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India quarterly growth slumps to four-year low of 4.4%
August 30, 2013--India's economy grew by 4.4 percent in the first three months of the fiscal year, the slowest quarterly expansion since 2009, data Friday showed, deepening the challenge facing policymakers to arrest a sliding rupee.
Analysts blamed slumping investment, stubbornly elevated inflation, high interest rates and muted export demand for the grim performance, which undershot market expectations of 4.7 percent year-on-year growth in the first financial quarter.
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Source: Globalpost.com
Thai Bourse Lowers Minimum Volume For Block Trade, Effective September 2, 2013
August 29, 2013--The Thailand Futures Exchange PCL (TFEX), under The
Stock Exchange of Thailand (SET) group, has decreased the minimum size required
for block trade transaction of high notional-valued contracts, effective from September 2, 2013.
TFEX Managing Director Kesara Manchusree said: "From September 2 onwards, minimum volume for block trade will be reduced to 25 contracts, down from 100 contracts, for block trades of 10-Baht gold futures, 50-Baht gold futures, and 20 stock futures with high notional value. Block trading of silver, oil, and sector futures will now also be allowed from that date with a minimum volume of 25 contracts.
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Source: Stock Exchange of Thailand (SET)
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly - Japan focused ETFs bring $0.7bn inflows while EM ETFs saw $0.5bn outflows
August 28, 2013--Data in this report is as of 23 August 2013.
Market Review
Last week, Asia-Pacific region had mixed markets. Compared to the week before, from north to south:
Japan (Nikkei 225) +0.08%
South Korea (KOSPI2) -2.35%
China (CSI 300) -0.75%
Hong Kong (HSI) -2.91%
Singapore (FSSTI) -3.40%
Australia (S&P/ASX 200) +0.19%
New Product Launch Review
There was no new ETP listing in the last week.
ETP Weekly Cash Flows- Mild weekly inflows
Last week, Asia-Pacific ETP market recorded moderate cash inflows of +$0.2bn vs. +$0.5bn of inflows for the previous week, setting the YTD weekly flows average at +$0.4bn (+$13.3bn YTD in total cash flows). Developed markets equity ETFs collected largest weekly cash inflows of +$595mn while emerging markets ETFs lost -$552mn in cash outflows over the last week. On a country level, ETFs benchmarked to Japan received +$682mn of cash inflows while China and South Korea experienced weekly outflows of -$328mn and -$183mn respectively.
At ETP level, Nomura Nikkei 225 ETF (1321 JP), Nikko Exchange Traded Index 225 (1330 JP) and Daiwa Topix ETF (1305 JP) were the largest cash flow receiver of the week collecting +$232mn, +$158mn and +$112mn respectively. Over the same period, biggest outflows were experienced by Harvest Shanghai and Shenzhen 300 Index ETF (159919 CH), Samsung KODEX Leverage ETF (122630 KS) and Samsung KODEX 200 (069500 KS) recording -$183mn, -$134mn and -$128mn of outflows.
Turnover Review- Floor activity up by 5.5%
Asia-Pacific ETP turnover totaled $12.5bn for the last week, 5.5% up from the previous week’s total. South Korea took the lead in the turnover ranking with $3.9bn turnover, followed by Japan ($3.2bn), China ($3bn) and Hong Kong ($1.8bn). Among equity ETFs, Emerging country, leveraged long, Asia-Pacific developed country and short ETFs had total turnover of $5.1bn, $3.2bn, $1.7bn and $1.2bn respectively. Within the commodity asset class, turnover in gold ETPs totaled $140mn.
Assets under Management Review- Assets reduces by $1.8bn
Last week, Asia-Pacific ETP AUM decreased by $1.8bn, and ended the week at $154.7bn. On a year-to-date basis, Asia-Pacific ETP market is up by $18.8bn or 13.8% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
SSgA, Deutsche sizing up Hong Kong's yuan ETF scheme
August 28, 2013--Mounting competition is seen within Hong Kong's exchange traded fund space as products under the mainland's renminbi-denominated exchange traded fund scheme continue to proliferate.
While a number of Chinese managers are lining up to jump on the bandwagon, some foreign players such as State Street Global Advisors and Deutsche Asset & Wealth Management also say they are considering getting in on the action.
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Source: FT.com
Indian gold ETF redemptions slow
As the price of gold soars to new heights in rupee terms, gold ETF redemptions halve in July as compared to June.
