Nyheter

A good year for Japanese stocks?

Publicerad

7 år sedan

den

20 november, 2018

2019 is poised to be a good year for Japanese risk assets in general and Japanese small cap equities in particular. In fact, against a backdrop of rising US rates and growing equity market volatility, Japanese small caps may prove to be a great place to hide in 2019.

Of course, Japan’s overall market is very dependent on global economic fortunes and as much as 64% of TOPIX earnings depend on overseas sales. Therefore, Japanese large-cap performance will always depend on the US and Chinese business cycles.

Unfortunately, neither the world’s largest nor the second largest economy is likely to accelerate significantly in the coming 9-15 months. Against this, Japan’s domestic demand is in a multi-year structural uptrend, led by rising domestic consumer spending and, importantly, a forceful re-investment cycle by small and medium sized companies rushing to upgrade their local capital stock. This cycle is not affected by global trade uncertainties and the principal beneficiaries are Japan’s small cap companies.

Jesper Koll, Japan Senior Advisor, WisdomTree

Emerging Markets

After facing a volatile 2018, we expect emerging markets (EM) to recoup its losses and post strong gains in 2019.

We believe negative sentiment stemming from the strong US dollar, ongoing trade wars and the collapse of the Turkish Lira, was a key reason for strong outflows from emerging market assets in 2018. Fundamentals for most EM economies continue to remain stable. More importantly, the idiosyncratic risks among a few emerging market economies such as Venezuela, Argentina, South Africa and Turkey are not accurate representatives of emerging markets. We have also seen significant economic strides being made by each of these countries since then.

Emerging markets boast of having the lowest valuations among any major asset class globally, with nearly a 30% discount to developed markets and they offer a free cash flow yield estimated at 5-7% over the next year.

We expect sectors such as healthcare, real estate, consumer discretionary and utilities to benefit the most from higher earnings growth. We expect to see a turnaround in earnings growth in Brazil, Mexico, Turkey and Russia. We are seeing further signs of a modest deceleration in global growth impact the Federal Reserves interest rate path for 2019 and lower oil prices. Both of which should lend buoyancy to emerging market assets.

Aneeka Gupta, Associate Director – Research, WisdomTree

Europe

We remain cautious of economic growth in Europe owing to the rise of political headwinds namely; Brexit in March 2019, dwindling popularity of the grand coalition party in Germany, the EU parliamentary elections in May 2019 and Italian government’s fiscal budget proposal.

Current European GDP growth at 1.9% in 2018 is expected to slow to 1.6% in 2019 and 1.5% in 2020.

The impact of the trade concerns on the European auto sector is now being felt across the supply chain. Original equipment manufacturers have faced the largest setback. As European stocks broadly derive almost 20% of their revenue from emerging markets, the recent weakness across emerging markets has also weighed on demand for European goods. European corporate earnings have been strong in 2018 however the outlook remains strongly tied to a resolution around the trade uncertainties.

While the European Central Bank remains on track to end its bond buying programme by the end of 2018, it intends to reinvest the proceeds of maturing bonds purchased under the programme for an extended period and so monetary policy is poised to remain accommodative for a greater part of 2019 which should keep the Euro significantly lower. We remain less optimistic on the outlook for European equities until political headwinds abate.

Aneeka Gupta, Associate Director – Research, WisdomTree

US

US markets are poised to witness a modest deceleration in economic growth as the unwinding of the pro-cyclical tax reform takes effect in 2019. However, we continue to remain optimistic on US equities after a strong earnings season in the third quarter in 2018 with average earnings growth expectations as high as 27%. More importantly even on stripping out the effect of the tax reform average US earnings growth declines to only 18% which in comparison to the rest of world is still very high.

The recent results of the midterm elections confirm that Trump’s key fiscal policies such as Tax reform.1 and de-regulation are likely to remain in place. However, the gridlock in parliament suggests we are likely to greater oversight on Trump’s policy on trade, infrastructure, healthcare and immigration reform.

After the recent sell-off of US equities in October, US equity valuations are attractive on a 21x price to earnings ratio.

We remain cautious of the recent sell off in the technology sector and favour more defensive sectors such as healthcare, utilities and consumer staples.

Consumer confidence remains at an 18-year high and unemployment at a 49-year low. Core inflation is around the 2% mark. Federal reserve Chairman Jerome Powell has dialled down his rhetoric of an aggressive monetary policy stance at his last meeting, as he acknowledged risks to global growth and rising uncertainty owing to trade wars. Against this backdrop, we anticipate the Fed’s interest rate trajectory will be more gradual in 2019.

Nästa

Fear Trade och Love Trade gör att guld ser lockande ut

Missa inte

Rapport hårt slag mot Bitcoin ETF

Fortsätt läsa

Annons

Klicka för att kommentera

Nyheter

The Bitcoin boom hiding in Americans’ retirement savings

Publicerad

8 timmar sedan

den

18 augusti, 2025

Redaktionen

Americans can now allocate Bitcoin and other cryptocurrencies within their 401(k) retirement plans, unlocking access to a $9 trillion market. Even a modest 5% allocation of contributions could generate $30–40 billion in annual inflows, building to $343 billion by 2035. For perspective, that’s more than six times the $52 billion US spot Bitcoin ETFs have attracted to date.

Ethereum’s summer surge is redefining the market

Ethereum is blazing a trail. With record active addresses, soaring ETF inflows, and growing corporate ETH purchases, the network keeps hitting milestone after milestone. As stablecoins surge under new US regulations, Ethereum’s position as the backbone of digital finance has never been stronger.

