iShares, Inc. iShares MSCI World ETF (ARCA: URTH)

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Ishares MSCI World Index Fund

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The Fund generally will invest at least 80% of its assets in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index (i.e., depositary receipts representing securities of the Underlying Index) and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.

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월요일은 투자자들에게 암울한 소식을 전했다. 가장 먼저 개장하는 호주 및 아시아 시장이 급락한 가운데, 최근의 촉발 요인은 엔 캐리 트레이드(yen carry trades)의 청산이었다. 이 현상이 무엇인지, 장기적으로 시장에 상처를 남길 가능성이 있는지 알아보자.

글로벌 시장을 급락하게 만드는 엔 캐리 트레이드 청산에 대해 투자자들이 알아야 할 사항

iShares, Inc. iShares MSCI World ETF

Monday brought <a href="https://www.benzinga.com/markets/asia/24/08/40152994/as-global-markets-roil-strategist-soothes-nerves-some-normal-action-under-the-surface-as-tech-got-wa">gloomy news for investors </a>as the Australasian markets &#8211; the first to open, plunged hard, with the latest trigger being the unwinding of yen carry trades. What is this phenomenon? Does it possess the potential to scar the market for a longer term?
The Trade That Thrived: The yen carry trade, a popular strategy, results when investors take advantage of the ultra-loose monetary policy of the Bank of Japan, which maintained a negative interest rate for about eight years until March and at a very nominal 0-0.1% until late-July. This marked the first hike in 17 years. 
Global investors capitalized on this and borrowed yen at very low interest rates and used the capital to purchase investments denominated in another currency in a country that has a higher rate of return. This carry trade worked fine until Japan&#8217;s interest rates remained at extremely depressed levels.
The Chinese yuan is also one of the favored currencies for carry trade.
Subsequently, <a href="https://www.benzinga.com/news/24/07/40058319/bank-of-japan-raises-main-interest-rate-unwinds-longstanding-easy-policy-even-as-jerome-powells-take"> the BOJ announced an increment to its key interest in late July to around 0.25%,</a>
See Also: <a href="https://www.benzinga.com/money/best-depression-stocks">Best Depression Stocks</a>
What Went Wrong? After BOJ decided to do away with its ultra-loose policy, the yen began to appreciate against most major currency pairs. Since March 19, when Japan&#8217;s central bank announced its first rate increase since 2007, the yen has appreciated 5.4% against the U.S. dollar.
The yen currently traded at JPY 143.05 versus the greenback, up 2.39%. Traders who resorted to this strategy are now staring at losses. The U.S. dollar assets they now hold, bought with borrowed yen loans, may be inadequate to make repayment, forcing them to unwind their bets. 
Weakening U.S. economic fundamentals are not helping the dollar&#8217;s cause either. Recent data points from the world&#8217;s largest economy have been sore. Manufacturing activity is contracting and job market strength is fading even as inflation, despite its cooling, weighs down on consumer spending.
Ben Emons, Managing Director of Global Macro Strategy at Medley, sounded out the possibility of more pain. &#8220;The Yen carry trade unwind is far from over, with total net shorts being barely covered,&#8221; he said on X.

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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Yen Carry trade unwind is far from over, with total net Yen shorts being barely covered <a href="https://t.co/qNhVBwFhLp">pic.twitter.com/qNhVBwFhLp</a>
&mdash; Global_Macro (@Marcomadness2) <a href="https://twitter.com/Marcomadness2/status/1819830981941146019?ref_src=twsrc%5Etfw">August 3, 2024</a></blockquote>
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Japan&#8217;s Nikkei 225 average plunged 12.40% amid the mayhem on Monday before settling at 31,458.42. This came on top of the 5.8% plunge on Friday. Intraday, the index slumped 13.4%, marking the biggest single-day drop since a nearly 15% plunge in Oct. 1987 on the day dubbed &#8220;Black Monday.&#8221;
South Korea&#8217;s Kospi had to be halted amid a plunge and ended Monday&#8217;s session down 8.77% at 2,441.55.
iShares MSCI World ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URTH#NYSE">URTH</a>)ended Friday&#8217;s session down 1.83% at $144.62, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next: 
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Image Via Shutterstock

What Investors Should Know About Yen Carry-Trade Unwinding That Is Sending Global Markets Into A Tailspin

