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China bank wants faster freeing of yuan
November 20, 2013--With a shift in tone and language, China's central bank governor has dangled the prospect of speeding up currency reform and giving markets more room to set the yuan's exchange rate as he underlines broader plans for sweeping economic change.
The central bank under Zhou Xiaochuan has consistently flagged its intention to liberalise financial markets and allow the yuan to trade more freely, even before the Communist Party's top brass unveiled late last week the boldest set of economic and social reforms in nearly three decades.
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Source: FIN24
First S&P 500-based ETF Launches in China
S&P Dow Jones Indices' License with Bosera Asset Management Leads to Greater Chinese Access to the U.S. Market
November 19, 2013--S&P Dow Jones Indices, one of the world's leading providers of financial market indices, further strengthened its presence in China today as the first ever S&P 500-based ETF in China was launched by Bosera Asset Management.
The ETF, a result of S&P Dow Jones Indices' license with Bosera Asset Management, is based upon the premier measure of U.S. stock market performance, the S&P 500, and enables Chinese investors to express their views on the U.S. market.
The launch of China's first ETF based upon the S&P 500 signals an acceleration of the ETF market and a larger and more diversified range of investment opportunities for China investors. The total asset under management of ETFs listed in mainland China (Shanghai and Shenzhen) rose to over 150 billion Yuan (about USD $25 billion) in Q3 2013 with close to 80 ETFs available in the market.
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Source: Wall Street Journal
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-China focused ETFs bring inflows of $0.3bn
November 19, 2013--Data in this report is as of 15 November 2013.
Market Review
Last week, all the major markets in the Asia-Pacific region advanced amid US Federal Reserve Chair nominee Janet Yellen indicated the delay in monetary tapering in the US. In Japan, weaker yen supported equity markets rally. Compared to the week before, from north to south:
Japan (Nikkei 225) +7.66%
South Korea (KOSPI2) +1.41%
China (CSI 300) +1.85%
Hong Kong (HSI) +1.27%
Singapore (FSSTI) +0.76%
Australia (S&P/ASX 200) +0.02%
Market Review
Last week, all the major markets in the Asia-Pacific region advanced amid US Federal Reserve Chair nominee Janet Yellen indicated the delay in monetary tapering in the US. In Japan, weaker yen supported equity markets rally. Compared to the week before, from north to south:
Japan (Nikkei 225) +7.66%
South Korea (KOSPI2) +1.41%
China (CSI 300) +1.85%
Hong Kong (HSI) +1.27%
Singapore (FSSTI) +0.76%
Australia (S&P/ASX 200) +0.02%
New Product Launch Review
Last week, one new product was launched in the Asia-Pacific ETP market. State Street listed one equity ETF (WEMG AU) on the Australian Securities Exchange providing exposure to large and mid cap companies in emerging markets worldwide.
ETP Weekly Flows - Mild inflows over the week
Last week, Asia-Pacific ETP market recorded mild inflows of +$92mn vs. -$370mn of outflows for the previous week, setting the YTD weekly flows average at +$317mn (+$14.6bn YTD in total flows). Emerging markets equity ETFs collected weekly inflows of +$126mn while developed markets equity ETFs lost -$44mn in outflows over the last week. On a country level, ETFs benchmarked to China received +$337mn of inflows while South Korea experienced weekly outflows of -$297mn.
Winners and losers: At ETP level, CSOP FTSE China A50 ETF (82822 HK) and Samsung KODEX Leverage ETF (122630 KS) were the largest fund flow receivers of the week collecting +$316mn and +$102mn respectively. Over the same period, biggest outflows were experienced by Maxis Nikkei 225 ETF (1346 JP) and Samsung KODEX 200 (069500 KS) recording -$172mn and -$132mn of outflows respectively.
