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AYT vs. ETF Alternatives
The investment seeks to replicate, net of expenses, the Barclays Global Emerging Markets Strategy Asia 8 index. The index provides exposure to local currencies in specified Asian markets through short-term, liquid and diversified instruments. It is intended to replicate a diversified, multi-national money markets strategy in the eight Asian market currencies, the Indonesian rupiah, the Indian rupee, the Philippine peso, the South Korean won, the Thai baht, the Malaysian ringgit, the Taiwanese dollar and the Chinese yuan, that the index comprises, by reflecting the total return of U.S. dollar investments in the index constituent currencies.
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Monday, Feb 38:43 AM
Monday, Feb 38:43 AM| Comment!
- In order to draw the necessary capital to pull emerging markets out of their swoon, real interest rates have to go higher, says Citigroup. A near-doubling of the benchmark rate in Turkey last week only pulled one-year borrowing costs up to 3.6%, less than half the average in the thee years prior to 2008. The real yield in Mexico (EWW) is about zero. In South Africa, it's 1.4% vs. 2% over the past decade.
- “When you have low real rates and try to finance your current-account deficits, it usually won’t work,” says Citi LatAm strategist Dirk Willer. “If the U.S. is repricing for higher rates, it’s very difficult for you to get away with lower rates. South Africa (EZA) and Turkey (TUR) are not safe yet.”
- EEM -0.5% premarket
- Related ETFs: EEM, VWO, DEM, EDC, DGS, EDZ, CYB, EEMV, SCHE, EEB, CNY, EDIV, BZF, IEMG, DVYE, EEV, EWX, BIK, BKF, CEW, PIE, ICN, ADRE, HILO, INR, EUM, FNI, EET, FXCH, GMM, PXH, INCO, EEMS, BBRC, EELV, FEMS, DGRE, EEME, AYT, EMDD, BICK, DBEM, EMCR, PGD, FEM, EWEM, EMLB, JEM, EMBB, EVAL, TLTE, EEHB, EGRW, FNDE, EMDG, EMHD, EMSA, EMFT, EMDR, QEM, QDEM
Sunday, Feb 22:45 AM
Sunday, Feb 22:45 AM| Comment!
- Thailand is going to the polls today in an election that the main opposition Democrat Party is boycotting and which comes after weeks of mass protests that were aimed at forcing Prime Minister Yingluck Shinawatra to resign.
- Shinawatra's party is projected to win, although the country may be left in limbo due to possible legal challenges and a lack of a quorum of MPs.
- Anti-government protestors have forced the closure of some polling stations in Bangkok and the south, while gun battles took place in the capital yesterday.
- The turmoil in Thailand has hit the baht and shares, and threatens the tourism industry.
- ETFs: THD, AYT, PGD
Friday, Oct 252013, 4:24 AM
Friday, Oct 252013, 4:24 AM| Comment!
- Japanese stocks lead Asian shares lower, plummeting 2.7% as the yen continues to strengthen against the dollar on expectations that the Fed will put off tapering until next year.
- Sentiment is also being hit by the latest cash squeeze in China, which is causing concerns that it could slow the country's economy.
- Hong Kong -0.7%, China -1.45%, India flat.
- ETFs: ADRA, AIA, VPL, ASDR, AAXJ, AXJS, EPP, GMF, GMFS, AXJL, UXJ, JPX, PAF, ASEA, EEMA, DVYA, AYT, JEM, PGD, EWJ, NKY, EWV, EZJ, ITF, JSC, JPP, DXJ, SCJ, DFJ, FJP, JPNL, JPNS, DXJS
Friday, Aug 302013, 10:52 AM
Friday, Aug 302013, 10:52 AM| Comment!
- India is partnering with other emerging market countries to plan a join intervention aimed at halting the rout in their currencies, reports Reuters, citing senior Indian finance ministry official Dipak Dasgupta.
- "It's is going to happen in a matter of days rather than weeks ... Brazil and India can start the move," he says, without making clear exactly which countries are joining the effort.
- Meanwhile, AMP Capital - Australia's 2nd largest money manager - tells the WSJ it's slashed its emerging markets exposure to "zero" as the Fed readies an end to its liquidity binge.
