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IMF Executive Board Concludes 2013 Article IV Consultation with Australia
February 12, 2014--On February 10, 2014, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Australia.
The Australian economy has performed well relative to many other advanced economies since the global financial crisis. However, a transition phase has now been reached as the terms of trade driven mining investment boom of the past decade has peaked and the economy is moving to the production and export phase.
Mining-related investment which accounted for almost half of GDP growth in the past couple of years is expected to drop sharply in the near term, and a recovery in non-mining investment will be needed to underpin demand and return the economy’s growth rate to trend.
Annual growth has slowed to 2¼ percent in the third quarter of 2013, below the trend growth of around 3 percent. In addition to the slowdown of investment in new mining projects, non-mining investment has been weighed down by excess capacity and an overvalued exchange rate. Consumption growth has been modest and the household savings rate has remained above 10 percent. On the plus side mining exports are growing as new capacity comes on stream and in recent months housing market activity has begun to pick up with building approvals, transactions, and prices increasing. Nevertheless labor market conditions have remained soft and the unemployment rate has risen. Inflation remains anchored in the Reserve Bank of Australia’s (RBA) target range.
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Source: IMF
DB-Synthetic Equity & Index Strategy- Asia-Pac Weekly ETF Market Review-Inflows across Asia despite bearish market
February 12, 2014--Data in this report is as of 7 February 2014.
Market Review
Last week, all the major markets in the Asia-Pacific region remained in negative territory except China. Compared to the week before, from north to south:
Japan (Nikkei 225) -3.03%
South Korea (KOSPI2) -0.94%
China (CSI 300) +0.46%
Hong Kong (HSI) -1.81%
Singapore (FSSTI) -0.47%
Australia (S&P/ASX 200) -0.45%
New Product Launch Review
Asia-Pacific ETP market registered one new product launch during last week. Mitsubishi UFJ Asset Management listed one equity ETF (1593 JP) on the Tokyo Stock Exchange (TSE) tracking the JPX-Nikkei 400 Index. This index selects TSE listed companies based on profitability and engagement with corporate governance. In the previous week, Nomura Asset Management and Nikko Asset Management each have launched one equity ETF tracking the same index.
ETP Weekly Flows -Japan focused ETFs witness strong inflows
Last week, Asia-Pacific ETP market recorded strong inflows of +$3.9bn vs. +$2.3bn for the previous week, setting the YTD weekly flows average at +$1.3bn (+$7.2bn YTD in total flows). Developed markets equity ETFs registered weekly inflows of +$2.6bn, primarily contributed by Japan focused ETFs with +$2.5bn inflows. Further, leveraged long strategy and South Korea focused ETFs recorded positive flows of +$0.9bn and +$0.3bn respectively over the last week.
Winners and losers: At ETP level, Daiwa ETF - Nikkei 225 (1320 JP), Nomura Nikkei 225 ETF (1321 JP) and Next Funds Nikkei 225 Leveraged Index ETF (1570 JP) were the largest flows receivers of the week collecting +$1.2bn, +$554mn and +$451mn respectively. Over the same period, biggest outflows were experienced by Samsung KODEX Inverse ETF (114800 KS) recording -$32mn of outflows.
Turnover Review-Floor activity up by 2.7%
Asia-Pacific ETP turnover totaled $12.9bn for the last week, 2.7% up from the previous week’s total. Stock exchanges in Japan remained on the top of the turnover ranking with $7.4bn turnover, followed by South Korea ($3.5bn), Hong Kong ($1.1bn) and China ($0.3bn). Among equity ETFs, leveraged long strategy, emerging country, Asia-Pac developed country and short strategy ETFs had total turnover of $6.5bn, $2.5bn, $2.3bn and $0.8bn respectively. Within fixed income asset class, money market ETFs recorded turnover of $0.2bn over the last week.
Assets under Management Review- Assets increased by $1.3bn
Last week, Asia-Pacific ETP AUM added $1.3bn and ended the week at $163.9bn. On a year-to-date basis, Asia-Pacific ETP market is down by $3.6bn or 2.1% below last year's closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy- Asia
PBOC's stand signals tight liquidity
February 11, 2014--Liquidity is likely to stay relatively tight at least in the first half of the year after the Chinese central bank issued an "unusually hawkish" monetary report at the weekend, according to analysts.
"The People's Bank of China highlighted plans to focus on controlling financial risks, in particular from wealth management products and local government debt," Dariusz Kowalczyk, senior economist at Credit Agricole Corporate and Investment Bank, said in a report yesterday.
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Source: Shanghai Daily
Aussie ETF market experiences dip
February 11, 2014--The Australian exchange-traded funds (ETFs) market contracted in January after 20 consecutive months of growth in assets under management, according to BetaShares.
Released yesterday, the BetaShares ETF review for January reveals a drop in the growth of assets under management to $9.8 billion, which is wholly attributable to negative market movements, BetaShares managing director Alex Vynokur said, noting that despite the fall, the industry received positive new money inflows for the month of approximately $150 million.
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Source: IFA.com
MAS and SGX propose measures to strengthen the securities market
February 10, 2014--The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) today released a joint consultation paper setting out proposals to strengthen the securities market in Singapore.
The proposals follow an extensive review by MAS and SGX of the securities market in Singapore. The review concluded that while the securities market remains sound, there were three areas for improvement:
promoting orderly trading and responsible investing;
improving the transparency of market intervention measures; and
strengthening the process for admitting new listings and enforcing against listing rule breaches.’
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Source: Mysingaporenews.com
Bitcoin price drops as Mt. Gox exchange closes indefinitely
February 10, 2014--Bitcoin has plunged more than 8 per cent after a Tokyo-based exchange halted withdrawals of the digital currency, citing technical malfunction.
