MSCI’s ACWI Closed at a Record High

On Monday, June 7, MSCI’s ACWI, a gauge of global equity markets, ended at a record high. This follows technology shares taking a stride deal by the world’s richest countries on a corporate tax aimed at U.S. tech heavyweights.

MSCI’s All-Country World Equity Index increased 0.1% at 717.00, recording its sixth record close in seven days. It succeeds stocks that are advancing on expectations of an economic rebound from the COVID-19 pandemic.

The index is a global benchmark made to represent the equity performance of 50 nations. It is heavily weighted to the U.S. technology giants wherein half of it increased while the others decreased.

Among the tech behemoths with spiked stocks were Microsoft Corp, Facebook Inc, and Apple Inc. All of these firms jumped 1.2%, 1.9%, and 0.1%, respectively. While Amazon.com plummeted 0.3%.

On Wall Street, the benchmark S&P 500 fluctuated 0.08%, same with the Dow Jones Industrial Average who also sank 0.36%. Meanwhile, the Nasdaq Composite edged higher by 0.49%.

In Europe, the continent’s broadest index, FTSEurofirst 300, smashed 0.29%, ending at 1,747.17, reaching a new record close. Consequently, the continent-wide STOXX 600 benchmark also set a new record close of 453.86.

Likewise, in Asia, Japan’s Nikkei 225 hopped 0.3% and touched its peak level in almost a month.

South Korea’s KOSPI also soared to 0.20%.

However, Hong Kong’s Hang Seng Index and China’s Shanghai Composite both tumbled 0.10% and 0.17%, respectively. At the same time, the Shenzhen Component of Asia’s biggest nation climbed 0.26%.

On the downside, Taiwan stocks slipped 0.4%, while Australia’s ASX 200 also subsided 0.07%.

FINRA’s New Rules

FINRA demanded changes to its short-interest reporting requirements to make information more functional. The Financial Industry Regulatory Authority is Wall Street’s self-regulatory body.

It proposed alterations to Rule 4562 that will increase the regularity of short-interest reports from twice a month to weekly or daily. This change is requiring clearing companies to report synthetic short exposure. 

In addition, the regulatory body mandates clearing firms to report particular information on the stock loans to ease short bets. This is a must for regulatory purposes. However, it is also headed towards public dissemination.

Since it is subject to public consultation, it would likely accelerate the burden on clearing firms and prime brokers. So it is because these hold the main responsibility for short interest reporting under the present requirements, according to FINRA.

The agency added that it currently collects and publishes data that is hard for investors to access. That’s why it is now altering this by pushing the proposal.