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Macro Matters-China Macro-September exports: Too early to celebrate Christmas
October 15, 2012--September exports surprised the market on the upside (9.9% versus consensus of 4.8%). In our view, it is too early to judge this as the starting point of a sustainable recovery in external demand.
We see that exports to the US and the EU have continued to fall, and therefore the better September figure does not seem to suggest better Christmas spending in these regions. On the other side, export growth to Asian Tiger economies has recovered this year, and is now close to its pre-crisis level. For the remainder of the year, we believe export growth will stabilize at the single digit range as suggested by the PMI new export order. A short-term turnaround of the Chinese economy hinges more on domestic demand, in our view.
The better September figure is mostly due to the low base effect and the strong export growth to Asian Tiger economies
The September export figure usually outperforms the August figure as the Christmas orders are ready for shipment. However, 2011 was the only year that the September export figure decreased from its August reading (2011: US$169.6bn in September versus US$173.2bn in August). This low base effect explains nearly 5% out of the 9.9% export growth in September.
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September exports: Too early to celebrate Christmas
Source: Mirae Asset Financial Group
DB-Global Equity Index and ETF Research-Asia-Pac ETF+ Monthly Directory-September 2012 ETPs
October 9, 2012--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).
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Source: Deutsche Bank - Global Equity Index and ETF Research - Asia
ETF/ETN Monthly Report for Sep 2012-20% Increase in Average Daily Trading Value
October 9, 2012--Average daily trading value for the ETF market in September posted a 20.42% gain on the previous month, recovering to the JPY 5 billion level for the first time in 4 months.
When compared to the 17% increase in the overall stock market, the ETF/ETN market made large gains.
With the jump in gold/silver prices due to the US's announcement of additional quantitative easing measures (QE3) on September 14, precious metal ETFs, such as "SPDR® Gold Shares (1326)", "Japan Physical Gold ETF (1540)", and "Japan Physical Silver ETF (1542)", ranked within the top 10 in terms of both monthly trading value and rate of increase in trading value.
Following the BOJ announcement of additional quantitative easing measures on September 19, active trading of "TOPIX Bear -1x ETF (1569)" was seen, with its trading value increasing 73% on the previous month. "TOPIX Bull 2x ETF (1568)" also gained 19% on the previous month, posting a leading performance for the overall ETF/ETN market.
view the TSE ETF/ETN Monthly Report for Sep 2012
Source: Tokyo Stock Exchange (TSE)
Renminbi hits 19-year high against dollar
October 9, 2012--The renminbi has jumped to its highest level in nearly two decades against the dollar in a small burst of appreciation that caught many investors flat-footed.
The Chinese currency has almost hit the upper limit of its daily trading band against the dollar on three consecutive days, a show of strength that appeared to be at odds with data pointing to a broad slowdown in the country’s economy.
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Source: IBN Live
FTSE and Bursa Malaysia introduce Shariah compliant small cap index
October 8, 2012--FTSE Group ("FTSE") and Bursa Malaysia Berhad ("Bursa Malaysia") today announced the launch of the FTSE Bursa Malaysia Small Cap Shariah Index to complement the existing FTSE Bursa Malaysia Shariah indices.
This new Shariah index is designed to provide investors with a precise benchmark for Shariah compliant investment in Malaysian small cap companies.
The FTSE Bursa Malaysia Small Cap Shariah Index was developed in response to the needs of market practitioners who noted the lack of a benchmark to track the performance of Shariah compliant small cap companies. Constituents are selected from the universe of the FTSE Bursa Malaysia Small Cap Index according to the Malaysian Securities Commission’s Shariah Advisory Council (SAC) screening methodology. The index is based on FTSE’s award winning methodology which includes free float adjustment and liquidity screens and is managed in accordance with a clear and transparent set of index rules governed by an independent index committee. It can be used as the basis of ETFs, derivatives and other index-linked products and performance benchmark.