The ongoing conflicts involving Russia-Ukraine and the <a href="https://www.benzinga.com/markets/forex/24/04/38332572/middle-east-tensions-persist-will-the-us-dollar-emerge-as-the-biggest-winner">Middle East </a><a href="https://www.benzinga.com/markets/forex/24/04/38332572/middle-east-tensions-persist-will-the-us-dollar-emerge-as-the-biggest-winner">nations</a> as well as the threat of escalating tensions between China and Taiwan could be the perfect recipe for a looming world war. Tesla CEO Elon Musk on Sunday said one nation could remain immune to such a predicament.
What Happened: A social media user on X, with the handle @BrianRoemmele, posted a video about Switzerland&#8217;s preparedness for war. Musk, who is very vocal about the possibility of a world war on his platform amid the geopolitical tensions, commented on the post.
The video clip starts off by suggesting that Switzerland is the least afraid of wars. &#8220;This is because there are many bunkers here. Inside these bunkers, there are numerous turrets with an attack range of up to 30 km,&#8221; it said.
In the village shown in the clip, every fourth barn has an underground passage and has shelters below.
The Swiss government has turned the entire Alps into a huge bunker, equipped with luxury hotels, restaurants, public canteens, modern shower rooms, dormitories, hospitals and giant generators, and just the room keys of these facilities filled a wall, it said. Only on close inspection can one realize that the whole mountain was riddled with holes.
The entrance to the bunker is reportedly through a dilapidated door.
Armed bunkers have been built in about 60% of the mountainous region, which accounted for about 62.5% of the Swiss territory, and in the plains, every community has a nuclear-blast shelter, with a complete medical facility, including operating rooms, morgues, etc.
Replying to the post Musk said, &#8220;Sounds like they will make it through WW3.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Sounds like they will make it through WW3
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1784572749362684070?ref_src=twsrc%5Etfw">April 28, 2024</a></blockquote>
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See Also:<a href="https://www.benzinga.com/money/best-aerospace-defense-stocks"> Best Aerospace and Defense Stocks</a>
Why It&#8217;s Important: Switzerland, which goes by the moniker the &#8220;playground of Europe,&#8221; is a peace-loving nation. The country was ranked 10th in the list of the most peace-loving countries this year by the Institute for Economics and Peace. The country has an &#8220;exceptionally high degree of safety and security in society and a low level of ongoing domestic political instability or international conflict,&#8221; according<a href="https://gfmag.com/data/most-peaceful-countries/#:~:text=Compiled%20by%20the%20international%20think,99.7%25%20of%20the%20world's%20population."> to</a> the Global Finance Magazine. 
Since 1815, the country has remained neutral and stayed away from global coalitions. 
Musk warned of a world war in a Spaces discussion X in October, stating that the West is &#8220;sleepwalking into World War III&#8230;..civilization itself may be at stake,&#8221; he said. He also called upon the U.S. to avoid World War 3 and not let a situation emerge with &#8220;a regional conflict rapidly becoming a global conflict.&#8221;
The Ukraine-Russia war has been going on for more than two years now, with the <a href="https://www.benzinga.com/news/24/03/37656991/ukraine-to-receive-300-million-in-us-military-aid-as-battle-with-russia-intensifies">Americans divided over the role of the U.S. in the Eastern European conflict. </a>After Hamas launched attacks on Israel in October, the latter retaliated. This was followed by Iran&#8217;s unprecedented drone strikes on Israel earlier this month. 
The iShares MSCI World ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URTH#NYSE">URTH</a>) ended Friday&#8217;s session up 0.97% at $140.80, according to Benzinga Pro data. The iShares U.S. Aerospace &amp; Defense ETF (CBOE: ITA) added 0.40% to $129.53.
Read Next: <a href="https://www.benzinga.com/news/22/10/29355216/elon-musk-says-this-is-the-closest-we-have-been-to-world-war-3-since-1962-as-he-warns-of-a-global-re">Elon Musk Says This Is The &#8216;Closest We Have Been To&#8217; World War 3 Since 1962 As He Warns Of A Global Recession Lasting Until Spring 2024</a>
Image Via Shutterstock

Politics

iShares Dow Jones US Aerospace & Defense Index Fund

Elon Musk Thinks This Country 'Will Make It Through WW3' Amid Heightened Global Tensions

