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HKEx Announces Market Makers and Margin Rates for RMB Currency Futures
November 9, 2012--Hong Kong Exchanges and Clearing Limited (HKEx) has announced market makers and margin rates for the renminbi currency futures (RMB Currency Futures) that will begin trading in its derivatives market on Monday, 17 September 2012.
Market Makers
Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of HKEx, has appointed DBS Bank Limited (via DBS Vickers (Hong Kong) Limited*), Merrill Lynch International (via Merrill Lynch Far East Limited*) and The Hong Kong & Shanghai Banking Corporation Limited (via HSBC Broking Futures (Hong Kong) Limited*) as market makers for RMB Currency Futures. Market makers will be providing continuous two-sided quotes good for at least 10 contracts on each side in all listed contract months with a maximum bid / ask spread of 30 minimum fluctuations (ie RMB0.0030).
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
Strong demand for yuan ETF signals A-shares appetite
November 9, 2012--China Southern and Oriental Patron, an asset management firm, has taken up its full 10 billion yuan ($1.60 billion) quota under the renminbi Qualified Foreign Institutional Investor scheme to invest in China's A-share market through a yuan exchange-traded fund.
The strong demand for the fund suggests a renewed appetite for Chinese mainland equities amid signs that growth in the world's second-largest economy is stabilising.
"China's macro economy is displaying a clearer picture now and the onshore A-share stock market has shown stronger momentum, which has led to very active trading," Ding Chen, chief executive officer of CSOP Asset Management, said in a statement late on Wednesday.
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Source: China Daily
India's Growth Must Be Inclusive with Reforms for an Equitable Society
India is growing at the expense of the poor and must introduce reforms to its welfare state.
Growth must be balanced with help for the 35% living below the poverty line.
November 8, 2012--India is growing at the expense of the poor and must introduce reforms to its welfare state if it is to become a more equitable society, panellists said in a session on growth at the World Economic Forum on India today.
“In the name of the poor, the consumption levels of the rich are increasing,” said Harish Hande, Managing Director, SELCO Solar Light, India.
Ajay Chhibber, United Nations Assistant Secretary-General, and Assistant Administrator and Director, Asia and the Pacific, United Nations Development Programme (UNDP), pointed out that, “There was this growth and it wasn’t equal. We had to set up a welfare state, then we decided that the way to keep this growth was not to keep growing but to dole out help to the poor.”
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Source: WEF (World Economic Forum)
Hong Kong Investors Look To Malaysia To Tap Into Asean's Growth
November 8, 2012--Bursa Malaysia, the world's third largest initial public offering (IPO) venue this year, today presented the Invest Malaysia capital market roadshow in Hong Kong, which garnered a strong response from 61 fund managers who met with 13 large and mid-cap Malaysian companies.
Themed 'Capitalise on Asean's Multinational Marketplace', the roadshow was organised together with OSK Investment Bank.
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Source: Bernama
China firm uses up 10 bln yuan ETF quota on stronger appetite for equities
November 8, 2012--China Southern and Oriental Patron (CSOP), an asset management firm, has used up its 10 billion yuan ($1.60 billion) quota under the Renminbi Qualified Foreign Institutional Investor scheme to invest in China's A-share market through a yuan exchange-traded fund.
The strong demand for the fund suggests a renewed appetite for Chinese equities amid signs that growth in the world's second-largest economy is stabilising.
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Source: Reuters
Asia ETFs see $5.5bn flow surge
November 7, 2012--Exchange-traded products in the Asia Pacific region gained momentum in October, as regulatory changes paved the way for a $5.5bn inflow surge.
ETPs in the Asia Pacific region, including Japan, reported $5.5bn in net new assets during October, according to a study published on Tuesday by consultancy ETFGI.
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Source: Financial News
DB-Asia-Pac Weekly ETF Market Review-ETP Market recorded $5.6bn inflows in October
November 7, 2012--Market Review
Last week, Asia-Pacific region had mixed markets. From north to south, Japan (Nikkei 225) appreciated by 1.32%, Korea (KOSPI2) gained 1.56%, China (CSI 300) rose by 2.62%, Hong Kong (HSI) increased by 2.63%, Singapore (FSSTI) slid by 0.55%, and Australia (S&P/ASX 200) declined by 0.28% over the previous week.
