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China Macro-China has bottomed out
January 18, 2013--China's 4Q2012 GDP was 7.9%, slightly better than the market consensus and our projection of 7.8%. This is the first time growth has accelerated since the slowdown of the past seven consecutive quarters.
The data confirms our view that China’s economy has bottomed out, thanks to the accommodative policy stance not only of China but also many other Asian countries. We expect growth to return to above 8% in 1H2013, partly benefiting from the low base effect. However, outlook for 2H2013 is highly uncertain and hinges on the strength of the recovery in the US and EU, as well as a possible change in policy stance after the new government is sworn in.
China’s growth has bottomed out
Growth in 4Q2012 has rebounded to 7.9% from 7.4% in 3Q2012. The recovery is mostly driven by:
Ambitious policy easing in China. It has: 1) lowered the effective lending rate floor by about 30%; 2) maintained proper liquidity conditions using reverse repo; 3) adopted proactive fiscal policy with an estimated deficit figure of RMB 1.2-1.3 trillion; and 4) seen rapid credit growth in the corporate bond and trust loan sector.
The policy easing in other Asian countries. In particular, we have seen quantitative easing in Japan and rate cuts in several Asian economies including Korea and Singapore.
view the report-China Macro-China has bottomed out
Source: Mirae Asset Management
TOCOM Delisted Nikkei-TOCOM Commodity Index Futures
January 18, 2013--The Tokyo Commodity Exchange, Inc. (TOCOM) announced today it had completed the procedure for delisting the Nikkei-TOCOM Commodity Index Futures contract (TOCOM NEXT) upon receipt of required regulatory approval from the Minister of Economy, Trade and Industry on January 11, 2013.
TOCOM will continue to calculate and publicize the Nikkei-TOCOM Commodity Index to provide benchmarks for the evaluation of various financial instruments such as investment trusts and commodity funds.
Source: TOCOM
China's growth slows in 2012
January 18, 2013--China's economy grew at its slowest pace in 13 years in 2012, though a year-end spurt supported by infrastructure spending and a jump in trade signalled the foundation for the stable growth path Beijing says is vital for economic reform may be in sight.
Evidence of a burgeoning recovery in exports, stronger than expected industrial output and retail sales, together with robust fixed asset investment, all indicated that Beijing's pro-growth policy mix has gained sufficient traction to underpin a revival without yet igniting inflationary risks.
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Source: FIN24
CSRC chief wants QFII, RQFII to expand 10-fold
January 15, 2013--China's top securities regulator, is optimistic the country could boost the current level of investment quotas for foreign institutional investors, by 10-fold. These anticipated reforms promise to open more doors for global investors wanting to get a foothold into the world's second-largest economy.
Speaking at the ongoing Asia Financial Forum in Hong Kong, Guo Shuqing, Chairman of the China Securities Regulatory Commission, says the Chinese mainland’s securities market is active, generating a turnover of around 4 trillion yuan.view more
Source: cntv.cn
IMF report-India: Financial System Stability Assessment Update
January 15, 2013--This report summarizes the findings of the Financial Sector Assessment Program (FSAP) for India. The assessment was
undertaken in June and October 2011. The findings were further discussed with the authorities during the Article IV consultation mission in January 2012.
The key macro-relevant findings of the Financial System Stability Assessment (FSSA) are as follows:
India has made remarkable progress toward developing a stable financial system but confronts a build-up of financial sector vulnerabilities.
The system is becoming more complex, with interlinkages across institutions and borders. The main near-term risks to the financial system are a worsening of bank asset quality and renewed pressures on systemic liquidity. However, stress tests did not reveal near-term stability concerns, suggesting the banking system would be
resilient to a range of adverse shocks.
The prominent role of the state in the financial sector contributes to a build-up of fiscal contingent liabilities and creates a risk of capital misallocation that may constrain economic growth. Gradually reducing mandatory holdings of government securities by financial institutions, and allowing greater access to private (domestic and foreign) sources of capital, would provide more room for the financial sector to intermediate funds toward productive economic activities, thereby improving prospects for sustained growth.