What is liquid staking, and why the SEC’s update matters for investors

The US Securities and Exchange Commission (SEC) recently ruled that certain liquid staking tokens are not securities. This is a major win for investors in the decentralized finance space, as historically, the SEC has often treated tokens as securities and claimed regulatory control over them.

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.

Fortsätt läsa

Nyheter

XB31 ETF köper bara företagsobligationer med förfall 2031

Publicerad

9 timmar sedan

den

18 augusti, 2025

Redaktionen

Xtrackers II Target Maturity Sept 2031 EUR Corporate Bond UCITS ETF 1D (XB31 ETF) ISIN LU2673523481, försöker följa Bloomberg MSCI Euro Corporate September 2031 SRI-index. Bloomberg MSCI Euro Corporate September 2031 SRI-index följer företagsobligationer denominerade i EUR. Indexet speglar inte ett konstant löptidsintervall (som är fallet med de flesta andra obligationsindex). Istället ingår endast obligationer som förfaller mellan oktober 2030 och september 2031 i indexet (Denna ETF kommer att stängas i efterhand). Indexet består av ESG (environmental, social and governance) screenade företagsobligationer. Betyg: Investment Grade.

Xtrackers II Target Maturity Sept 2031 EUR Corporate Bond UCITS ETF 1D (XB31 ETF) med ISIN LU2673523481, försöker följa Bloomberg MSCI Euro Corporate September 2031 SRI-index. Bloomberg MSCI Euro Corporate September 2031 SRI-index följer företagsobligationer denominerade i EUR. Indexet speglar inte ett konstant löptidsintervall (som är fallet med de flesta andra obligationsindex). Istället ingår endast obligationer som förfaller mellan oktober 2030 och september 2031 i indexet (Denna ETF kommer att stängas i efterhand). Indexet består av ESG (environmental, social and governance) screenade företagsobligationer. Betyg: Investment Grade.

Den börshandlade fondens TER (total cost ratio) uppgår till 0,12 % p.a. Xtrackers II Target Maturity Sept 2031 EUR Corporate Bond UCITS ETF 1D är den enda ETF som följer Bloomberg MSCI Euro Corporate September 2031 SRI-index. ETFen replikerar det underliggande indexets prestanda genom samplingsteknik (köper ett urval av de mest relevanta indexbeståndsdelarna). Ränteintäkterna (kupongerna) i ETFen delas ut till investerarna (Årligen).

Xtrackers II Target Maturity Sept 2031 EUR Corporate Bond UCITS ETF 1D är en liten ETF med tillgångar på 69 miljoner GBP under förvaltning. Denna ETF lanserades den 8 november 2023 och har sin hemvist i Luxemburg.

Handla XB31 ETF

Xtrackers II Target Maturity Sept 2031 EUR Corporate Bond UCITS ETF 1D (XB31 ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Borsa Italiana och London Stock Exchange.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.

Börsnoteringar

Börs	Valuta	Kortnamn
Borsa Italiana	EUR	XB31
XETRA	EUR	XB31

Fortsätt läsa

Nyheter

Utdelningsavkastning för IncomeShares år 2025 (hittills)

Publicerad

10 timmar sedan

den

18 augusti, 2025

Redaktionen

Utdelningsavkastningen för IncomeShares ETP:er (börshandlade produkter) ändras varje månad, beroende på strategins resultat och marknadsförhållanden. Den här artikeln förklarar hur dessa avkastningar har förändrats hittills i år.

Vad är utdelningsavkastning?

IncomeShares ETP:er syftar till att tjäna månadsinkomster genom att sälja optioner på olika underliggande investeringar. När en ETP säljer en option betalar optionsköparen en ”premie” till ETP:n. Den premien är den inkomstkälla som ETP:n kan betala ut till investerare varje månad.

För att göra dessa utdelningar lättare att jämföra använder branschen ”årlig utdelningsavkastning”. Detta tar den senaste månatliga inkomstutbetalningen, multiplicerar den med 12 och dividerar den med ETP:ns nettotillgångsvärde (NAV) för den månaden.

Vi uttrycker resultatet som en procentandel med hjälp av formeln nedan:

Utdelningsavkastning (%) = (senaste månatliga utdelningsavkastning × 12) ÷ nuvarande NAV × 100

Eftersom formeln annualiserar endast en månads utbetalning kan utdelningsavkastningen variera kraftigt varje månad. Till exempel hade IncomeShares S&P 500 Options ETP en annualiserad utdelningsavkastning på 180,27 % i april 2025. Men i juli var den 39,86 %.

I det här exemplet berodde mycket av den avkastningsskillnaden på marknadsförhållandena. I april var SPY (ETP:ns underliggande investering) mer volatil än i juli. Högre volatilitet ökar vanligtvis efterfrågan på optioner, vilket höjer premierna – och därmed inkomstpotentialen för options-ETP:er.

Under de sju månaderna från januari till juli låg IncomeShares S&P 500 Options ETP i genomsnitt på 82,36 %.

Hur har IncomeShares utdelningsavkastning förändrats under 2025?

IncomeShares erbjuder för närvarande 19 ETP:er som syftar till att generera månatlig inkomst genom att sälja optioner på enskilda aktier, amerikanska aktiemarknadsindex, råvaror och amerikanska statsobligationer.

Av dessa 19 ETP:er har elva handlats under hela 2025. Tabellen nedan visar de årliga utdelningsavkastningarna som rapporterats varje månad i år (januari till juli) för dessa ursprungliga elva ETP:er: