, media and other investors to assist the global blockchain and cryptocurrency communities. It is one of the most prestigious events of the global cryptocurrency and blockchain ecosystem.

Furthermore, the festival combines young minds and blockchain enthusiasts in one place to provide knowledge about the industry to the community. The International Blockchain Summit of TechFest IIT Bombay is sponsored by LBank, a global crypto exchange, with a primary focus on providing crypto education. This TechFest is a three-day event which attracts the students, alumni, and tech geeks who are said to be the sole essence of the summit.

LBank’s Live Session at TechFest

Notably, the top cryptocurrency exchange LBank prioritizes knowledge sharing about blockchain space. Considering the main objective to achieve educating the community, the company is taking part in the panel discussion on “Tech and the environmental impact of Blockchain”. This discussion will be held on the second day of the summit with other top mentors in the industry.

The whole summit is all about learning and understanding the upcoming trends and red flags of the blockchain space. Moreover, LBank believes that the festival has a significant role in giving people the chance to network with peers, mentors, and idols as well as to gain professional growth.

However, the exchange would also love to celebrate the community’s participation and distribute some presents to the crypto enthusiasts. With so many eager participants teaming up with LBank, the event’s first day has started off well. Participants demonstrated a keen interest in learning about the potential applications of blockchain technology.

About LBank

LBank is a top cryptocurrency exchange founded in 2015. It provides users with a platform to securely buy, sell, receive and hold Bitcoin and other cryptocurrencies. With over 7 million users, LBank offers a wide range of payment options and competitive transaction fees, lowering the entry barrier to drive more adoption.

The platform supports more than 800+ trading pairs and 149+ fiat currencies. It offers services around crypto trading, specialized financial derivatives, and professional asset management services. LBank’s robust ecosystem allows users to leverage and build a well-rounded financial portfolio.

Start Trading Now: lbank.info

Community & Social Media:

Contact

LBK Blockchain Co. Limited, [email protected]



Read More:LBank Presents TechFest International Blockchain Summit In Bombay

2022-12-25 06:28:24

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Taking Your Trading International: Risks and Rewards https://newsdaily.business/2022/12/23/taking-your-trading-international-risks-and-rewards/ https://newsdaily.business/2022/12/23/taking-your-trading-international-risks-and-rewards/#respond Fri, 23 Dec 2022 08:58:48 +0000 https://newsdaily.business/2022/12/23/taking-your-trading-international-risks-and-rewards/ Trading Global Markets, Central Banks, Inflation, Globalization – Talking Points Traders tend to stick with their home markets in the early days Access to global assets has never been easier But increasing fragmentation could pose risks Recommended by David Cottle Traits of Successful Traders Traders tend to focus on their domestic markets at the start […]]]>


Trading Global Markets, Central Banks, Inflation, Globalization – Talking Points

  • Traders tend to stick with their home markets in the early days
  • Access to global assets has never been easier
  • But increasing fragmentation could pose risks

Recommended by David Cottle

Traits of Successful Traders

Traders tend to focus on their domestic markets at the start of their careers. That’s natural and understandable enough. Local knowledge of conditions and market dynamics is likely deeper, the essential feeling of being plugged into the economic news cycle that much stronger. At the most basic level we all make more confident decisions when we feel we have more relevant facts at our command. Traders are certainly no different.

However, it’s now very easy to access global assets, be that in the foreign exchange, fixed-income, equity or commodity space. It can be well worth taking advantage of the opportunities offered by a broader geographical spread.

Traders usually look overseas for two main reasons. The first is to diversify trading opportunities, broadening their risk profile and reducing reliance on market conditions in just one place. The second is to take advantage of perhaps better growth prospects elsewhere.

So if you feel it’s time to start trading beyond your borders, what’s the best way to start?

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Stick to Major Markets At First, They’re Easier to Trade Out Of

When looking at overseas markets for the first time, it’s probably wise to cleave to the major ones. They’ll offer the deepest and most liquid pools of capital and the sort of trading environment that makes it easier to get out if you make a mistake. Which you probably will.