View the IMF report-India: Financial System Stability Assessment Update
Source: IMF
DB-Synthetic Equity & Index Strategy-Asia-Asia-Pac ETF+ Monthly Directory-December 2012 ETPs
January 15, 2013--This document includes all Asia-Pacific listed exchange-traded funds (ETFs) and exchange-traded commodities (ETCs). The directory is organized by country and asset-class-related sub sections.
Within each sub section it has been sorted by ETP issuer by alphabetical order and by AUM in descending order. A number of key information points per product have been included in order to enable the reader to get an overview in their own area of interest. Among the key numeric information we include avg. daily turnover, assets under management, and cash flows (all in $US).
request report
Source: Deutsche Bank -Synthetic Equity & Index Strategy-Asia
HKEx Revises its Plan for Options on CSOP A50 and CAM CSI300 ETFs
January 14, 2013--Hong Kong Exchanges and Clearing Limited (HKEx) has revised its planned options on Hong Kong dollar-traded units of the CSOP FTSE China A50 (CSOP A50) ETF and ChinaAMC CSI 300 Index (CAM CSI300) ETF, two Exchange Traded Funds (ETFs) with A shares as their underlying benchmark, to reduce trading costs.
The rollout date has also been revised to Monday, 28 January 2013 from Monday, 21 January.
The contract sizes have been increased from 200 shares to 5,000 for CSOP A50 Options and 200 to 2,000 shares for CAM CSI300 Options, and the Trading Tariff (per contract) was adjusted to $3 per contract to reflect the larger contract sizes.
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
To Develop a More Open and Inclusive Capital Market in China
Guo Shuqing-Chairman of China Securities Regulatory Commission
January 14, 2013--Good morning, Ladies and Gentlemen,
It is a great pleasure to attend the Asian Financial Forum. I would like to extend my sincere thanks to the organizer for inviting me and allowing me to share with you our experiences and views.
First, let me update you the latest development of the capital market in China.
Our capital market is a product of reform and opening up. Currently, the stock market capitalization, the balance of bonds and the trading volume of commodity futures all rank among top markets globally. We can say that, China spent only 20 years to travel the journey which took Europe and North America 200 years. However, like all metaphors, it is not exactly accurate.
Our market is full of vitality. Electronic trading technology has been adopted since the capital market's inception in the early 1990s. E-trading makes it easy for investors to participate, thus a huge number of investors have come to trade. In the A-share market alone, there are 78 million retail investors, with over 168 million trading accounts. If we take their families into consideration, then the stock market involve around 200 million people.
Our market has great prospects. China has almost the highest savings rate in the world. Even calculated at the current exchange rate, China’s total annual savings is about 4 trillion US dollars, far ahead of other countries.
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Source: China Securities Regulatory Commission
NYSE Technologies Extends Asia Footprint with Creation of NYSE Philippines Inc.
Creates a new 'Center of Excellence' in Manila with over 100 Employees
Further Strengthens Asia Presence and Enhances Local Service Offering
January 14, 2013--NYSE Euronext (NYX) announced today that it has completed its resource transfer from Fixasia Technologies Inc., a leader in technology solutions and support services, to a newly created subsidiary, NYSE Philippines Inc.
The new subsidiary will operate as a regional technology hub based in Manila. This enables NYSE Technologies to efficiently expand and rapidly diversify its Asia business while enhancing its 24x7 global support model and adding the unique expertise of the Fixasia team. Terms of the transfer were not disclosed.
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Source: NYSE Euronext
India tackles its costly gold addiction
January 14, 2013--It was no surprise that a deliberate threat at the start of this year by Palaniappan Chidambaram, Indian finance minister, to make gold "a little more expensive to import"
sent shudders through the international gold market.
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Source: FT.com