August 27, 2013--
Redemptions of Indian gold ETFs, which track the price of physical gold, have eased off with net outflow in July halving as compared to the outflows seen in June.
Net outflow at the end of July stood at $15 million (Rs 1.07 billion), while the June net outflows amounted $30 million (Rs 2.06 billion), according to data from the Association of Mutual Fund Industry.
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Source: MineWeb
IMF Working paper-Two Sides of the Same Coin? Rebalancing and Inclusive Growth in China
August 27, 2013--Summary: This paper uses the Shapley Value decomposition technique to assess the factors behind the rise of inequality in China. It finds that, in many ways, inequality may have been an inevitable by-product of China's investment and export-led growth model.
Between Chinese households, we find that the most important factors explaining income inequality are location, education, access to health insurance, and labor market variables, including the sector of employment and enterprise size. Across China's provinces, divergences in per capita incomes are driven by the relative level of capital-intensity, public spending, financial access, privatization, and urbanization. In addition, excess liquidity may have exacerbated inequality in the last decade, by driving up property prices and the wealth gap. Based on these results, policies that could help broaden the benefits of growth in China include maintaining prudent monetary and credit policies, a more progressive fiscal tax and expenditure system, higher public spending on health and education, deregulation and reforms to increase competition, measures to raise labor incomes and assist vulnerable workers, and better access to finance for both households and SMEs, including in rural areas. Not surprisingly, given the argued nexus between China's growth strategy and inequality, many of these reforms are the same ones that would help rebalance its economy toward consumption and household incomes.
view the IMF Working paper-Two Sides of the Same Coin? Rebalancing and Inclusive Growth in China
Source: IMF
TSE has published the index value of TSE Home Price Index for June
August 27, 2013--The index value of TSE Home Price Index (Used Condominium, Composite of Tokyo Metro Area) is 77.43 points.
The index value of TSE Home Price Index (Used Condominium, Tokyo) is 82.73 points. The index value of TSE Home Price Index (Used Condominium, Kanagawa) is 75.78 points. The index value of TSE Home Price Index (Used Condominium, Chiba) is 61.51 points. The index value of TSE Home Price Index (Used Condominium, Saitama) is 66.93 points.
Source: TSE
HKEx Welcomes its First ETF on a CESC Index
August 26, 2013--Hong Kong Exchanges and Clearing Limited (HKEx) welcomes today's listing of the ChinaAMC CES China A80 Index Exchange Traded Fund (ETF), the first ETF on an index from China Exchanges Services Company Limited (CESC), HKEx's joint venture with the Shanghai and Shenzhen stock exchanges.
The CES China A80 Index is part of the China Cross Border Index Series developed by CESC.
The ChinaAMC CES China A80 Index ETF is the first CESC index product in HKEx's securities market, the seventh Renminbi Qualified Foreign Institutional Investors (RQFII) ETF listed in Hong Kong and the seventh ETF available for trading and settlement in both renminbi (RMB) and Hong Kong dollars (HKD) at HKEx. The stock codes of the ETF are 3180 (HKD) and 83180 (RMB).
With today’s listing, there are nine RMB-denominated ETFs on the Stock Exchange and the total number of listed ETFs has increased to 112, compared with 100 at the end of last year.
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
Hong Kong shares rise on brighter China outlook
August 26, 2013--Hong Kong shares ended higher on Monday, lifted by Chinese financial and energy shares, as investors cheered comments from Beijing that signalled China's economy is getting back on a stable track.
On Monday, the Hang Seng Index closed up 0.7 percent at 22,005.32 points, while the China Enterprises Index of the top Chinese listings in Hong Kong rose 1.4 percent. Both had their biggest daily percentage gains since Aug. 13. In the morning, the state statistics bureau said China's economy is showing clear signs of stabilisation, helped by policy support and some improvement in global demand, and is on track to meet the government's 2013 growth target of 7.5 percent.
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Source: Today's Zaman
Shanghai Exchange Mulls Circuit Breaker After Everbright Error
August 25, 2013-The Shanghai Stock Exchange is considering setting up a circuit-breaking mechanism as part of efforts to avoid a repeat of a trading error on Aug. 16 that triggered the biggest swing in its benchmark index since 2009.
The exchange will also study the possibility of allowing the cancellation of trades during incidents similar to the erroneous buy orders made by Everbright Securities Co. (601788), an unidentified spokesman from the stock exchange said yesterday in comments on its Weibo, Sina Corp.'s Twitter-like microblogging platform.
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Source: Bloomberg