In foreign exchange think of the ‘major’ currencies. The US Dollar and the Euro dominate, with the Japanese Yen, Swiss Franc and British Pound also very widely traded. Below them, the dollars of Australia and Canada are popular trading choices. China’s Renminbi as well as the Hong Kong and New Zealand Dollars round out the global top ten. Those countries’ stocks and bonds are likely the first stops in international trading in those asset classes too.

Are You Risk On, or Risk Off?

Now is certainly an interesting time to consider an overseas approach as we could be seeing a major change. The last couple of decades were years of extraordinary connectivity between global markets as economies became more and more globalized, inflation was docile and interest rates low.

The effect of this was to sort nearly all global assets into just two camps, which went by the somewhat bizarre monikers of ‘risk on’ and ‘risk off.’ What they meant was that, when a piece of economic data was released suggesting stronger growth ahead – perky US employment figures, strong Chinese industrial production or what have you – the ‘risk on’ assets would rise in impressive unison.

These included stock markets, industrial commodities and the currencies of major commodity producers, such as Australia and Canada. The stronger global growth was, the greater the demand for commodities and the currencies needed to buy them. That’s a fairly clear correlation.

On the flipside, weaker economic numbers would see ‘risk off’ assets supported. The ranks of these included perceived ‘haven’ currencies like the Swiss Franc along with gold, bonds and, often, for specific reasons of its own, the Japanese Yen. With ultra-low interest rates long the norm in Japan, it’s hard to see the Yen as any kind of real haven for investors. But those same low rates forced Japanese investors to look overseas for yield. When overseas growth seemed threatened, a lot of that cash came home.

Recommended by David Cottle

Building Confidence in Trading

This market connectivity was enhanced by the monetarism which had gained force since the early 1980s, part of a concerted global effort to smash the inflationary forces which had played hell with developed economies in the 1960s and ‘70s. Interest rate policy became the key global market driver, much as industrial policy had been in the generation before. The US Federal Reserve tended to run this table, with just about every traded market on Earth reacting to what the Fed did, said and implied about the future.

It still does. Other major central banks tend to shadow the Fed to some extent, but they, too generate significant cross-market impact.

We’re still living in that world to a very large degree, but it’s clear that some changes have taken place over the past twelve months. An inflation surge, the Covid pandemic’s supply chain destruction and war in Ukraine have all taken their toll, as have deteriorating relations between China and the West. Previously unchallenged, even economic globalization is up for debate as never before. Nervous Western politicians increasingly seek supply security rather than merely encouraging ever-freer trade.

So, What Now?

For the trader considering a move out of his or her home market these are certainly interesting times. If current conditions persist we are likely to see more fragmented, less correlated and less liquid markets. These will of course bring opportunities of their own, but taking advantage of these will very likely require a lot more learning and judgement than would have been the case in a more globalized world.

It’s likely that those countries most successful in the anti-inflation fight, and their markets, are going to be the near-term winners. But the extent to which that dynamic replaces the old risk calculus, and how durably, is perhaps the most important thing for would-be global traders to weigh up right now.

— written by David Cottle for DailyFX

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Read More:Taking Your Trading International: Risks and Rewards

2022-12-23 07:30:00

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Cryptocurrency Is ‘Better Equipped’ To Survive As An International Currency https://newsdaily.business/2022/12/23/cryptocurrency-is-better-equipped-to-survive-as-an-international-currency/ https://newsdaily.business/2022/12/23/cryptocurrency-is-better-equipped-to-survive-as-an-international-currency/#respond Fri, 23 Dec 2022 02:48:12 +0000 https://newsdaily.business/2022/12/23/cryptocurrency-is-better-equipped-to-survive-as-an-international-currency/ Vitalik Buterin, co-founder of Ethereum, speaks during the Singapore FinTech Festival in Singapore, … [+] on Thursday, Nov. 3, 2022. The conference runs through Nov. 4. Photographer: Lionel Ng/Bloomberg © 2022 Bloomberg Finance LP There are structural reasons why cryptocurrency is better equipped to survive as an international currency than traditional fiat currencies, according to […]]]>


There are structural reasons why cryptocurrency is better equipped to survive as an international currency than traditional fiat currencies, according to Ethereum creator Vitalik Buterin. He believes in its ability to make cross-border payments easier, faster, and cheaper all over the world.

