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S&P Dow Jones Indices' Market Attributes-Index Dashboard-Asia
December 31, 2013-- This month's highlights include:
A $10bn per month reduction in U.S. quantitative easing provided the major macroeconomic news of the month. U.S. equities gained on the news, U.S. bonds fell.
Japan’s TOPIX 150 was up 4% even as the Yen strengthened slightly. In China the CITIC 50 A-Shares Index dropped over 5% as the central bank was forced to react to a short term liquidity squeeze; further evidence of credit instability in the region pushed financials into the red for the December.
Gold continued its annus horribilis, falling a further 4% this month. However the broad commodities indices posted gains in December, led by natural gas (+12%), WTI crude (+7%) and cotton (+8%).
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Source: S&P Dow Jones Indices LLC
Hong Kong, China to Sign Cross-Border Funds Deal
Pact Could Lead to Billions of Dollars of Cross-Border Investments in Stocks and Bonds
December 30, 2014--Hong Kong and China will soon sign a deal where funds based in both markets can be sold to retail investors on either side, potentially allowing billions of dollars of cross-border investments in stocks and bonds.
A deal according "mutual recognition"to funds domiciled on both sides of the border may get the green light as soon as the first quarter of 2014, say fund managers, bankers, and strategists familiar with the talks.
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Source: Wall Street Journal
China Says Local-Level Debt Soars, Stirring Fear
December 30, 2013-- The total debt of local governments in China has soared to nearly $3 trillion as the country's addiction to credit-fueled growth has deepened in recent years, according to the findings of a long-awaited report released on Monday by the central auditing agency.
In the report, which is likely to further raise concerns about China's debt problem, the National Audit Office found that local governments across the country had accumulated 17.89 trillion renminbi, or $2.95 trillion, worth of debt obligations as of the end of June. That was an increase of 12.7 percent from December 2012, when local government debt stood at 15.88 trillion renminbi, the report said.
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Source: New York Times
South Korea exchange rushes to implement 'kill switch'
December 30, 2013--South Korea's exchange operator, Korea Exchange (KRX), is rushing to implement a "kill switch" system designed to minimise the fallout from trading algorithms going wrong after a local broker was brought to the brink of bankruptcy by erroneous electronic trades this month.
HanMag Securities, a local derivatives broker, faces collapse after suffering a loss of Won46.2bn ($4.3m), after entering thousands of erroneous trades in Kospi options. It is the first time a South Korean securities group faces bankruptcy due to erroneous electronic trades.
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Source: FT.com
Tokyo's Nikkei index soars 57%
December 30, 2013--On the last trading day of the year, Japanese shares posted their best annual performance for more than four decades, leaving other major markets in the dust.
Foreign investors piled into the long-laggard market in 2013 as the government and central bank unveiled measures aimed at stoking the world's third-largest economy that sent the yen plummeting against the dollar and cheered exporters.
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Source: FIN24
China shares rise
December 30, 2013--Chinese shares were up 0.23% in morning trade on Monday as sentiment improved after Beijing issued rules to protect stock investors, dealers said.
The benchmark Shanghai Composite Index added 4.82 points to 2 106.07.
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Source: FIN24
Tokyo share trade boosted by new tax rules
December 30, 2013--Trading in Japanese stocks rose to an all-time high in the days leading up to the year-end shutdown, as individual investors prepared for a new tax regime designed to challenge their deep-rooted
antipathy toward the world's second biggest equity market.
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Source: FT.com
Chinese PM Li Keqiang pledges 'appropriate liquidity' in 2014
December 30, 2013--Chinese Premier Li Keqiang has said that the government will keep liquidity at an appropriate level in 2014 to maintain the stability of financial markets and the broader economy.
He made the remarks during a recent inspection tour to the northern Chinese city of Tianjin, according to an account published on the website of the State Council, China's cabinet, late on Sunday.
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Source: Reuters
LSE develops framework for market makers
December 28, 2013--The Lahore Stock Exchange (LSE) has initiated work on devising a framework to appoint liquidity suppliers and takers, who are known as market makers.
A spokesperson at the LSE said market makers would add efficiency and transparency in the market to rebuild an investor's confidence. After the appointment, the stock market would enjoy a liquefied order book. It would also ensure a trading platform under a secure and well regulated infrastructure.
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Source: The News
Publication of the draft of the "Principles for Responsible Institutional Investors"
December 26, 2013--The Council of Experts Concerning the Japanese Version of the Stewardship Code (Chairman:Hiroyuki Kansaku, Professor of Graduate Schools for Law and Politics/Faculty of Law, The University of Tokyo) publishes the draft of "Japan's Stewardship Code" and is calling for public comments in Japanese.
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Source: fsa.go.jp
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