- Emerging market ETFs: AGEM, EEM, ADRE, SCHE, GMM, VWO, DEM, EWEM, PXH, PIE, EWX, DGS, EMLB, EDC, EET, EMSA, EDZ, EEV, EUM, TLTE, HILO, EELV, EEMA, EMFT, DVYE, FEMS, EVAL, EGRW, EMCR, IEMG, EMDR, EEME.
- Emerging market currency ETFs: CEW, AYT, JEM, PGD.
- India ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN.
- Rupee ETFs: ICN, INR.
Tuesday, Aug 272013, 3:14 PM
Tuesday, Aug 272013, 3:14 PM| 3 Comments
- "Currencies have to go where the market wants them to go," says Marketfield Asset Management's Michael Shaoul, speaking about emerging markets. Central banks have been doing everything from hiking rates and selling dollars to imposing capital controls, but at some point they may need to step aside and let their currencies fall.
- If so, writes Brendan Conway, cheap emerging markets stocks still aren't cheap enough. In today's action: EEM -2.3%, VWO -2.5%, DEM -2.1%.
- Other broad EM ETFs: AGEM, EEM, ADRE, SCHE, GMM, VWO, DEM, EWEM, PXH, PIE, EWX, DGS, EMLB, EDC, EET, EMSA, EDZ, EEV, EUM, TLTE, HILO, EELV, EEMA, EMFT, DVYE, FEMS, EVAL, EGRW, EMCR, IEMG, EMDR, EEME.
- EM currency ETFs: CEW, AYT, JEM, PGD.
- Earlier: India, Turkey, Southeast Asia all pounded.
Monday, Aug 262013, 4:21 AM
Monday, Aug 262013, 4:21 AM| Comment!
- Forex reserves have been falling at Asian banks as they have attempted - not so successfully - to bolster their weakening currencies, which have been suffering partly from the Fed's talk of tapering. Six out of the 10 banks with the largest holdings have cut their reserves this year.
- The Bank of Indonesia's holdings have plunged a record 18% in 2013, while the rupiah has dropped 12%. The Reserve Bank of India's holdings have fallen 4% as the rupee has dropped 12%.
- The trends threaten currencies that central banks bought as they looked to diversify their reserves beyond the U.S. dollar in past years, including the euro, the Swedish krona, the Norwegian krone, the South Korean won, and the Australian and Canadian dollars.
- ETFs: CEW, AYT, JEM, PGD, FXE, ERO, ULE, URR, EUO, DRR, EUFX, ICN, INR, FXA, GDAY, CROC, FXC, FXS,
Monday, Aug 262013, 3:58 AM
Monday, Aug 262013, 3:58 AM| 2 Comments
- Fed policy makers have rejected calls to take the recent turmoil in emerging markets into account when deciding on when and how reduce the bank's QE program. The fallout from the prospective tapering was a hot topic of discussion at the Fed's Jackson Hole annual get together over the weekend.
- "We only have a mandate to concern ourselves with the interest of the United States," Dennis Lockhart said.
- "They were complaining about us easing too much," James Bullard said. "Now when we start to talk about taper they're complaining about too tight of a policy. They have an independent monetary policy and they have to use that to manage" their own economies.
- ETFs: CEW, AYT, JEM, PGD, AGEM, EEM, ADRE, SCHE, GMM, VWO, DEM, EWEM, PXH, PIE, EWX, DGS, EMLB, EDC, EET, EMSA, EDZ, EEV, EUM, TLTE, HILO, EELV, EEMA, EMFT, DVYE, FEMS, EVAL, EGRW, EMCR, IEMG, EMDR, EEME, FNI, EEB, BKF, BIK, BBRC, EMDD, BICK
Thursday, Aug 222013, 5:22 AM
Thursday, Aug 222013, 5:22 AM| Comment!
- Emerging-market currencies have continued to suffer losses following the release of the latest FOMC minutes yesterday, which provided little clarity about when the Fed might start tapering its QE program but left the market expecting that it will be next month.
- Ten-year Treasury yields are +2 bps at 2.916%. The recent spike in U.S. debt yields has caused borrowing costs to rise globally, which, along with the rising dollar, has not been healthy for emerging markets with large current account deficits, such as India.
