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IMF Staff Concludes 2017 Article IV Visit to Korea
November 14, 2017-- An International Monetary Fund (IMF) staff team led by Tarhan Feyzioglu visited Seoul during November 1-14 to conduct discussions for the 2017 Article IV Consultation. Mr. Feyzioglu issued the following statement at the conclusion of the visit:
"Korea's near-term outlook is improving despite elevated geopolitical tensions. After slowing in the second half of 2016, growth is picking up this year, led by a strong expansion in investment, especially in the IT and construction sectors.
Export growth strengthened thanks to improving external conditions and high global demand for semiconductors. Private consumption growth picked up over the first three quarters of this year but remains below economic growth. Recovery has been supported by an accommodative monetary policy, with lending rates and long-term yields close to record lows. The unemployment rate is hovering around 3.8 percent (seasonally adjusted) but remains significantly higher for youth, at 10.0 percent (seasonally adjusted) in September.
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Source: IMF
DB-Synthetic Equity & Index Strategy-ETF Monthly Asia-ETF Investors take profits as equity markets rally
November 14, 2017--Data in this report is as of 31st October 2017
Asia listed ETP Monthly Highlights (Assets, Flows & Launches):
Assets & Flows: ETP AUM up by 3.2% ($12.8bn) on MoM basis and ended
the month at record high level of $416.9bn. Net outflows of -$4.5bn in
October (YTD +$41.8bn).
9 new launches: 8 equity and 1 fixed income. Non traditional product
launches continue in October with dominance of smart beta ETFs.
Investment Themes for the Month
Equities (-$5.9bn outflow):
Japan (-$3.6bn) - Nikkei 225, TOPIX and leveraged long ETFs saw sizeable redemptions and inflows into inverse ETFs which added to the bearish sentiment. In other segments, we saw notable outflows from dividend ETFs but inflows into REITs.
China (-$1.7bn) - Outflows primarily from China A Share indices. Leveraged long and multi-factor strategies also saw material redemptions. However, a selection of sector ETFs (IT, Consumer Staples and Financials) had interest.
Korea (-$351mn) - A single ETF tracking leveraged long KOSPI 200 had significant outflows which more than offset inflows into other segments.
Taiwan (-$312mn) - Although we observed net negative flows, sentiment was mixed where there were outflows not only from an ETF tracking TSEC Taiwan Top 50 but also from an inverse ETF tracking the same index. Further, there were inflows into low vol and dividend ETFs.
Hong Kong(-$247mn), Singapore (+$116mn) - Hong Kong outflow were into HSI while for Singapore investors were interested in Real Estate. Fixed Income (+$1.5bn inflow): China money market ETF segment saw inflows of +$1.4bn. Commodity (-$68mn outflow): Outflow of -$108mn from crude oil based ETFs.
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Source: Deutsche Bank Research-Asia-Synthetic Equity & Index Strategy
Without Regional Collaboration, South-East Asia Will Struggle in the Fourth Industrial Revolution
November 14, 2017--Technological and regulatory challenges of the Fourth Industrial Revolution must be addressed at the regional level
The World Economic Forum and the Asian Development Bank (ADB) today launched a new report, ASEAN 4.0: What Does the Fourth Industrial Revolution Mean for Regional Economic Integration?
The report highlights the transformative impact of new technologies on the region and offers recommendations for ASEAN leaders to consider if the region is to prosper
To successfully deal with the profound challenges of the Fourth Industrial Revolution, member states of the Association of Southeast Asian Nations (ASEAN) need to improve their collaboration.
view the World Economic White paper-ASEAN 4.0: What does the Fourth Industrial Revolution mean
for regional economic integration?
November 2017
Source: WEF (World Economic Forum)
BetaShares Australian ETF Review-October 2017
November 14, 2017--Do I sound like a broken record? Another record month!
Readers could well be forgiven for thinking that I am on repeat, as I state that, once again, the Australian ETF Industry had a record month! Records were broken in terms of total industry funds under management and record monthly FuM growth.
