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The Weekly Focus of Currency and Commodities Market
The Weekly Focus of Currency and Commodities Market
The pound has shown extreme weakness due to a No deal Brexit, and a non- desirable interest rate talks after the GBP performed badly in May by losing 4% of its value against the USD and 3% against the EUR.To get more news about WikiFX, you can visit wikifx news official website.
It sank to a low of $1.2073, making it the third weakest currency, only slightly ahead of the NZD and Norwegian Krome.
Analysis
The British pound broke down during the early part of the trading session on Thursday, slipping through the low of the shooting star during the day on Wednesday, and that suggests that we could go lower shorting the pound.
However, we have had a little bit of a bounce back during the trading session and that shows just how resilient and tough the British pound is trying to be.
Keep in mind that this pair is sensitive to the risk appetite of traders around the world, as the Japanese yen is considered to be a “safety currency based on the current pandemic.”
Furthermore, the British pound of course has to deal with the Brexit situation and all of the noise involving the coronavirus numbers in the United Kingdom.
Gold, a safe haven Commodity, dropped sharply in March due to the Pandemic as can be expected.
However, it rallied swiftly in April, trading above the $1700 mark as a result of concerns on COVID-19 fears from Investors.
The gold futures contract gained 0.37% on Wednesday as it continued to fluctuate after reaching new monthly high of $1,775.80 on Monday. It has retraced almost all of its downward correction from April 14 high of $1,788.80. The market is extending over month-long consolidation, as we can see on the Weekly chart:
The German Chancellor, Angela Merkel alongside French President Emmanuel Macron have agreed on a €500 billion recovery fund for the EU states worst hit by the COVID-19 pandemic.
Europe‘s response to the economic turmoil brought about by the global coronavirus shutdown is about the EU’s financial unity.
The EUR dropped 3.5% this year to $1.08, close to its lowest level against the USD since May 2017.
According to the European Commission Forecast, the Eurozone may head for the deepest recession in its entire history, with its Economy expected to contract 7.7% this year.
This reflects the damage caused by the COVID-19 pandemic, the European Southern states.
4 recommendations from Russell Investments
Analysts at Russell Investments have outlined a group of stocks across sectors that satisfy their criteria for strong returns and ESG (environmental, social, and corporate governance) investing standards. The investment manager, which sources its “do-good investing” framework from the ESG research provider Sustainalytics, recommended names including tech giant Intel.“By identifying some doing good metrics, we are able to evaluate some sector leaders that have been doing good and evaluating their ability to do well at the same time,” the analysts wrote.Visit BI Prime for more investing coverage.To get more news about WikiFX, you can visit wikifx news official website.
The coronavirus pandemic has renewed questions that have long surrounded sustainable investing strategies. Market participants are scrutinizing companies' crisis responses as it relates to shareholders, employees, and customers — or “stakeholders” — alike.Critics have questioned how investors can square a restrictive environmental, social, and corporate governance framework with achieving strong returns, and the lack of a standardized ESG criteria hasn't helped skeptics.The turbulence has put these strategies to the test — and Wall Street analysts and strategists on have noted for weeks that do-good investing funds have fared better than the broader market during stocks' unprecedented volatility.Investor flows into ESG funds “have not been hindered” by the sell-off, Barclays strategists said in an April 29 report.
“The resilient performance of ESG funds in dire market conditions is noticeable, which will likely continue to fuel demand and inflows from investors, in our view,” they wrote, noting the likely explanation for the stocks' strength is the “clear overlap” between names that fit quality and growth investing styles.At RBC Capital Markets, strategist Sarah Mahaffy noted in late March that companies with “better overall ESG risk profiles have outperformed those with worse ESG profiles” during the downturn, Business Insider reported. Two-thirds of actively managed sustainable equity funds beat their benchmarks in March, Mahaffy said. And while every corner of the market is under its own kind of duress, ESG fund losses have been less severe than the wider market's redemptions. Of 17 exchange-traded and mutual funds with more than $250 million in assets that S&P Global Market Intelligence analyzed in mid-April, 12 had fared better than the S&P 500. “ESG fund managers said their focus on nontraditional risks led to portfolios of companies that so far have been resilient during the COVID-19 downturn,” the firm said, adding the top performer in its analysis had lost 5.4% for the year through April 9, compared with the S&P 500's 13.7% decline.
Other firms are taking note of the solid performance they believe can be found in companies that also fit the bill for ethical investing. Russell Investments, which manages some $270 billion in assets, in a recent report picked a group of stocks they say showcase healthy returns — “doing well” — along with ethical or sustainable features — “doing good.” The investment manager's analysts defined “doing well” in a financial sense as “strong excess over index and excess over sector returns for three years trailing December 2019,” and a company “doing good” as “a bit more loosely in acknowledgement that there are many ways one can either measure or track goodness.” Russell Investments also relies on ratings and data from the firm Sustainalytics for sussing out which companies have a strong sustainability track record.“By identifying some doing good metrics, we are able to evaluate some sector leaders that have been doing good and evaluating their ability to do well at the same time,” the analysts wrote. “From our perspective, it is definitely possible, but requires skill to get the balance right.”