New ETP launches
Last week, three new ETPs were launched in the Asia-Pacific market. Woori Asset Management listed one fixed income ETF on Korea Stock Exchange providing leveraged exposure to Korea Government Bonds 10Y Index and Vanguard listed one fixed income ETF on Australian Securities Exchange tracking UBS Composite Bond Index. In addition, Indo Premier Securities listed one equity ETF on Indonesia Stock Exchange tracking IDX30 Index. (See Figure 5 for further details).
ETP Monthly Flows
Asia-Pacific ETP market recorded monthly cash inflows of $5.6bn for the month of October, taking the YTD cash flows to +$29.9bn or 32.7% of last year’s end AUM. Prior to that, Asia-Pacific region recorded monthly flows of $4.4bn, $2.4bn, $1.5bn and $2bn for June, July, August and September respectively. Within Equity products, ETFs offering exposure to China, Japan, South Korea and Taiwan received robust cash inflows of $3.8bn, $1bn, $240mn, and $200mn respectively. Further, leveraged strategy ETFs recorded inflows of $379mn while short strategy ETFs experienced outflows of $210bn.
Turnover Review
Asia-Pacific ETP turnover totaled $7bn for last week, 0.3% down from the previous week’s total. South Korea continues to be on top of the turnover ranking with $2.6bn, followed by Hong Kong ($1.9bn), China ($1.5bn), Japan ($0.6bn), and Taiwan ($0.2bn). Among Equity ETFs, Emerging Country, Leveraged Strategy, Asia Pac Developed Country and Short Strategy ETFs recorded total turnover of $3.7bn, $1.3bn, $1bn and $0.6bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $98mn.
Asset Under Management Review
Last week, Asia-Pacific ETP AUM ended at $124bn after a marginal increase of $419mn over the previous week. On a year to date basis, Asia-Pacific ETP assets are up by $32.5bn or 35.5% above last year’s closing.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Asia
TSE -Monthly Short Selling Value
November 7, 2012--The Tokyo Stock Exchange gas published the Monthly Short-Selling Value for October 2012.
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Source: TSE (Tokyo Stock Exchange)
Consensus Building Will Unblock India's Path to Growth
November 7, 2012--More must be done to communicate objectives of reforms, panellists said in the opening of the World Economic Forum on India.
After rapid economic growth, development remains hampered by political opportunism and expediency.
Removing rigid labour laws and revitalizing manufacturing will create jobs in the organized sector.
India needs to "reboot its constitutional balance", ensuring aspirations of the poor are addressed.
After an economic surge, why is India stuck with a 5% growth rate? There is no mystery, declared Gita Gopinath, Professor of Economics, Harvard University, USA, in the opening plenary of the World Economic Forum on India today. Three decades after they were introduced, India still does not have consensus on economic reforms. Not enough has been done to communicate the objectives of the reforms, which have often been introduced in response to international ratings.
India’s challenge, Gopinath said, has been balancing equity, inflation and fast growth. To embark on a new growth path, India needs to create consensus on reforms, revitalize the manufacturing industry that will create better jobs in the organized sector, and remove rigid labour laws.
The Indian government has consciously adopted a model of faster inclusive growth, said Ashwani Kumar, Minister of Law and Justice of India. He added: “Indian democracy needs to reboot its constitutional balance.” It needs 9-10% growth to address the aspirations of all people, including those on the margins of society. With some corrective measures improving transparency, he hoped India would reach a 7% growth rate soon.
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Source: WEF (World Economic Forum)
IMF Working Paper-Investment-Led Growth in China: Global Spillovers
November 6, 2012--Summary: Over the past decade, China's growth model has become more reliant on investment and its footprint in global imports has widened substantially.
Several economies within China’s supply chain are increasingly exposed to its investment-led growth and face growing risks from a deceleration in investment in China. This note quantifies potential global spillovers from an investment slowdown in China. It finds that a one percentage point slowdown in investment in China is associated with a reduction of global growth of just under one-tenth of a percentage point. The impact is about five times larger than in 2002. Regional supply chain economies and commodity exporters with relatively less diversified economies are most vulnerable to an investment slowdown in China. The spillover effects also register strongly across a range of macroeconomic, trade, and financial variables among G20 trading partners.
view the IMF Working Paper-Investment-Led Growth in China: Global Spillovers
Source: IMF