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IMF India: Staff Report for 2014 Article IV Consultation
February 20, 2014-- Summary: KEY ISSUES Context: The tightening of global liquidity has increased external pressures and heightened the focus on India's macroeconomic imbalances (high inflation, large current account and fiscal deficits) and structural weaknesses (particularly supply bottlenecks in infrastructure, power and mining).
Outlook and risks: Growth is expected to slow to 4.6 percent this fiscal year, the lowest level in a decade, reflecting global developments and domestic supply constraints.
Headline CPI inflation is expected to remain near double digits for the remainder of the fiscal year. The current account deficit is narrowing, driven by a significant improvement in exports, robust remittances flows, and a rapid diminution of gold imports. Nonetheless, India has very little room to adopt countercyclical policies, constrained by persistently-high inflation, and sizeable fiscal and external imbalances. Spillovers from renewed external pressures interacting with domestic vulnerabilities are the principal risks.
Key policy recommendations:
High and persistent inflation is a key macroeconomic challenge facing India. Further increases in the policy rate will be necessary to tackle high inflation and inflation expectations.
view the IMF India: Staff Report for 2014 Article IV Consultation
Source: IMF
S.Korea to launch 20-yr T-bond futures, monitor forex deposits
February 19, 2014--South Korea's financial regulator said on Thursday it plans to establish a 20-year government bond futures market by 2015 to boost derivatives trading activity and offer investors' more hedging options.
The Financial Services Commission (FSC), in an annual report to the president, said a greater variety of derivatives products will offer investors the ability to properly manage their investment risks.
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Source: Rueters
HKEx Welcomes First International ETF on Mainland China's Onshore Bond Market
February 18, 2014--Hong Kong Exchanges and Clearing Limited (HKEx) welcomes the listing set for tomorrow, 19 February 2014 of the CSOP China 5-Year Treasury Bond ETF, which will be the first Exchange Traded Fund, or ETF, outside Mainland China that tracks the Mainland onshore bond market.
The underlying index of the ETF is the China Bond 5-year Treasury Bond Index compiled by China Central Depositary & Clearing Co., Ltd.
The new listing will have a Renminbi (RMB) counter and a Hong Kong (HKD) dollar counter to allow investors to trade the units in either currency. It will be HKEx's 14th dual counter (RMB and HKD) ETF, its 12th RQFII* ETF and is the 117th ETF listed in Hong Kong.
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
Energizing Green Cities: Solutions to Meet Demand and Spark Economic Growth
February 18, 2014--STORY HIGHLIGHTS: Half of the world's population lives in cities, and urban population in East Asia is growing twice as fast as in the rest of the world.
Urban energy demands and GHG emissions are rising- but cities can become global engines of green growth.
The World Bank's Sustainable Energy and Emissions Planning can help cities get on the green growth path to benefit the environment and their own economic growth.
Cities in Southeast Asia (SEA) are growing twice as fast as the rest of the world and by 2030, it is expected that 70 percent of SEA population will live in cities. Worldwide, cities account for around two-thirds of global energy demand and greenhouse gas (GHG) emissions. While cities have always been the engines of economic growth, now they also hold the key to a sustainable development in SEA. Given their size and dynamic growth, SEA cities today have a unique opportunity to also become global engines of green growth by choosing energy-efficient solutions for their infrastructure needs.
view the World Bank report-Energizing Green Cities in
Southeast Asia Applying Sustainable Urban Energy and Emissions Planning
Source: World Bank
DB-Synthetic Equity & Index Strategy- Asia-Pac Weekly ETF Market Review- Inflows to Japan ETFs and outflows from Korea ETFs
February 18, 2014--Data in this report is as of 14 February 2014.
Market Review
Last week, all the major markets in the Asia-Pacific region remained in positive territory except Japan. Compared to the week before, from north to south:
Japan (Nikkei 225) -1.03%
South Korea (KOSPI2) +0.89%
China (CSI 300) +3.76%
Hong Kong (HSI) +3.06%
Singapore (FSSTI) +0.85%
Australia (S&P/ASX 200) +3.67%
New Product Launch Review
There was no new ETP listing in the last week.
