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China races to prevent trust loan default
January 23, 2014--Chinese authorities are racing to prevent the default of a soured $500m high-yield investment trust, in a closely watched test case for the country's shadow banking sector.
Local media reported on Thursday that the Shanxi provincial government is considering helping fund a bailout of the trust loan after ICBC, which distributed the product through its branches, said last week it would not provide a backstop. However, Time-Weekly, a state-owned newspaper, reported that the bank- the world's biggest by assets-and the product issuer China Credit Trust will also be asked to chip in.
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IMF Executive Board Concludes 2013 Article IV Consultation with the Republic of Korea
The economy is expected to strengthen further and growth to rise to 3.7 percent in 2014. view more Haitong seeks RQFII partners in Singapore view more RPT-Singapore Exchange to introduce circuit breakers from Feb 24 view more UBS Global AM mulls options on China, passporting view more With Deflation Ending, Japan’s Abe Moves on Structural Reform "It is not twilight but a new dawn that is breaking over Japan," Abe declared. "I am willing to act like a drill bit strong enough to break vested interests. Over the next two years, no vested interests will remain immune from my drill." view more DB-Synthetic Equity & Index Strategy- Asia-Pac Weekly ETF Market Review - Inflows to China and Japan, and outflow from Korea
ETP Weekly Flows - Weekly outflows from South Korea, while China and Japan see inflows
Winners and losers: At ETP level, Next Funds Nikkei 225 Leveraged Index ETF (1570 JP) and Samsung KODEX Leverage ETF (122630 KS) were the largest flows receivers of the week collecting +$359mn and +$184mn respectively. Over the same period, biggest outflows were experienced by Mirae Asset MAPS TIGER 200 ETF (102110 KS) and Samsung KODEX 200 (069500 KS) recording -$370mn and -$177mn of outflows respectively.
Turnover Review-Floor activity down by 21.5%
Assets under Management Review- Assets decreased marginally
request report Index-tracking ETFs grow in appeal for S'pore investors view more New ETF to be Listed on Feb. 6, 2014(Thu.-Mitsubishi UFJ AM "MAXIS JPX-Nikkei Index 400 ETF" view more UBS launches second ETF in Australia view more
Source: FT.com
January 22, 2014--On January 10, 2013,the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with the Republic of Korea.
GDP growth has bottomed in 2013 after slowing sharply in 2012. The economy expanded by 1.1 percent in Q2 and Q3 2013,with exports rebounding and private consumption and construction strengthening.
Real GDP growth is projected to reach 2.8 percent in 2013. Reflecting stronger exports and muted domestic demand,the current account surplus widened and is expected to reach around 5¾ percent of GDP. Inflation has fallen from 4.2 percent in 2011 to 0.9 percent in October 2013,well below the target band of 2½-3½ percent,in the absence of demand pressures and falling food prices.
Source: IMF
January 23, 2014--Haitong International is applying for an asset management licence in Singapore and will seek a renminbi qualified foreign institutional investor (RQFII) licence, with a view to sub-advising on RQFII exchange-traded funds.
Such approvals would enable the offshore arm of Chinese brokerage Haitong Securities's to provide advisory services and sell renminbi products to high-net-worth individuals and institutional investors
Source: Asian Investor
January 22, 2014--Singapore Exchange Ltd will bring in circuit breakers for its securities market on Feb. 24, as it responds to criticism following a penny stock crash in October.
The exchange first proposed circuit breakers in June, but pressure to bring in such a mechanism intensified after three stocks crashed last October, losing S$5 billion ($3.91 billion)of market value in just 40 minutes of trading.
Source: Reuters
January 22, 2014--UBS Global Asset Management is assessing its business stategy in China, having just joined the list of firms to have received a renminbi qualified foreign institutional investor (RQFII) licence.
The Swiss fund house was among four firms to get RQFII approval last month-alongside UK-based Ashmore, Guangzhou Securities and Hong Kong's Wing Lung AM -and is now applying for quota
Source: Asian Invesor
Japan is on the way to achieving its goal of 2% inflation and robust GDP growth
The focus now is structural reform, including corporate taxation and deregulating the employment system
January 22, 2014--Japan is about to break free from chronic deflation and is getting back on track on fiscal consolidation, Shinzo Abe, Prime Minister of Japan, told participants in a special address at the 44th World Economic Forum Annual Meeting.
The world's third-largest economy has also engineered a dramatic turnaround from negative GDP growth in 2012 to positive expansion in the first three quarters of 2013.
Source: WEF
January 21, 2014--Data in this report is as of 17 January 2014
Market Review
Last week, Asia-Pacific region had mixed markets. Compared to the week before, from north to south:
Japan (Nikkei 225) -1.12%
South Korea (KOSPI2) +0.39%
China (CSI 300) -1.20%
Hong Kong (HSI) +1.26%
Singapore (FSSTI) +0.11%
Australia (S&P/ASX 200) -0.12%
New Product Launch Review
Last week, one new product was launched in the Asia-Pacific ETP market. UBS listed one equity ETF (DIV AU) on Australian Securities Exchange providing exposure to highest dividend yielding companies within the UBS Research Preferred Dividend Index.
Last week, Asia-Pacific ETP market recorded inflows of +$0.4bn vs. +$0.7bn for the previous week, setting the YTD weekly flows average at +$0.5bn (+$1.3bn YTD in total flows). Developed markets equity ETFs collected weekly inflows of +$204mn while emerging markets equity ETFs experienced outflows of -$405mn over the last week. On a country level, ETFs benchmarked to China and Japan received inflows of +$234mn and +$225mn respectively, while South Korea benchmarked ETFs saw outflows of -$0.6bn. On sub segment level, leveraged long strategy ETFs collected inflows of +$0.6bn.
Asia-Pacific ETP turnover totaled $12.9bn for the last week, 21.5% down from the previous week’s total. Stock exchanges in Japan remained on the top of the turnover ranking with $5.9bn turnover, followed by South Korea ($2.8bn), China ($2.2bn) and Hong Kong ($1.6bn). Among equity ETFs, leveraged long strategy, emerging country, Asia-Pac developed country and short strategy ETFs had total turnover of $5.2bn, $4.3bn, $1.9bn and $0.7bn respectively. Within fixed income asset class, money market ETFs recorded turnover of $0.2bn over the last week.
Last week, Asia-Pacific ETP AUM decreased marginally by $0.4bn and ended the week at $164.6bn. On a year-to-date basis, Asia-Pacific ETP market is down by $3.2bn or 1.9% below last year’s closing.
Source: Deutsche Bank-Synthetic Equity & Index Strategy- Asia
January 20, 2014--Going forward, some financial analysts expect the local exchange-traded funds market to expand as investors shift their asset allocation to favour equities over bonds.
Singapore investors are moving away from gold exchange-traded funds (ETFs) to placing their bets on ETFs that track equity indices.
Source: Channel News Asia
January 20, 2014--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of a new ETF managed by Mitsubishi UFJ Asset Management Co., Ltd, (Mitsubishi UFJ AM).
The ETF will be listed on Thursday, February 6, 2014.
Code: 1593
Source: TSE
January 17, 2014--UBS Global Management has launched the UBS IQ Research Preferred Australian Dividend Fund (DIV) in response to demand for a higher yielding ETF from financial advisers.
The fund has been designed to generate sustainable income through the distribution of dividends and franking credits from around 40 Australian equity securities.
Source: IFA.com.au