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China Liquidity Trap Deters Funds as Debt Trade Fraction of U.S.
October 15, 2015--Investors buy-and-hold safest bonds as few market makers seen
Lack of reliable ratings hinder investors amid default risks
China's efforts to open its $5.9 trillion onshore bond market are being hampered by secondary trading that's less than a quarter of levels seen in the U.S., making global funds wary of being trapped in riskier bonds.
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Source: Bloomberg
Deutsche Bank Research-Asia-Pacific-Synthetic Equity & Index Strategy-
October 14, 2015--The Deutsche Bank Markets Research-Synthetic Equity & Index Strategy-Asia-Pac ETF+ Quarterly Directory is available.
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Source: Deutsche Bank Research-Asia-Pacific-Synthetic Equity & Index Strategy
China's "Zombie Companies" Could Slow Economic Growth For Years To Come, Commerzbank Warns
October 13, 2015--China's state-owned banks will support its highly indebted companies, and thus avoid a recession, however, Japan shows that keeping many seemingly "dead companies" (or "zombies") afloat weighs on the long-term growth prospects of a country, of which China is unlikely to quickly recover, Commerzbank says.
The Chinese government attaches at least as much importance to...
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Source: emergingequity.org
China's Finance Ministry Plan Yuan Bond Sales in London
October 13, 2015--All previous offshore issuance of the notes was in Hong Kong
Blue Arrow
Offering to proceed after PBOC sells yuan debt in London
China plans to issue yuan-denominated sovereign bonds in London for the first time as it seeks a greater role for its currency in global trade and finance, according to people familiar with the matter.
The sale would be the first offshore issuance of the notes outside of Hong Kong and is expected to take place after the People's Bank of China sells one-year bills in the U.K. capital...
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Source: Bloomberg
BetaShares Weekly Newsletter-Capital vs. Total Return: How to correctly assess your Fund's performance...
October 13, 2015--When comparing the performance of different investments, investors need to remain aware of an important but often easily overlooked distinction- that between the capital (or price) returns on an investment, and its "total" returns.
As this note will demonstrate, this distinction is especially important when it comes to investments that produce relatively high income compared to capital returns.
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Source: BetaShares
Deutsche Bank Research-Asia-Pacific-Synthetic Equity & Index Strategy-Inflows to locally listed ETFs despite
October 12, 2015--Global ETF Assets retreated further but attracted strong inflows Amid bearish equity markets globally, ETP AUM reduced to $2.75 trillion at the end of September, almost flat as compared to 2014 closing levels. However, ETP flows strengthened in September totalling +$34.4bn with YTD flows nearing +$250 mark. Asia-Pac listed ETP assets closed the month at $231.3bn with 14.4% YTD gain, highest among all the regions.
Global investor positioning:
Continue to prefer broad DM/Europe but bearish on country focus/ broad EM
We see clear trend that investors continue to favor broad DM, especially Europe, while bearish on EM. Based on ETFs listed offshore, most of the DM and EM countries experienced outflows in September, primarily from Japan, India and South Korea focused ETFs recording outflows of -$489, -$269 and -$241mn respectively.
Japan focused ETFs experienced outflows for the first time since January this year amid weakening Japanese equity markets and strengthening Yen during last one and a half months. India focused ETFs saw outflows for third consecutive month while outflows from China focused ETFs have slowed down in the past few weeks, as the market seems to be stabilized.
China A-share ETFs saw inflows in September after significant outflows this year
Among offshore China ETFs, we have seen divergent flow trend for ETFs focus on A-share vs H-share since the launch of Shanghai-Hong Kong Stock Connect in November last year: A-share ETFs have been hit by significant outflows and H-share ETFs have attracted significant inflow. This trend has reversed during last couple of months with A-shares recording positive flows of +$70mn and +$162mn in August and September respectively, while H-shares saw outflows of c.-$250mn in each of the last two months.
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Source: Deutsche Bank Research-Asia-Pacific-Synthetic Equity & Index Strategy
Asia Can Take Steps to Bolster Resilience Amid Economic Slowdown
October 9, 2015--Region faces more challenging external environment
Growth is moderating though still strong relative to rest of world
Policy accommodation should be considered where there is policy space
Growth is moderating in Asia, but the region will continue to outperform the rest of the global economy, according to an IMF report on Asia's economy released on October 9 in Lima, Peru, as part of the IMF-World Bank Annual Meetings.
According to the October 2015 Asia and Pacific Regional Economic Outlook Update (REO Update), growth will moderate slightly to 5.4 percent in 2015-16, in line with global developments.
Nomura Slashes China's 2016 Economic Growth Forecast To 5.8% From 6.7% As Slowdown To Deepen
October 8, 2015--Japanese investment bank Nomura has slashed its economic growth forecasts for China for 2016, citing a faster-than-expected pace of economic rebalancing as its primary concern.
The bank trimmed China's economic growth forecast for 2015 to 6.8 percent from 6.9 percent, however the bank has a bearish view in 2016 as it sees a dramatic economic slowdown to deepen and economic growth to slow to 5.8 percent from its previous estimate of 6.7 percent.
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Source: emergingequity.org
Korea drafts rules to open up ETF investment
October 8, 2015--South Korea's Financial Services Committee says it plans to raise mutual funds' investment limit in exchange traded funds to 50 per cent from the current 20 per cent,
offer tax incentives to ETFs that track foreign stock market indices and allow the National Pension Service to buy domestic ETFs.
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Source: FT.com
China's Currency Stash Drops by $94 Billion After Devaluation
September 7, 2015--Foreign-exchange hoard drops to $3.56 trillion at end August
Heavier the intervention, the deeper the fall,' says Bocom
China's foreign-exchange reserves fell by a record last month as the central bank sold dollars to support the yuan after the biggest devaluation in two decades spurred bets on continued weakness.
The currency hoard declined by $93.9 billion to $3.56 trillion at the end of August, from $3.65 trillion a month earlier.
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Source: Bloomberg