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DB-Synthetic Equity & Index Strategy-Asia-Pac-Weekly ETF Market Review-Taiwan focused ETFs witness $2.2bn inflows
June 25, 2014--Data in this report is as of 20 June 2014.
Market Review
Last week, markets were mixed in the Asia-Pacific region. Compared to the
week before, from north to south:
Japan (Nikkei 225) +1.67%
South Korea (KOSPI2) -1.33%
China (CSI 300) -1.82%
Hong Kong (HSI) -0.54%
Singapore (FSSTI) -1.05%
Australia (S&P/ASX 200) +0.27%
Taiwan (TWSE) +0.84%
New Product Launch Review
During last week no new ETP was listed in the Asia-Pacific region. ETP Weekly Flows - Taiwan saw inflows, outflows from Japan Asia-Pacific ETP market recorded inflows of +$2.1bn during last week (- $433mn over the prev. week), setting the YTD weekly flows average at +$602mn (+$14.5bn in YTD flows). Developed markets benchmarked ETFs recorded outflows of -$612mn led by Japan focused ETFs (-$684mn). Emerging markets ETFs reversed the previous week’s trend by entering into positive territory and registered inflows of +$2.5bn (-$124mn over the prev. week), primarily from Taiwan focused ETFs (+$2.2bn). At sub segment level, leveraged long ETFs registered inflows of +$0.2bn over the same period. Winners and losers: At ETP level, Polaris MSCI Taiwan Index Fund (006203 TT), Taiwan Top50 Tracker Fund (TTT) (0050 TT) and Harvest Shanghai and Shenzhen 300 Index ETF (159919 CH) were the largest flows receivers of the week collecting +$1.7bn, +$426mn and +$230mn respectively. Over the same period, biggest outflows were experienced by Daiwa ETF - Nikkei 225 (1320 JP), Daiwa ETF-Topix (1305 JP) and Samsung KODEX 200 (069500 KS) recording -$553mn, -$151mn and -$139mn of outflows respectively. Turnover Review-Floor activity up by 13.1%
Asia-Pacific ETP turnover totaled $15.6bn for the last week, 13.1% up from the previous week’s total. On a country level, stock exchanges in China topped the turnover ranking with aggregate turnover of $5.7bn, 35% up as compared to previous week, followed by Japan ($5bn, +29%), South Korea ($3.1bn, +10.6%), and Hong Kong ($1.4bn, -11.6%). Among equity ETFs Emerging country, leveraged long strategy, Asia-Pac developed country, and short strategy ETFs were the most traded products recording total turnovers of $4.9bn, $4.9bn, $1.4bn and $0.7bn respectively. Within fixed income ETFs, money market ETFs recorded turnover of $2.3bn (+25%) over the last week.
Assets under Management Review- Assets increased by $3bn
Asia-Pac ETP AUM closed the week at $183bn after weekly gains of $2.8bn. On a year-to-date basis, Asia-Pac ETP market is up by $13.9bn or 8.2% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
China's 'Shadow Banks' Fan Debt-Bubble Fears
June 25, 2014--In a 52-story office tower overlooking the leafy streets of this city's embassy district, some 400 deal makers at Citic Trust Co. arrange financing for property developers, steel mills and other businesses starved for cash and shunned by China's traditional banks.
The lenders at Citic and other institutions that make up China's "shadow banks" have created the closest thing China has to the culture of Wall Street.
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Source: Wall Street Journal
India in a Strong Position to Tap Global Growth, says New World Bank Report
June 20, 2014--Unlike most developing countries, India's recent growth has been well below potential, which provides space for economic activity to accelerate without building inflationary pressures.
Global Economic Prospects 2014, presented in New Delhi today, says growth in India is projected at 5.5% in FY2014-15, accelerating to 6.3% in 2015-16 and 6.6% in 2016-17. This comes at a time when the outlook for most other developing countries is largely flat as they have by now recovered from the crisis and are growing close to potential...
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Source: World Bank
Korea: Implement reforms to develop a creative economy, OECD says
June 17, 2014-- Korea needs to move away from its current economic model and implement a range of reforms to develop a creative economy that can sustain long-term growth, according to the latest OECD Economic Survey of Korea.
The strategy should be accompanied by new measures to reduce income inequality and poverty, particularly among the elderly, the OECD said.