3M Company&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mmm#NYSE">MMM</a>), the American multinational conglomerate, is on the hook for a substantial settlement following an investigation by the U.S. Treasury Department. The Office of Foreign Assets Control (OFAC) announced a $9.62 million&nbsp;<a class="editor-rtfLink" href="https://ofac.treasury.gov/recent-actions/20230921" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">settlement&nbsp;</a>with 3M.
The core of the issue revolved around 3M&#39;s alleged sales to an Iranian entity overseen by Iran&#39;s law enforcement. This marks another setback for 3M after a recent settlement with the SEC last month.
According to the OFAC, between September 2016 and September 2018, 3M East AG sold 43 orders of reflective license plate sheeting products to a reseller, knowing it was destined for a customer in Iran. These sales persisted even in the face of warnings by third-party diligence professionals, reported the&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/articles/3m-agrees-to-pay-nearly-10-million-over-sale-of-products-to-iran-298e8499?mod=business_feat2_c-suite_pos1" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">WSJ</a>.
These transactions, encompassing the supposed breaches, reportedly had an approximate worth of $10 million. The settlement, in its entirety, addresses 54 apparent violations of OFAC sanctions on Iran.
The report noted that 3M found in 2019 that a handful of its employees had been responsible for these violations. Following this discovery, the company promptly reported the incident to the authorities and disclosed the details in its filings with the SEC that year.
A month ago, 3M shelled out over $6.5 million to close an SEC investigation. The probe discovered that marketing staff of a 3M subsidiary in China had secretly treated healthcare officials to leisure trips in the U.S. and Australia, a clear breach of the Foreign Corrupt Practices Act.
Price Action: MMM shares are trading lower by 0.49% at $97.01 on the last check Friday.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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월요일은 투자자들에게 <a href="https://www.benzinga.com/markets/asia/24/08/40152994/as-global-markets-roil-strategist-soothes-nerves-some-normal-action-under-the-surface-as-tech-got-wa" target="_blank" rel="noopener" data-google-interstitial="false">암울한 소식</a>을 전했다. 가장 먼저 개장하는 호주 및 아시아 시장이 급락한 가운데, 최근의 촉발 요인은 엔 캐리 트레이드(yen carry trades)의 청산이었다. 이 현상이 무엇인지, 장기적으로 시장에 상처를 남길 가능성이 있는지 알아보자.
번성한 트레이드: 엔 캐리 트레이드는 일본 중앙은행(BOJ)의 초완화적인 통화 정책을 이용하는 인기 있는 전략이다. BOJ는 8년 동안 마이너스 금리를 유지하다가 올해 3월까지 극히 낮은 0-0.1%의 금리를 유지했다. 17년 만에 처음으로 금리를 인상한 것이다.
글로벌 투자자들은 이를 활용하여 매우 낮은 금리로 엔화를 빌려, 더 높은 수익률을 제공하는 다른 국가의 통화로 표시된 투자를 구매했다. 이 캐리 트레이드는 일본의 금리가 극히 낮은 수준에 머물렀을 때까지는 잘 작동했다.
중국 위안화도 캐리 트레이드에서 선호되는 통화 중 하나이다.
이후, <a href="https://www.benzinga.com/news/24/07/40058319/bank-of-japan-raises-main-interest-rate-unwinds-longstanding-easy-policy-even-as-jerome-powells-take" target="_blank" rel="noopener" data-google-interstitial="false">BOJ</a>는 7월 말에 주요 금리를 약 0.25%로 인상한다고 발표했다.
참고 자료: <a href="https://www.benzinga.com/money/best-depression-stocks">대공황기 주식</a>
무슨 일이 (What Went Wrong)? BOJ가 초완화적 정책을 철회하기로 결정한 후, 엔화는 대부분의 주요 통화 쌍에 대해 강세를 보이기 시작했다. 일본 중앙은행이 2007년 이후 처음으로 금리 인상을 발표한 3월 19일 이후, 엔화는 미 달러 대비 5.4% 상승했다.
현재 엔화는 미 달러 대비 143.05엔으로 거래되고 있으며, 이는 2.39% 상승한 것이다. 이 전략을 사용한 트레이더들은 이제 손실을 보고 있다. 그들이 빌린 엔화 대출로 구매한 미 달러 자산은 상환하기에 불충분할 수 있으며, 이는 그들이 베팅을 해소하도록 강요할 수 있다.
미국 경제의 약화된 기초 여건도 달러의 입장을 돕지 못하고 있다. 최근 이 세계 최대 경제국의 데이터는 부진했다. 제조업 활동은 위축되고 있으며, 인플레이션이 진정되고 있음에도 불구하고 소비자 지출에 부담을 주고 있어 고용 시장의 강세도 약화되고 있다.
메들리(Medley)의 글로벌 매크로 전략 매니징 디렉터인 벤 에몬스(Ben Emons)는 더 큰 고통의 가능성을 경고했다. 그는 X에서 "엔 캐리 트레이드 해소는 아직 끝나지 않았으며, 총 순매도 포지션은 거의 커버되지 않았다"고 말했다.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
The Yen Carry trade unwind is far from over, with total net Yen shorts being barely covered <a href="https://t.co/qNhVBwFhLp">pic.twitter.com/qNhVBwFhLp</a>
&mdash; Global_Macro (@Marcomadness2) <a href="https://twitter.com/Marcomadness2/status/1819830981941146019?ref_src=twsrc%5Etfw">August 3, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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월요일 일본의 닛케이 225 평균 지수는 12.40% 급락하여 31,458.42에 마감했다. 이는 금요일의 5.8% 급락에 더해진 것이다. 장중에 지수는 13.4% 하락했으며, 이는 1987년 10월 &#8216;블랙 먼데이&#8217;로 불리는 날의 거의 15% 하락 이후 가장 큰 일일 하락폭을 기록한 것이다.
한국의 코스피 지수도 급락하여 거래가 중단되었고, 월요일 장을 8.77% 하락한 2,441.55로 마감했다.
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<a href="https://benzinga.grsm.io/register174" target="_blank" rel="noopener">Benzinga Pro</a>의 데이터에 따르면 iShares MSCI World ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URTH#NYSE">URTH</a>)는 금요일 1.83% 하락한 144.62달러에 종료했다. 월요일 미국 동부 시간 오후 3시 36분에 2.83% 하락한 140.53달러에 거래되었다.
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월요일, 8월 05, 2024

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