- USD-INR is +0.5% at 65.045 Indian rupees, with the currency hitting a new low of 65.55 earlier.
- USD-TRY +0.4% at 1.9861 Turkish lira, with the currency hitting a new low of 1.9886 earlier.
- USD-IPR +2.1% at 11,050 Indonesian rupiah.
- USD-MYR +0.6% at 3.3102 Malaysian ringgit.
- USD-THB +0.4% at $32.036 Thai Baht.
- ETFs: CEW, AYT, JEM, PGD, ICN, INR
Monday, Aug 192013, 9:28 AM
Monday, Aug 192013, 9:28 AM| 3 Comments
- The iShares MSCI Emerging Markets ETF (EEM) slips 0.7% premarket after a 5.5% plunge in Indonesia led Southeast Asian stocks lower overnight and India continues to head south. The EEM is off 11.4% YTD, underperforming the S&P 500 by nearly 2800 basis points.
- Maybe more worrisome is the move down in emerging market currencies, writes Enis Taner. In the last 5 such episodes, the S&P (SPY) also fell by at least 7.5% "Ignore the continued weakness in EM currencies at your own risk."
- Related S&P 500 ETFs: IVV, SPY, VOO, RWL, SFLA, SSO, UPRO, SDS, SPXU, SH, EPS, RSP, BXUB, BXUC, BXDB.
- Related EM equity ETFs: AGEM, EEM, ADRE, SCHE, GMM, VWO, DEM, EWEM, PXH, PIE, EWX, DGS, EMLB, EDC, EET, EMSA, EDZ, EEV, EUM, TLTE, HILO, EELV, EEMA, EMFT, DVYE, FEMS, EVAL, EGRW, EMCR, IEMG, EMDR, EEME.
- Related EM currency ETFs: CEW, AYT, JEM, PGD.
Monday, Jun 42012, 11:53 AM
Wednesday, May 302012, 3:39 PMOnly 90 days ago warning of "currency wars" and intervening to weaken their currencies, emerging nations are now moving to prop them up even as growth concerns begin to overtake inflation worries. "Policymakers have to try and strike a very careful balance," says Standard Chartered's Callum Henderson. |Wednesday, May 302012, 3:39 PM| 1 Comment
Thursday, Mar 292012, 12:05 PMWith risk poking its head out again, emerging market currencies slide, led today by South Africa's rand (SZR) and the Hungarian forint. Both country's kept interest rates on hold last night, with South Africa's central bank sounding a bit dovish. Also hit are the Mexican peso (FXM) and India's rupee (ICN) |Thursday, Mar 292012, 12:05 PM| 1 Comment
Monday, Mar 262012, 10:39 AMCapital in search of returns is pouring into frontier market currencies, sending a host of them up more than double digits against the greenback this year. Many of these countries have not just high interest rates, but also hard commodities which get more dear as the balance sheets of Western central banks power upward. |Monday, Mar 262012, 10:39 AM| Comment!
Tuesday, Dec 132011, 11:04 AMMike Riddell returns from a trip to Asia with video diary actually feeling a bit better about Chinese property where he says there is no evidence of a bubble in the tier 2 and tier 3 cities. One story we may start hearing more about is Asian reliance on trade finance provided by European banks who are certain to be pulling back from the business as they deleverage. |Tuesday, Dec 132011, 11:04 AM| Comment!
Tuesday, Dec 62011, 2:53 AMAsia is facing "much greater downside risks" because of the possibility of new recessions in the U.S. and EU, and the threat of destabilizing capital flows, says the Asian Development Bank. The possibility of another global financial crisis means Asian countries must have "sufficient flexibility" to rapidly adjust policies. |Tuesday, Dec 62011, 2:53 AM| 5 Comments
Tuesday, Nov 292011, 9:04 AMEurope's issues are secular and global, writes Bill Gross, "reflecting worldwide delevering and growth dynamics that began in 2008." In this environment, 5% long term portfolio growth will put investors near the top of the class. Focus on the "cleanest dirty shirts" - U.S., Canada, U.K., and Oz - as well as a resource-rich EMs like Brazil. |Tuesday, Nov 292011, 9:04 AM| Comment!