Turnover Review - Floor activity up by 60%
Asia-Pacific ETP turnover totaled $15.8bn for the last week, 60% up from the previous week’s total. Turnover in Japan accelerated by equity market rally with $7.3bn turnover, followed by South Korea ($3.3bn), China ($2.6bn) and Hong Kong ($2.1bn). Among equity ETFs, Leveraged long, emerging country, Asia-Pacific developed country and short ETFs had total turnover of $6bn, $4.9bn, $2.7bn and $1bn respectively. Within fixed income asset class, turnover in sovereign and money market ETFs totaled $374mn and $180mn respectively.
Assets under Management Review - Assets increased by $4.7bn
Last week, Asia-Pacific ETP AUM increased by $4.7bn and ended the week at $165.7bn. On a year-to-date basis, Asia-Pacific ETP market is up by $29.8bn or 21.9% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
China central bank vows faster FX reform; IPO hopes tempered
November 19, 2013--China's officials indicated on Tuesday how they plan to steer reforms on interest rates, the currency and stock markets, following a top-level party meeting that promised sweeping changes over the next decade.
Following up on that, central bank chief Zhou Xiaochuan vowed to quicken the process of full yuan convertibility, which would allow the free movement of capital across China's borders and which is a demand of many of the country's major trading partners.
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Source: Reuters
Advisers drive ETF boom towards $10bn mark
February 15, 2013--The Australian exchange traded fund (ETF) industry is nearing the $10 billion mark, following strong interest from advisers and SMSF investors, according to State Street Global Advisors (SSgA).
At the end of October, Australian ETFs reached $9.4bn in assets under management (AUM), which is an increase from $6.5bn the previous year.
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Source: ifa.com.au
BNY Mellon Grows Dealing Services in Asia Pacific
November 14, 2013--BNY Mellon is expanding its Global Markets capabilities with the launch of a new Asia Pacific Capital Markets business, through Tokyo-based The Bank of New York Mellon Securities Company Japan Ltd. The company is now able to provide dealing services on an agency basis across a broad range of fixed income and equity securities for institutional clients in Japan and certain other countries in the Asia Pacific region.
The company has added a nine-strong team of broker-dealer and capital markets specialists to its existing foreign exchange services capabilities in Tokyo. The new team is led by Eiichiro (Eric) Masaki who has been appointed as Head of Japan Capital Markets Sales and reports into Kazuma Yamashita, Head of Japan Global Markets Sales. Masaki joins BNY Mellon from Societe Generale, where he was Head of Non-Yen Fixed Income Flow Sales. In total, he has more than 20 years' experience in similar roles.
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Source: globalcustody.net
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-South Korea benchmarked ETFs experience outflows
November 14, 2013--Data in this report is as of 8 November 2013.
Market Review
Last week, all the major markets in the Asia-Pacific region remained in negative territory on the concerns that strengthening recovery in US will cause the Federal Reserve to begin scaling back stimulus. Compared to the week before, from north to south:
Japan (Nikkei 225) -0.81%
South Korea (KOSPI2) -3.02%
China (CSI 300) -3.23%
Hong Kong (HSI) -2.17%
Singapore (FSSTI) -0.75%
Australia (S&P/ASX 200) -0.19%
New Product Launch Review
Last week, one new product was launched in the Asia-Pacific ETP market. State Street listed one equity ETF (WDIV AU) on Australian Securities Exchange providing exposure to highest dividend yielding companies within the S&P Global Broad Market Index.
ETP Weekly Flows - EM benchmarked ETFs experience outflows
Last week, Asia-Pacific ETP market recorded outflows of -$394mn vs. +$1.2bn of inflows for the previous week, setting the YTD weekly flows average at +$321mn (+$14.4bn YTD in total flows). Developed markets equity ETFs collected weekly inflows of +$237mn while emerging markets equity ETFs lost -$781mn in outflows over the last week. On a country level, ETFs benchmarked to Japan received +$227mn of inflows while South Korea experienced weekly outflows of -$763mn. Financial sector ETFs received +$266mn of inflows during last week.
