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IMF Working Paper-Spillovers from China's Growth Slowdown and Rebalancing to the ASEAN-5 Economies
August 9, 2016--Summary: After many years of rapid expansion, China's growth is slowing to more sustainable levels and is rebalancing, with consumption becoming the main growth driver. This transition is likely to have negative effects on its trading partners in the near term.
This paper studies the potential spillovers to the ASEAN-5 economies through trade, commodity prices, and financial markets. It finds that countries with closer trade linkages with China (Malaysia, Singapore, and Thailand) and net commodity exporters (Indonesia and Malaysia) would suffer the largest impact, with growth falling between 0.2 and 0.5 percentage points in response to a decline in China's growth by 1 percentage point depending on the model used and the nature of the shock. The impact could be larger if China's slowdown and rebalancing coincides with bouts of global financial volatility. There are also opportunities from China's rebalancing, both in merchandise and services trade, and there is preliminary evidence that some ASEAN-5 economies are already benefiting from these trends.
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Source: IMF
IMFWorking Paper-What is Responsible for India's Sharp Disinflation?
August 8, 2016--Summary: We analyze the dramatic decline in India's inflation over the last two years using an augmented Phillips Curve approach and quantify the role of different factors.
Our results suggest that, contrary to popular perception, the direct role of lower oil prices in India's disinflation was relatively modest given the limited pass-through into domestic prices. Instead, we find that inflation is a highly persistent process in India, reflecting very adaptive expectations and the backward looking nature of wage and support price-setting. As a consequence, we find that a moderation of expectations, both backward and forward, and a rationalization of Minimum Support Prices (MSPs), explain the bulk of the disinflation over the last two years.
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Source: IMF
India Consumer Confidence Loses Momentum in July
August 8, 2016--Consumers Less Upbeat About the Future
Indian consumer sentiment fell in July in a broad
based deterioration which saw lower optimism towards personal finances, the business environment, employment and the real estate market.
The MNI India Consumer Sentiment Indicator decreased 2.6% on the month to 111.6 in July,
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Source: MNI Indicators
BetaShares launches ETFs to track the global healthcare and global agriculture sectors
August 8, 2016--We are proud to announce the launch of two new funds in the Global Sector Series-BetaShares Global Healthcare ETF -Currency Hedged (ASX: DRUG) and the BetaShares Global Agriculture Companies ETF - Currency Hedged (ASX: FOOD).
DRUG aims to track the performance of an index comprising of 60 of the largest global (ex-Australia) healthcare companies.
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Source: BetaShares
Asia Frontier Capital (AFC)-uly 2016 Newsletter
July 8, 2016--The Brexit surprise in late June caused a period of volatility in worldwide equity markets which was followed by a rebound in July with US markets posting significant gains, while most European markets recovered somewhat but are still trading below pre-Brexit levels.
Interestingly, Japan, emerging markets, and frontier markets in Asia have benefited and they rallied to higher levels than before Brexit.
China's Small-Time Stock Investors Aren't Buying the Rebound
August 7, 2016--Trader burnt by last year's boom-bust is looking to cash out
Lackluster interest by individuals undermines Shanghai gains
When Frank Chen sees China's stocks rise, he thinks of how he can reduce his investments.
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Source: Bloomberg
Hang Seng Indexes Licenses Fubon to Use
August 5, 2016--Hang Seng Indexes Company Limited ("Hang Seng Indexes") today announced it has
licensed the HSCEI Short Index and the HSCEI Leveraged Index to Fubon Asset
Management Company Limited ("Fubon") to serve as underlying indexes for the creation of two exchange-traded funds ("ETFs").
The ETFs were listed on the Taiwan Stock Exchange today.
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Source: Hang Seng Indexes Company Limited
China Moves Toward Launching Credit-Default-Swap Market
August 4, 2016--China's interbank-market regulator is likely to seek approval from China's central bank to launch a CDS market soon.
China is edging closer to launching its own version of a popular hedging tool that protects investors in case of defaults, as the world's No. 2 economy struggles to cope with slowing growth and record numbers of companies not paying back debt.
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Source: Wall Street Journal
AMP Capital and BetaShares add Dynamic Markets Fund to suite of ETMFs
August 4, 2016--AMP Capital and BetaShares have launched their third active exchange traded managed fund (ETMF).
The AMP Capital Dynamic Markets Fund (Hedge Fund) (DMKT) is the first global multiasset fund trading on the Australian Securities Exchange (ASX).
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Source: hedgeweek.com
China Said to Plan Index Futures Revival After Volumes Drop
August 3, 2016--Futures exchange considers raising cap on new contracts
Government has sought to balance control with free markets
China's futures exchange is planning to relax the restrictions on stock-index contracts that sparked a 99 percent plunge in trading and heightened concern over the government's intervention in markets, according to people familiar with the matter.
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Source: Bloomberg