Mt. Gox, a popular exchange for dollar-based trades, said in a blog post it needed to "temporarily pause on all withdrawal requests to obtain a clear technical view of the currency processes." It promised an "update"- not a reopening -on Monday, February 10, Japan time.
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Source: Sydney Morning Herald
DB-Synthetic Equity & Index Strategy-Asia-Pac Monthly ETF Market Review- Healthy Inflows Despite of Market Sell-off
Data in this report is as of 31st January 2014
February 10, 2014--Global Summary
Global equity markets remained bearish in January due to concerns over emerging markets economies. Global ETP assets impacted by this and reduced by $68.6bn (-3% YTD) and closed the month at $2.2 trillion.
Overall cash flows for the global ETP industry were negative recording outflows of -$6.9bn in January. US domiciled ETPs experienced the largest outflows (-$15.2bn), while ETPs in Europe and Asia-Pac regions recorded inflows of +$4.9bn and +$3.4bn respectively. Fixed income ETFs witnessed positive flows across all the regions with total new creations of +$3.2bn.
Monthly Trends-Asia Pacific
Market Review
Last month, all the major markets in the Asia-Pacific region remained in the negative territory. Compared to the month before, from north to south:
Japan (Nikkei 225) -8.45%
Korea (KOSPI2) -4.30%
China (CSI 300) -5.48%
Hong Kong (HSI) -5.45%
Singapore (FSSTI) -4.43%
Australia (S&P/ASX 200) -3.03%
ETPs flows: healthy inflows to Japan and China, outflows from Korea.
Asia-Pacific ETP market started the year with healthy flows recording +$3.4bn of inflows. Total inflows were primarily contributed by equity ETFs collecting +$3.3bn of inflows.
Within equity, on segment level, strategy ETFs led the tally receiving inflows of +$2.1bn, primarily driven by leveraged long strategy based ETFs (+$2.2bn). Developed markets ETFs collected inflows of over +$1.6bn while emerging markets ETFs experienced outflows of -$0.5bn. On a country level, the largest inflows recorded by the ETFs providing exposure to Japan (+$1.3bn) and China (+$0.9bn). Conversely, South Korea focused ETFs saw outflows of -$1.1bn in January.
Winners and losers: At ETP level, largest inflows were received by Next Funds Nikkei 225 Leveraged Index ETF (1570 JP), Nomura Nikkei 225 ETF (1321 JP) and Samsung KODEX Leverage ETF (122630 KS) collecting +$1.2bn, +$1.1bn and +$0.7bn respectively. Largest redemptions were experienced by Mirae Asset MAPS TIGER 200 ETF (102110 KS) and Samsung KODEX 200 (069500 KS) with outflows of -$0.7bn and -$0.4bn respectively.
Turnover: Floor activity up 10.5% from last year’s monthly average
Asia-Pacific ETP turnover totaled $60.3bn for January, 7.2% down from the previous month’s total while 10.5% up from the last year’s monthly average turnover. On a country level, stock exchanges in Japan topped the turnover ranking with aggregate turnover of $26.7bn, followed by South Korea ($14.9bn), China ($9.4bn) and Hong Kong ($7.8bn). Among equity ETFs, leveraged long strategy, emerging country, Asia-Pacific developed country, and short strategy ETFs were the most traded products recording total turnovers of $24.4bn, $20.2bn, $8.7bn, and $3.2bn respectively. Within fixed income, turnover for money market ETFs totaled $1bn, while among commodity ETPs, gold ETPs recorded $0.2bn of monthly turnover.
AUM - $4.8bn eroded from total ETP asses in January Last month, Asia-Pacific ETP AUM reduced by $4.8bn (-2.9%) and closed the month at $162.7bn.
New ETP launches - Nikkei 400, China and Dividend
Asia-Pacific ETP market registered four new product launches during January. Nomura Asset Management (1591 JP) and Nikko Asset Management (1592 JP) listed one equity ETF each on the Tokyo Stock Exchange (TSE) tracking the new JPX-Nikkei 400 Index. This index selects TSE listed companies based on profitability and engagement with corporate governance. Invesco Great Wall Fund Management listed one China focused equity ETF on the Shenzhen Stock Exchange. Further, UBS launched one equity ETF on the Australian Securities Exchange tracking UBS Research Preferred Dividend Index.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
PBOC Signals Money-Market Volatility as China Seeks to Tame Debt
February 9, 2014--China's central bank signaled that volatility in money-market interest rates will persist and borrowing costs will rise, underscoring the risk of defaults that could weigh on confidence and drag down growth.
"When the valve of liquidity starts to tame and curb excessive credit expansion, money-market rates, or the cost of liquidity, will reflect that," the People's Bank of China said in Feb. 8 report.
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Source: Bloomberg
The People's Bank of China-Statistical Report on Uses of Loans by Financial Institutions, 2013
February 8, 2014--The People's Bank of China-Statistical Report on Uses of Loans by Financial Institutions, 2013 is now available.
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Source:The People's Bank of China
JPX-Nikkei Index 400 expected to become favorite for derivatives
February 7, 2014--Market participants say institutional-investor demand for the new JPX-Nikkei Index 400 is likely to be strong, and it could become the preferred option for over-the-counter, listed futures and options and other products.
"Clients have been asking for Nikkei 400 OTC futures, put and call options or structured products using the new index," said Shun Maruyama, a Tokyo-based Japan equity-derivatives strategist at BNP Paribas. "In the cash market it is unlikely that the new index will replace the Nikkei 225 as a benchmark but on the derivatives side it is likely because the Nikkei 225 is a price-weighted index."
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Source: SmartBrief
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