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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
China to increase RQFII quota
November 6, 2012--Chinese regulators are planning to continually ease investment restrictions for RQFII, or renminbi-Qualified Foreign Institutional Investors, and raise the quota to channel more domestic currency into the mainland securities market, the China Securities Regulatory Commission said.
RQFII are investors allowed to invest renminbi funds raised in Hong Kong in securities in China.
The commission will coordinate with the central bank and the State Administration of Foreign Exchange to work out an amendment draft of the RQFII regulations, aiming to allow more financial institutions in Hong Kong to apply for the quota, an official from the CSRC said.
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Source: China Daily
Chinese system undergoes stealthy reform
November 6, 2012--China's financial system has undergone a significant transformation over the past few months, but it has happened so quietly that it has remained off the radar for many investors.
The big change is the way in which the central bank conducts monetary policy. The People’s Bank of China has dramatically ramped up its use of open market operations, relying almost exclusively on bond repurchase agreements to inject cash into the economy.
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Source: FT.com
Australian Dollar Hits Five Week High As RBA Holds Steady .
November 6, 2012--The Australian dollar hit a five-week high on Tuesday after the central bank surprised economists by not cutting rates, signalling a more upbeat outlook for the resource-rich economy.
At its monthly meeting, the Reserve Bank of Australia, or RBA, kept its overnight target rate at 3.25% and described its policy settings as about right.
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Source: Wall Street Journal
Matters of Concern in Relation to Changes in Trading Methods of Calendar Spreads
November 5, 2012--As previously announced(*), OSE will change the trading methods in futures calendar spreads starting from the Day Session on Monday, November 26, 2012.
We ask that concerned personnel be notified about these matters as listed below.
1. Introduction of a call auctions
Orders for calendar spreads can be placed during the opening auction in addition to during the regular session.
In accordance to the above change, orders for the Day Session can be placed from 8 a.m. (4:15 p.m. for the Night Session) and a call auction will take place at 9 a.m. (4:30 p.m. for the Night Session).
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Source: OSE (Osaka Securities Exchange)
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