The Australian ETF industry grew by approximately $1.5B this month, being the largest absolute $ growth on record, with the industry rising to a fresh record high. Total industry FuM at the month end was $33.5B, a growth rate of 4.7% or $1498m for the month. The growth was aided by strong asset gains across the board which accounted for ~48% of the industry's monthly growth.
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Source: BetaShares
Stock Connect Continues to Grow as Cross-Border Trading Scheme Marks 3rd Anniversary
November 14, 2017--Stock Connect, the ground-breaking cross-border access scheme connecting the Mainland and Hong Kong stock markets, is marking its third anniversary amid growing two-way capital flows.
Shanghai-Hong Kong Stock Connect launched on 17 November 2014 while Shenzhen-Hong Kong Stock Connect launched two years later on 5 December 2016, giving the Mainland and international investors in Hong Kong direct, convenient and efficient access to each other’s market from their home market for the very first time.
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Source: HKEX (Hong Kong Exchanges and Clearing Limited)
China's assets under management to hit $17tn by 2030
November 12, 2017--Ageing population and expanding middle class will drive country's investment industry.
Asset management in China is a relatively young industry that is on track for an extended period of strong growth, due to the country's ageing population and the rising wealth of the expanding middle class.
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Source: FT.com
IMF-Philippines: Selected Issues
November 10, 2017--SPILLOVER EFFECTS FROM UNITED STATES POLICY SHIFTS AND LOWER GROWTH IN CHINA
The Philippines trade and financial exposures to the United States and China are more moderate than the more open ASEAN neighbors, albeit with the role of China rising recently.
Thus, the potential spillovers from policy shifts in the United States and lower growth in China is expected to be more modest in the Philippines, although historically U.S. financial spillovers had a large impact, perhaps reflecting the shallower financial depth. From a more forward looking perspective, we assess potential spillover effects to the Philippines under the following three illustrative scenarios: (a) monetary policy normalization in the United States, (b) a lower growth path in China owing to the materialization of downside risks, including tighter domestic funding conditions (IMF, 2017b), and (c) a deficit-financed fiscal expansion in the United States through reduced labor and corporate income taxes and increased infrastructure spending (IMF, 2017a).
view the IMF Country Report-Philippines:Selected Issues
Source: IMF
China to ease ownership limits on foreign joint ventures in finance sector
November 10, 2017--Limits on foreign ownership of joint ventures in China's financial services sector will be relaxed over the next five years, China's deputy finance minister Zhu Guangyao said on Friday.
Foreign firms will be allowed to hold a majority stake in joint ventures with mainland Chinese securities companies and life insurance joint ventures, and caps on foreign banks' stakes in Chinese banks and asset managers would be removed, Zhu was quoted saying in a press release issued by China's State Council on Friday.
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Source: South China Morning Post
Samsung launches the first Russell 2000 ETF in Korea
November 8, 2017--Samsung Asset Management Company Limited, Korea's leading asset manager, has chosen Russell 2000 Index for their first US small cap ETF
First ETF tracking Russell 2000 Index in Korea
Reinforces FTSE Russell's position as a leader in US equity benchmarks
FTSE Russell, the global index and data provider, announces the licensing of the Russell 2000(R) Index to Samsung Asset Management Company Limited ("Samsung") as the basis of the first ETF in Korea to allow investors to gain exposure to the US small cap segment. The Samsung KODEX US Russell 2000 ETF (H) listed on Korea Exchange ("KRX") today.
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Source: FTSE Russell
Tokyo's Topix index hits more than 25-year high
November 8, 2017--Tokyo's Topix index climbed past its 2007 peak on Thursday to touch its highest level since 1991.
The equity index rose as much as 0.4 per cent in early trade to 1,824.55, edging just past its pre-financial crisis peak to an altitude not seen since November 15, 1991.
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Source: FT.com