The new FTSE Bursa Malaysia Small Cap Shariah Index forms part of the FTSE Bursa Malaysia EMAS Shariah universe and will be calculated on an end-of-day basis. Subscribers to the FTSE Bursa Malaysia Index Series will receive the new index as part of their existing data package at no extra cost.
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Source: FTSE
National Stock Exchange Of India Statement On Brief Halt In Trading In Cash Market Due To Erroneous Orders
October 5, 2012--Brief halt in trading in cash market due to erroneous orders because of erroneous quantity
Market resumed soon in the morning
Stringent action taken against member: Emkay global disabled and made to unwind positions completely
Matter being investigated thoroughly
The market opened normally today and Nifty opened at 5,815.
At 9.50.58, the Nifty circuit filter got triggered, upon which the cash market was closed automatically. The Nifty fall was apparently on account of the entry of 59 erroneous orders, which resulted in multiple trades for an aggregate value of over Rs. 650 crore.
These orders were entered by a trading member, Emkay Global Financial Services, on behalf of an institutional client. These non-algo market orders have been entered for an erroneous quantity which resulted in executing trades at multiple price points across the entire order book, thereby causing the circuit filter to be triggered. These orders have been identified to a specific dealer terminal.
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Source: NSE
Singapore Small Cap Index up 7% in September
October 5, 2012--Following the semi-annual review in September the FTSE ST Small Cap Index is made up of 81 stocks. The full market capitalisation of the index totals S$31.5 billion.
The FTSE ST Small Cap Index gained 7.02% in September versus the FTSE All Share Index which gained 1.86%. In the 12 months ending with the last trading session of September, the FTSE ST Small Cap Index had gained 20.80%.
The top 5 performing small cap stocks in September were Yoma Strategic Holdings, Ausgroup, Ezion Holding, Midas Holdings and SC Global.
The FTSE ST Small Cap Index now comprises 81 stocks with a full market capitalisation of $31.5 billion. Before the September semi-annual review the index consisted of 99 stocks.
Within the size segments of the FTSE ST All-share Index, small cap companies had the best performance in September with the FTSE ST Small Cap Index up 7.02%, followed by the FTSE ST Mid Cap Index gaining by 3.64%. The FTSE ST All-Share Index gained 1.86% in September.
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Source: SGX
Constituent Change In TOPIX New Index Series
October 5, 2012--Tokyo Stock Exchange, Inc. (TSE) will make changes to the constituents of the TOPIX New Index Series, including TOPIX Core30, TOPIX 100, TOPIX 500 and TOPIX 1000, effective on Friday, October 28, 2011.
Indices in the TOPIX New Index Series are free-float adjusted market capitalization-weighted indices based on companies listed on the TSE First Section and are widely used as sub-indices of TOPIX. Component stocks of the indices series are reviewed according to free-float adjusted market capitalization and liquidity (trading value) and it will be conducted annually in October.
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Source: Tokyo Stock Exchange (TSE)
Indian shares suffer $60bn ‘flash crash’
October 5, 2012--Almost $60bn was temporarily wiped from the stock market value of India's biggest companies on Friday when a "flash crash" on the country's stock exchange triggered a near 16 per cent slide in the main index.
India’s National Stock Exchange, Asia’s fourth largest bourse based in Mumbai, was forced to halt trading briefly after 59 erroneous orders from a basket of trades caused the so-called “Nifty” index to drop as much as 15.6 per cent within minutes.
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Source: FT.com
India Eases Limits on Investment
October 4, 2012--India's government deepened a recent push to further open its economy, approving a long-pending plan to allow more overseas investments in insurance and opening the pension sector to foreign investors.
The cabinet on Thursday approved raising the limit on foreign ownership of local insurance companies to 49% from 26%. It also permitted overseas investors to own up to a 49% stake in domestic pension-fund managers—the first such investment that has been allowed.
The decisions come on the heels of moves last month to allow greater foreign participation in the retail, airline and broadcasting sectors.
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Source: Wall Street Journal
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