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EPFR Fund Flows

Trade, policy debates and weak growth weigh on Europe Funds

By Cameron Brandt 22 Nov 2019

Global Navigator

The third week of November saw Europe Equity Funds longest inflow streak since 1Q18 come to an end and redemptions from Europe Bond Funds jump to a 49-week high as investors responded to policy divisions within the continent, slowing economic growth and the continuing headwinds generated by the more protectionist US stance on trade. Spain’s recent election, which saw populist parties make gains and left the region’s fifth largest economy in the hands of a caretaker government, gave investors further reasons for caution. Investors also took a modest step back from some fund groups dedicated to riskier asset classes, with Emerging Markets Bond Funds recording outflows for the first time in six weeks and High Yield Bond Funds posting consecutive weekly outflows for the first time since early June. Overall, EPFR-tracked Bond Funds posted a collective inflow of $6.9 billion during the week ending November while $1.5 billion flowed out of Equity Funds despite the third highest inflow on record for Equity Funds with socially responsible (SRI) or environmental, social and governance (ESG) mandates and positive flows to Dividend Equity Funds for the ninth time in the past 10 weeks. The latest week was also marked by a new milestone for the Exchange Traded Funds (ETFs) tracked by EPFR, with the collective AUM of those tracked both daily and monthly hitting the $6 trillion mark.

Topic Industry News

IGM Credit, IGM FX and Rates

China Insight: More Small Banks in Trouble as Re-leveraging Underway

By Tim Cheung 19 Nov 2019

China Insight 1118

The health of China's smaller banks has come under pressure as Yichuan Rural Commercial Bank and Yingkou Coastal bank are said to have suffered bank runs in recent weeks amid fears over poor management and liquidity issues. Earlier this year, a rare government takeover of Baoshang Bank and a state rescue of Jinzhou Bank and Hengfeng Bank raised concerns about the underlying health of hundreds of small banks in China. Admittedly, China has entered another round of re-leveraging, albeit a softer one this time. With the fundamental issue of macro leverage unsolved, we expect China's debt-to-GDP ratio, currently in the 290-300% area, to reach 320% by 2025 (chart 1).  

Topic Industry News

IGM Credit, IGM FX and Rates

The Context 11.18.19

18 Nov 2019

The Context 11.18.19

Inside this week’s edition of The Context, Financial Intelligence thought leaders discuss: Brl/Mxn Corrects Lower, But Still See Mxn Underperformance in Medium-term Due to Mexico's challenging GDP growth outlook, the reduction of the real rate and lingering risk of credit rating downgrades, we still see scope for Mxn underperformance in the medium-term. Whilst the Brl rally has paused, and for good reason, the arguments we presented for Brazilian economic outperformance remain. Euro Corp Comment: Issuance Slows But it Remains a Seller’s Market It was another active week for the European corporate bond market where another EUR7.455bn printed in the single currency courtesy of eleven issuers (13 tranches). Whilst being a decent total, it did however mark a considerable slowdown from the jumbo EUR11.25bn that hit the tape the week prior. What remained constant though was that there remained plenty of cash directed toward new corporate offerings… The CAD Week - Bias is Neutral to Bearish We get some major releases this week out of Canada, with manufacturing sales, CPI and retail sales being released on Tue, Wed and Fri respectively, but ultimately the most influential topic for the BoC is the ongoing trade war and its effect on domestic industry. Read more from The Context and subscribe to have it delivered to your inbox each week!

Topic Industry News

PSN Enterprise - Separate Account Analytics S...

Ryan Nauman's Weekly Recap 11.18.19

By Ryan Nauman 18 Nov 2019

Ryan Nauman's Weekly Recap 11.18.19

Over the past few months the housing market has solidified as low mortgage rates have brought buyers back to the market, however, inventory remains low. The week ahead will provide us with more information regarding the housing market turnaround. Additionally, we will receive the initial flash PMIs on the manufacturing and services sectors. Markets have priced in weak manufacturing numbers, however, if there is a bad miss on the downside, markets could react negatively. We are near the third quarter earnings cycle finish line, which has been better-than-expected to this point. The upcoming week is headlined by retailers, which will be widely watched. The economic expansion has been shouldered by the consumer, and in order for the expansion to continue, the consumer will need to continue to spend. We will find out if these brick-and-mortar retailers have capitalized on the strong consumer, what challenges they face with six less shopping days during the shopping season, and if they provide any insight on consumer spending trends moving forward. Read more from Ryan Nauman's Weekly Recap and subscribe to have it delivered to your inbox each week!

Topic Industry News

IGM Credit

Asia Bond Barometer: Riskier categories still favoured

By Riki Zhang 14 Nov 2019

Asia Bond Barometer: Riskier categories still favoured

Asia Bond Barometer: Riskier categories still favoured

IGM Credit

China Insight: More small banks in trouble as re-leveraging underway

By Riki Zhang 13 Nov 2019

China Insight: More small banks in trouble as re-leveraging underway

China Insight: More small banks in trouble as re-leveraging underway

FX & rates insights, IGM FX and Rates

IGM FX Case Study: Banking and Financial Service Provider

13 Nov 2019

IGM FX Case Study: Banking and Financial Service Provider

Our main sponsor (referred to throughout as ‘MP’), a Senior VP, Sales FX used IGM’s service 12 years prior to moving to BFSP. His initial hesitancy on sourcing economic data from an external data provider was alleviated once he sampled IGM as an intelligence source. Working in a fast-paced environment such as foreign exchange, requires concise, relevant content and IGM’s services were a perfect fit for our main sponsor and his team for day to-day requirements. IGM’s daily information alerts allowed team members to keep abreast of global news in what MP termed, ‘short and sharp content, which can be read 15 minutes prior to the start of a working day, whilst providing a good understanding of the current market’. Read more...

Topic Industry News

EPFR Fund Flows

Quants Corner

By Sayad Baronyan 12 Nov 2019

Quants Corner

Investors: Capture the wisdom of the crowds ahead of UK Elections UK General Elections have had a long-standing tradition of running on a Thursday. The most cited reasons for the election falling on a Thursday, has been town ‘market’ days which increased the chances of footfall, another, there appears to be a concomitant increase in voter turnout. No one wants elections, for instance, on a Friday, where pay days could lead to a rise in the number of newly-paid, and newly inebriated, voters at the polls!

Topic Industry News