ETP Weekly Flows-Mild weekly inflows
Last week, Asia-Pacific ETP market recorded inflows of +$0.3bn vs. +$3.9bn for the previous week, setting the YTD weekly flows average at +$1.2bn (+$7.5bn YTD in total flows). Developed markets equity ETFs registered weekly inflows of +$704mn, primarily contributed by Japan focused ETFs (+$672mn). Emerging markets ETFs saw redemptions of -$264mn, mostly from South Korea benchmarked ETFs (-$246mn). Leveraged long strategy ETFs also experienced outflows of close to -$200mn over the last week.
Winners and losers: At ETP level, CSOP FTSE China A50 ETF (82822 HK), Nikko Exchange Traded Index 225 (1330 JP) and TOPIX ETF (1306 JP) were the largest flows receivers of the week collecting +$228mn, +$183mn and +$168mn respectively. Over the same period, biggest outflows were experienced by Samsung KODEX Leverage ETF (122630 KS), Samsung KODEX 200 (069500 KS) and Bosera FTSE China A50 Index ETF (2832 HK) recording -$175mn, -$158mn and -$141mn of outflows respectively.
Turnover Review- Floor activity up by 2.9%
Asia-Pacific ETP turnover totaled $13.3bn for the last week, 2.9% up from the previous week’s total. After holidays in the first week of February, turnover activity in China and Hong Kong took pace during last week recording week-on-week change of $2.3bn (+656%) and $0.7bn (+61%) respectively. Among other major markets, turnover declined by $1.9bn (-26%) in Japan and $0.6bn (-16.5%) in South Korea on a weekly basis. Within equity ETFs, leveraged long strategy, emerging country, Asia-Pac developed country and short strategy ETFs had total turnover of $5.2bn (-20%), $4.4bn (+76%), $1.6bn (-32%) and $0.9bn (+7%) respectively. Among fixed income ETFs, money market and sovereign ETFs recorded turnover of $0.3bn (+35%) and $0.2bn (+152%) respectively over the last week.
Assets under Management Review-Assets increased by $2.5bn
Last week, Asia-Pacific ETP AUM added $2.5bn and ended the week at $167.9bn. On a year-to-date basis, Asia-Pacific ETP market is down by $1.1bn or 0.6% below last year’s closing.
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Source: DB-Synthetic Equity & Index Strategy-Asia
China Record Credit Growth Boosts Outlook for Economy
February 17, 2014--Record new credit in China in January will help the economy maintain momentum while highlighting challenges for officials trying to limit the risk of financial turbulence from defaults and bad loans.
Aggregate financing, the broadest measure of credit, was 2.58 trillion yuan ($425 billion), the People's Bank of China said in a Feb. 15 statement. New local-currency lending was 1.32 trillion yuan, the highest level since 2010.
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Source: Bloomberg
BlackRock aims to find right formula for Asia-Pacific
February 17, 2014--The Asia-Pacific region has been the weak link in BlackRock (BLK) Inc. (BLK)'s global growth story in recent years, leading some market veterans to conclude the New York-based giant has yet to find a formula for success there.
In a Feb. 10 interview, Mark McCombe, BlackRock's Asia-Pacific chairman, conceded the company faced some serious headwinds when he took the helm two years ago in Hong Kong.
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Source: Pensions & Investments
Clouds gather over Thai economy
February 17, 2014--Any comfort investors in Thailand draw from what happened four years ago, when economic growth, the stock market and foreign investment all surged despite deadly unrest in Bangkok, may be sorely misplaced.
The latest bout of political strife will delay major government spending projects, and damage a lucrative tourism industry. And, even if Thailand's politics calm down, its economy will remain handicapped by weak private investment and rising household debt
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Source: FIN24
Korea-Australia treaty hailed as key to passport
February 17, 2014--John Brogden sees the ARFP scheme as harmonising regulation in Asia.
The pending free trade agreement between Australia and Korea is being hailed as a vital step if the proposed Asia Region Funds Passport (ARFP) is to succeed. Yesterday...
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Source: Asian Investor
R*Shares Nifty ETF & R*Shares CNX 100 Fund listing on BSE
Reliance Mutual Fund announces listing of units of R*Shares Nifty ETF & R*Shares CNX 100 Fund on BSE, with effect from February 17, 2014.
February 15, 2014--Reliance Mutual Fund has announced that with effect from February 17, 2014, has decided to list R*Shares Nifty ETF
(an open ended index exchange traded fund & Rajiv Gandhi Equity Savings Scheme (RGESS) qualified scheme) & R*Shares CNX 100 Fund (an open ended index exchange traded fund) on the Capital Market Segment of BSE.
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Source: Money Control
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