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China Non-Manufacturing Growth Slows In July
August 3, 2012--China's non-manufacturing sector growth eased in July as inflow of new orders weakened, the latest survey by the China Federation of Logistics and Purchasing (CFLP) showed Friday.
The seasonally adjusted purchasing managers' index for the services sector fell to 55.6 in July from 56.7 in June. However, the PMI reading above 50 indicates expansion of the sector.
Signaling weak demand conditions both at home and abroad, the new orders index fell to 53.2 in July from 53.7 in the previous month.
Notice of Further Reduction in A-share Trading Handling Fee
August 2, 2012--Upon approval by the China Securities Regulatory Commission, the Shanghai Stock Exchange (SSE) will make another reduction in the A-share trading handling fee, namely from 0.087%
currently down to 0.0696% in a bidirectional way according to the turnover, which shall come into force from September 1, 2012.
Aussie dollar poised for more euro gains
August 2, 2012--The Australian dollar is extending its march against the euro -placing it on course for an 11th weekly advance in the past 12-as investors shift funds out of the common currency.
The dollar was recently buying 85.63 euro cents after better-than-expected Australian retail sales shored up confidence in the economy. The currency is now within a whisker of the record 85.88 euro cents reached on Tuesday.
IMF Report-Japan: Financial Sector Stability Assessment Update
August 1, 2012--EXECUTIVE SUMMARY1
Japan's financial system is at a critical crossroad. Compared with a decade ago, its stability
seems to have been considerably enhanced due to the lessons learnt from the financial crisis of
the 1990s, improved institutional and regulatory frameworks, and proactive policies.
The financial system has remained resilient to the global financial crisis, helping counterbalance the
global deleveraging process. However, deep-rooted macroeconomic and structural
vulnerabilities remain, including questions about long-term fiscal sustainability, deflation, the
large financial sector exposures to Japanese government bonds (JGBs), and the likelihood that the demographic transition will weigh on growth and begin to erode private savings. These
factors pose risks to the financial system’s stability. The broader macroeconomic and institutional environment has limited risk-taking and led to bottlenecks in credit channeling, in turn constraining the financial sector’s ability to intermediate effectively and support economic growth.
1. Measurable progress has been made since the 2003 Financial Sector Assessment Program (FSAP) assessment to strengthen the financial system. Significant restructuring was encouraged among the large banks and insurance companies, nonperforming loans were reduced, and capital positions improved. Moreover, steps were taken to strengthen the financial regulatory and supervisory system, and advances made to further enhance Japan’s crisis preparedness and financial safety net. This progress and an effective policy response, including substantial liquidity injections and monetary easing by the BOJ, as well as other stimulus measures by the government, helped the Japanese financial system withstand one of the most severe output contractions experienced among the G-7 during the global financial crisis.
Even more impressive was the swift and decisive response to the devastation caused by the Great East Japan Earthquake in order to maintain financial stability.
view the IMF Report-Japan: Financial Sector Stability Assessment Update
IMF Country Report-Japan: Selected Issues
August 1, 2012--EXECUTIVE SUMMARY
With reconstruction following the Great East Japan earthquake underway, Japan has laid out a plan for fiscal consolidation over the medium-term to bring down public debt. To solidify these welcome reforms, additional longer-term measures are needed and should focus on reigning in social spending and raising growth, which are the topics of the background papers for the 2012 Article IV consultation.
Chapter I presents an analysis of the effects of possible future pension reforms on fiscal consolidation and growth. Among various available options, increasing the pension
eligibility age appears most attractive as it would help reduce the fiscal burden and stimulate economic activity by raising old-age labor force participation. Other options include
“clawing back” a small portion of pension benefits from wealthy retirees, reducing the preferential tax treatment of pension benefit incomes, and collecting contributions from
dependent spouses of employees. These options could reduce the public contribution to the
public pension system by up to 1¼ percent of GDP by 2020.
view the IMF Country Report-Japan: Selected Issues
Global slowdown bites across Asia
August 1, 2012--Manufacturing is slumping across the globe as confidence in the recovery ebbs and Europe's troubles ripple through other economies.
Fresh data released Wednesday show manufacturing activity stalling in the United States, declining in Europe, and close to contracting in emerging economies such as China.
TSE has published the index value of TSE Home Price Index for May
July 31, 2012--TSE has published the index value of TSE Home Price Index for May on July 31, 2012.
The index value of TSE Home Price Index (Used Condominium, Composite of Tokyo Metro Area) is 78.01 points. The index value of TSE Home Price Index (Used Condominium, Tokyo) is 81.90
points.
The index value of TSE Home Price Index (Used Condominium, Kanagawa) is 78.39 points.
The index value of TSE Home Price Index (Used Condominium, Chiba) is 66.04. The index value of TSE Home Price Index (Used Condominium, Saitama) is 66.99 points.
ASIC-12-180MR New financial requirements for issuers of over-the-counter derivatives
July 31, 2012--ASIC today released new financial requirements for Australian financial services licensees who issue over-the-counter (OTC) derivatives to retail clients, including contracts for difference and margin foreign exchange.
The changes aim to ensure these AFS licensees have adequate financial resources to operate their business in compliance with the Corporations Act and to carry out supervisory arrangements.
ASIC Commissioner, Greg Tanzer said the new requirements had been developed to help ensure licensees have the financial resources to more adequately manage their operational risks in this growing area and followed a lengthy consultation process with industry.
TSE Market Impact View Report, "Perspectives on Market Liquidity Using TSE Market Impact View" Now Available
July 31, 2012--Hiwon Yoon, President and CEO of CMD Lab, Inc. and Engineering PhD who assisted in the development TSE Market Impact View (TMIV) introduced by the TSE in December last year
has created a report on the service entitled "Perspectives on Market Liquidity Using TSE Market Impact View".
DB-Equity Research-Asia-Pac- ETP AUM remains flat amid mixed equity markets
July 30, 2012--Market Review
Last week, The Asia-Pacific region had mixed markets. From north to south, Japan (Nikkei 225) lost 1.19%, Korea (KOSPI2) was up by 0.78%, China (CSI 300) decreased by 2.06%, Hong Kong (HSI) was down by 1.86%, Singapore (FSSTI) declined by 0.57%, and Australia (S&P/ASX 200) advanced by 0.25% over the previous week.
New Launch Review
There was no new listing during last week.
Turnover Review
Asia-Pacific ETP turnover totaled $6.6bn for last week, 17.5% above from the previous week’s total. South Korea continued to be on top of the turnover ranking with $3.3bn, followed by China ($1.3bn), Hong Kong ($0.7bn), Japan ($0.7bn), and Australia ($0.2bn). Among Equity ETFs, Emerging Country, Leveraged Strategy, Short Strategy, and Asia Pac Developed Country ETFs had total turnover of $2.5bn, $1.7bn, $1bn, and $0.9bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $96m for the last week.
Assets Under Management Review
Last week, Asia-Pacific ETP AUM decreased by $0.3bn and ended at $111.8bn. On a year-to-date basis, Asia-Pacific ETP market is up by $20.3bn or 22.2% above last year’s closing.