Here are the four stocks they picked to showcase stocks with strong returns and meet their ethical investment standards.
PIMCO raises $5.5 billion for private credit funds
PIMCO raises $5.5 billion for private credit funds
Credit funds, especially those with exposure to structured credit like mortgage-backed securities, were flattened in a disastrous March, and many were forced to sell at a loss to meet margin calls from banks.PIMCO's nearly $4 billion Tactical Opportunities fund lost roughly 15% in March, but was able to avoid forced selling, sources tell Business Insider, and even added to positions in the month.The fund has raised $250 million — one of several private credit funds that PIMCO has raised money for.Overall, PIMCO has raised around $5.5 billion across several private credit funds.Visit Business Insider's homepage for more stories.To get more news about WikiFX, you can visit wikifx news official website.
It's not often that a fund is able to raise additional money after losing more than a tenth of its assets in a single month.PIMCO's nearly $4 billion Tactical Opportunities hedge fund was slammed in March thanks to the exposure to structured credit products like mortgage-backed securities, sources tell Business Insider, but has still raised $250 million for the year — one of several private credit funds the asset management giant has been calling investors about. The fund, which was down roughly 15% in March but up 2.17% in April, has communicated with investors that the portfolio management team believes this the best buying opportunity in a decade, sources say. The fund avoided some of the forced selling that other managers dealt with in March, due to margin calls from lenders, and ended up adding more positions than selling for the month. The fund is down a little more than 12% for the year through April.The average credit fund lost 6.4% in March, according to PivotalPath, a consultant database for the industry that has more than 2,000 managers and $2.3 trillion in assets on its platform, with certain segments doing worse than others. Structured credit and mortgage-related funds fell by more than 12% on average, and distressed fell by 11%, found the database.
The Newport Beach, Calif.-based manager declined to comment. Despite the trouble many credit managers have run into, industry observers expect a surge in interest in specialized credit shops that have proven to be winners in distressed situations. PIMCO has tapped into that demand, with sources telling Business Insider that the firm has raised $5.5 billion in private credit strategies since the beginning of the year.The funds include the aforementioned Tactical Opportunities Fund as well as a $3 billion distressed fund, known as Distressed Credit Opportunities Fund III, or Disco III, which Bloomberg reported on. Notes from a board meeting of Ventura Employees' Retirement Association from January show the approval of a $50 million investment in PIMCO's private fund Credit Opportunity Fund III, and sources say the firm's Flexible Income Credit Fund, an interval fund, has raised money as well. PIMCO's hedge funds are overseen by CIO Dan Ivascyn, among others. The Tactical Opportunities Fund is also managed by Josh Anderson and Alfred Murata, while the Global Credit Opportunities Fund, which lost more than 13% in 2019, is managed by Jon Horne and Ivascyn.
PIMCO runs around $25 billion in alternative credit and private credit strategies, but that total will balloon to $100 billion the firm's deal to acquire Allianz's real estate investing arm closes this year. The firm has built out its private investing arm over recent years, poaching Greg Hall from Blackstone in 2017 to run its private strategies and Jamie Weinstein from KKR in 2019 to run its corporate special situations group.
Japan may end state of emergency this week for regions with stable virus cases
Japan may end state of emergency this week for regions with stable virus cases
The Japanese government will consider lifting the state of emergency on many of the 34 prefectures that are not among the hardest-hit by the coronavirus epidemic before the nationwide deadline of May 31, Economy Minister Yasutoshi Nishimura said.To get more news about WikiFX, you can visit wikifx news official website.
Tokyo, Osaka and 11 other prefectures are not among the regions that could see an earlier easing of restrictions.
“As for the 34 prefectures ... if we can confirm the number of new infections remains stable, lifting (of the state of emergency) will be in sight for many of those prefectures,” Nishimura told a parliament session on Monday.
He added that the emergency could be re-implemented if there were signs of an overshoot after the lifting.
Japan last week extended the nationwide state of emergency to the end of May, saying it would reassess the situation on May 14 and possibly lift the measures earlier for some prefectures.
Foreign Institutions Step Up Holdings of China Government Bonds
Data shows foreign institutions increased holdings of Chinas government bonds by 70,671 million yuan in April, raising their holdings of yuan bonds for the 17th consecutive month.To get more news about WikiFX, you can visit wikifx news official website.
Bonds held by foreign institutions in CCDC amounted 2,001,136 million yuan, passing the 2 trillion mark for the first time and an 30.45% increase year-on-year.
The continuous increase of foreign investment in Chinese government bonds indicates that the Chinese bond market is becoming more attractive to the external world thanks to many reasons:
First, the opening up of China's bond market has continued to accelerate, offering better access for foreign capital to enter the Chinese bond market.
Second, China is on a track of fast economic recovery after controlling the coronavirus pandemic effectively. Renminbi assets, due to the currency‘s relatively stable exchange rate, has demonstrated its advantages as a safe-haven, boosting foreign investors’ confidence in the Chinese market.
Third, after a new round of QE across the globe, Chinese government bonds will benefit from the relatively high spread compared with foreign bonds, and achieve higher investment value.
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