Winners and losers: At ETP level, UBS SDIC CSI 300 Financials Index ETF (159933 CH), Daiwa Nikkei 225 ETF (1320 JP) and Nomura Topix ETF (1306 JP) were the largest fund flow receivers of the week collecting +$274mn, +$265mn and +$171mn respectively. Over the same period, biggest outflows were experienced by Samsung KODEX 200 ETF (069500 KS) and Daiwa Topix ETF (1305 JP) recording -$826mn and -$365mn of outflows respectively.
Turnover Review - Floor activity down by 17.7%
Asia-Pacific ETP turnover totaled $9.9bn for the last week. South Korea took the lead in the turnover ranking with $3.1bn turnover, followed by Japan ($2.8bn), China ($2.4bn) and Hong Kong ($1.2bn). Among equity ETFs, Emerging country, leveraged long, Asia-Pacific developed country and short ETFs had total turnover of $4bn, $3bn, $0.9bn and $0.7bn respectively. Within fixed income asset class, turnover in sovereign and money market ETFs totaled $542mn and $149mn respectively.
Assets under Management Review - Assets decreased by $3.4bn
Last week, Asia-Pacific ETP AUM decreased by $3.4bn and ended the week at $161bn. On a year-to-date basis, Asia-Pacific ETP market is up by $25bn or 18.4% above last year’s closing.
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Source: Deutsche Bank- Synthetic Equity & Index Strategy-Asia
Singapore: Financial System Stability Assessment
November 14, 2013--Summary: EXECUTIVE SUMMARY
The Singapore financial system is highly developed, and well regulated and supervised. Singapore is one of the world's largest financial centers, built around a core of domestic and international banks, and also offers a wide range of non-bank services.
The authorities have given strong emphasis to integrity and stability in finance and to compliance with international standards, and have addressed most recommendations made by the 2004 FSAP. Singapore's current regulation and supervision are among the best globally. The Monetary Authority of Singapore (MAS) oversees the entire financial system' and has the analytical and operational capabilities to do so effectively. Singapore is exposed to a broad array of domestic and global risks' especially in light of its interconnectedness with other financial centers. The most pressing vulnerability appears to stem from the rapid growth of credit and real estate prices in recent years' but the financial system is also exposed to possible spillovers from a future tightening of U.S. monetary policy' an economic slowdown in China' or a deterioration of economic conditions in Europe. The team's stress tests suggest that these risks are manageable. This reflects banks' large capital and other cushions, and the decisive macroprudential actions taken by MAS to address the threat of a bubble in the housing sector.
view the IMF Singapore: Financial System Stability Assessment
Source: IMF
IMF Country Report-Singapore Selected Issues
November 14, 2013--Restructuring to raise productivity
Successful implementation of Singapore's policies to reduce labor intensity hinges of raising productivity in tandem with wages. In 2010, Singapore embarked on a program to raise economy-wide labor productivity by 2-3 percent per year over the next 10 years.
In addition to measures incentivizing companies to upgrade technology and employees' skills and encourage workers to seek additional training, the authorities' strategy relies on reducing the dependence on foreign workers.
The resulting tighter labor market conditions were anticipated to raise real wages and, in turn, support productivity growth by encouraging investments in physical and human capital. To protect long-term competitiveness, annual wage guidelines are set with the goal of keeping real wages in line with productivity over time.
view the IMF Country Report-Singapore Selected Issues
Source: IMF
As oil flows east, race is wide open to price Asia's imports
Shanghai crude futures to launch in new free trade zone
China import restrictions, lack of oil producers' backing seen as hurdles
Platts Dubai, DME Oman, Russian ESPO also potential Asia oil price markers
November 13, 2013--China will increasingly dominate global oil trade with a fuel import bill worth half a trillion dollars a year by the end of the decade-a lucrative prospect for futures exchanges battling to provide the benchmark to price Asia's oil.
There is no dominant Asian contract to value the 30 million barrels of oil consumed on the continent every day- a third of global demand.
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Source: Reuters