The Survey notes that Korea's short-term economic outlook is positive, with growth of around 4% projected over the 2014-15 period. Its longer-term prospects, however, are limited by persistent structural problems, such as a lagging service sector and weak small and medium-sized enterprises (SMEs), reflecting the traditional growth strategy centred on exports by large chaebol companies.
view the OECD Overview of the Economic Survey of Korea
Source: OECD
Leading Global Fund Manager Vanguard Launches Three New ETFs
Three new low-cost ways for Hong Kong investors to build their portfolios
June 13, 2014--Vanguard, the world's largest mutual fund company(1) and a leader in low-cost investing, is expanding its product offering with three new Hong Kong-domiciled exchange traded funds (ETFs).
The new ETFs will begin trading on the Hong Kong Stock Exchange today and will bring the number of Vanguard ETF offerings in the Hong Kong market to four. In 2013, Vanguard introduced its first ETF in the market: Vanguard FTSE Asia ex Japan Index ETF (2805).
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Source: acnnewswire.com
TSE ETF/ETN Monthly Report for May 2014
June 9, 2014--India ETFs surge forward in May
Trading value in the ETF/ETN market in May 2014 was about JPY 1.7555 trillion, with daily average trading value reaching about JPY 87.8 billion.
During the month, the Indian general election drew attention to the country's stock market. NEXT FUNDS CNX Nifty Linked Exchange Traded Fund (1678) saw trading value grow more than ten-fold, pushing its overall
ranking up to 19th while Listed Index Fund CNX Nifty Futures (India Equity) (1549) also saw increased activity.
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Source: TSE
China's Growth Moderates with Continued Economic Transformation
June 6, 2014--China's growth will moderate over the medium term as the economy continues to rebalance gradually. Growth is expected to slow to 7.6 percent in 2014, and 7.5 percent in 2015, from 7.7 percent in 2013, according to the World Bank's China Economic Update released today.
"The rebalancing will be uneven reflecting tensions between structural trends and near term demand management measures," says Chorching Goh, Lead Economist for China.
The slowdown in the first quarter reflected a combination of dissipating effects of earlier measures to support growth, a weak external environment, and tighter credit, especially for real estate.
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Source: World Bankj
South Koreans drawn to unification-linked funds
June 1, 2014--South Korean investors are pouring millions of dollars into unification-themed equity funds, reflecting local investors' growing optimism over a unified Korea, although the chances of the two countries joining remain as remote as ever.
Such funds have emerged as an unlikely darling for Korean investors after President Park Geun-hye in her new-year speech compared unification to an
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Source: FT.com
IMF Survey online-Asia Faces Five Challenges to Its Economic Future
May 29, 2014--F&D magazine examines the five hurdles to Asia's sustained growth
China rebalancing offers economic opportunity for rest of developing Asia
Region's diversity and adaptability key to continued growth
Asia faces five challenges as it pursues sustained economic growth, says the IMF's Finance & Development magazine: overcoming the middle-income trap, improving its institutions and governance, coping with an aging population, curbing rising inequality, and promoting financial development.
If current trends continue, Asia's economy will surpass those of the United States and Europe combined in less than two decades-a prospect that has prompted some to dub the 21st century the Asian century. But, "while Asia's future appears bright," writes the IMF's Asia director Changyong Rhee, "its success is not guaranteed. It depends crucially on choosing the right policy mix to contain risks and secure growth."
Poverty, middle-class trap, or new growth model
The June 2014 issue of F&D magazine, just released, says that all parts of the diverse region face challenges. Asia still has close to 700 million poor people-65 percent of the world’s poor, defined as living on less than $1.25 a day-and income inequality is growing. The region's emerging markets face the task of moving beyond middle-income status and joining the ranks of advanced economies. And several of Asia's industrial economies have embarked on the difficult process of transforming their growth model.
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Source: IMF
ASEAN Exchanges Introduces Three New Tradable ASEAN Indices
New FTSE ASEAN Index Series provides Comprehensive Suite of Indices Benchmarking the ASEAN Region
May 29, 2014--ASEAN Exchanges today announced an expanded FTSE ASEAN Index Series including a comprehensive suite of indices broadly covering the growing ASEAN equity market. The three new tradable ASEAN indices are the FTSE ASEAN All-Share Index, FTSE ASEAN Stars Index and FTSE ASEAN All Share Ex-Developed Index.
Now with the inclusion of constituents from Vietnam to the FTSE ASEAN Index Series (previously comprising the constituents from the five markets of Thailand,Malaysia,Singapore,Indonesia and the Philippines),the new expanded index series will increase visibility and transparency of ASEAN and create a larger universe of stocks for all ASEAN markets. The ASEAN Exchanges said that the creation of indices will be the building block towards creating broader benchmark indices,meaningful sectors indices and new ASEAN centric products that will bring more ASEAN tradable opportunities for investors and enhance liquidity among the exchanges.
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Source: acnnewswire.com
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