Modern solutions like PayPal, Wise, WorldRemit, and Western Union
WU
may have made it convenient to send money abroad, but they also have downsides. As with any financial institution, these companies have the ability to freeze or deactivate accounts anytime for multitude of reasons. This has been a common occurrence in developing nations where user accounts are deactivated and funds are frozen.

They also may charge higher fees for currency exchange, account maintenance, or transaction processing. According to the World Bank, the average cost of sending $200 internationally was 7.1% in the first quarter of 2021. That is equivalent to $14.20 which is the average weekly grocery expenses in the Philippines. This can be a significant burden for people who rely on sending money back home to their families.

Cryptocurrencies often have very low transaction fees, especially when compared to traditional financial systems, which can make them an appealing choice for users who need to make frequent or small transactions. For example, merchants in Brazil who accept cryptocurrency as payment may be able to save money on transaction fees compared to traditional payment methods like credit cards.

They also offer faster transaction speeds than traditional systems. For example, an expat working in Europe may be able to send money to their siblings in the India in seconds. “Often enough, cryptocurrency just is by far the easiest way to send money home to people’s families,” Buterin stated on the Bankless podcast.

In addition, cryptocurrency is also portable and secure. It can be easily stored and transferred digitally. For example, approximately 75.3% of the Philippine population own a smartphone in 2022, according to a Statista report. This suggests that a significant portion of the population has access to a device that can potentially be used to access and interact with cryptocurrency, which can facilitate its adoption.

Buterin addressed the recent collapse of FTX and the people who have used it as an opportunity to criticize cryptocurrency. He insisted that the world needs it for its decentralized nature, low transaction fees, fast transaction speeds, portability, and security.

“You go to all kinds of places in Latin America, Africa, the Middle East, Southeast Asia, and those kinds of places, and there the financial system is often not even well-connected to rich country financial systems,” Buterin said.

Overall, the neutrality, low-cost, fast, portable, and secure nature of cryptocurrency make it a strong candidate for an international currency, aspects that fiat currencies cannot have.



Read More:Cryptocurrency Is ‘Better Equipped’ To Survive As An International Currency

2022-12-23 01:47:08

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The rise of non-SDR currency reserves https://newsdaily.business/2022/12/21/the-rise-of-non-sdr-currency-reserves/ https://newsdaily.business/2022/12/21/the-rise-of-non-sdr-currency-reserves/#respond Wed, 21 Dec 2022 08:50:46 +0000 https://newsdaily.business/2022/12/21/the-rise-of-non-sdr-currency-reserves/ The rise of non-SDR currency reserves – Central Banking End of drawer navigation content Skip to main content The International Monetary Fund’s currency composition of official foreign exchange reserve (Cofer) data for the third quarter will be released at the end of this month. There is an expectation it will reveal a further substantial decline […]]]>

















































































The rise of non-SDR currency reserves – Central Banking



Central Banking

Falling-global-FX-reserves

The International Monetary Fund’s currency composition of official foreign exchange reserve (Cofer) data for the third quarter will be released at the end of this month. There is an expectation it will reveal a further substantial decline in the value of global foreign exchange reserve assets.

The run-down of holdings associated with FX interventions will form part of the explanation, but negative currency valuation effects (as non-dollar holdings are converted to a US dollar value) and weaker

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Read More:The rise of non-SDR currency reserves

2022-12-21 07:01:05

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