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ETFS Precious Metals Weekly:Gold and Silver Prices Surge After Draghi Pledges Action
July 30, 2012--Gold and silver prices surge and Spain's bond yields drop sharply as
Draghi pledges aggressive action to stabilize debt markets. Gold and
silver led commodity prices higher last week after ECB President, Draghi,
committed to do "everything it takes" to keep the Eurozone intact.
Spanish 10-year bond yields ended the week below the 7% level that prompted
other peripheral countries to seek bailouts. While Spain and its banks will
receive bailout funds, the exact mechanism remains unclear. Draghi is now
trying to seek government and national central bank approval for a plan to
ease borrowing costs in Italy and Spain before the next ECB meeting on
Thursday. More liquidity injections into the Eurozone banking system
appear the most likely option at this stage, with the ECB still resisting the
direct support of government finances.
Gold speculative positions drop back to near 4-year lows, gold-silver ratio near two year low. ECB president Draghi’s comments fuelled a gold rally, pushing the gold price above US$1,600/oz by the end the week, while silver gained 2%. Net speculative gold futures positioning reported by the CFTC show that net bullish positions dropped to near a four-year low in the week ending 20 July.
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China relaxes QFII rules to attract overseas investment
July 28, 2012-- China has eased its grip on its control on investments made by qualified foreign institutional investors (QFIIs), according to a revised QFII regulation released by the nation's securities regulator.
Compared with previous rules, the regulation published by the China Securities Regulatory Commission (CSRC) on Friday lowers the QFII threshold and allows QFIIs to invest in the nation's capital market through more than one securities dealer.
The regulation also allows QFIIs to invest in the interbank bond market and private placement bonds issued by small and medium-sized enterprises and hold up to a 30-percent stake in a listed company, up from the previous 20-percent stake cap.
New ETFs Included in Real-Time Dissemination of "TSE Indicative NAV"
July 27, 2012--Tokyo Stock Exchange, Inc. (TSE) will newly calculate and publish the real-time Indicative Net Asset Value (Indicative NAV) per share for the below Exchange Traded Funds (ETFs) beginning August 27, 2012.
Addition
Code: 1574
ETF: MAXIS TOPIX Risk Control (10%) ETF
Fund Administrator: Mitsubishi UFJ Asset Management
Korea Exchange supports ETF market expansion
July 27, 2012--The Korea Exchange (KRX) said Friday that the nation's exchange traded fund (ETF) market has been growing fast thanks to its efforts to improve the bourse's infrastructure and trading system.
According to the state-run stock market operator, Korea, together with Japan, ranked top in terms of the number of ETFs in December. Their number in the local market reached 106 in December, up 44 from a year ago.
In terms of ETF assets under management, the KRX ranked fourth with $8.5 billion in 2011, up 64 percent from a year earlier. It has risen 30 places in a decade since its launch in 2002. ETFs are investment funds traded on stock exchanges, much like shares.
HKEx Publishes Guide on Enhancing Regulation of the Listed Structured Products Market
July 27, 2012--Hong Kong Exchanges and Clearing Limited (HKEx) announced today (Friday) the publication of its Guide on Enhancing Regulation of the Listed Structured Products Market.
The Guide serves to foster high standards across structured products issuers, enhance service levels of liquidity providers and promote the healthy long-term development of Hong Kong’s listed structured products market.
The Guide
The Guide covers a number of regulatory enhancement measures in three main areas: (a) enhancement of issuers’ internal controls and standardisation of listing documents, (b) improvement of liquidity provision standards and (c) management of issuers' credit risks. The proposed measures are in line with on-going efforts to strengthen protection for investors and support market development.
Industry Principles on Liquidity Provision for Listed Structured Products
The Guide includes the Industry Principles on Liquidity Provision for Listed Structured Products which were developed jointly by a working group of listed structured products issuers, the Securities and Futures Commission and HKEx after extensive discussions.
view the HKEx Guide on Enhancing Regulation of the Listed Structured Products MarketGuide
IDBI Mutual launches gold fund for retail investors with no demat accounts
July 26, 2012--IDBI Mutual Fund has launched a gold fund of fund scheme, which targets retail investors who do not have demat accounts and wish to invest in gold without taking the hassles of opening a demat account.
The issue closes on August 8. The investment objective is to generate returns that correspond closely to the returns generated by IDBI Gold Exchange Traded Fund (IDBI Gold ETF) that was launched in October 2011.
South Korea growth slowest since 2009
July 26, 2012--South Korea's economic growth rate fell in the second quarter to its lowest level in nearly three years as export markets struggled and consumer sentiment flagged.
The Bank of Korea on Thursday said annualised growth slowed to 2.4 per cent in the three months through June, the weakest rate since the third quarter of 2009. On Wednesday, the government said the country's main index of consumer confidence had fallen to its lowest level in five months.
DB-Equity Research-Asia-Pac-ETF Market Weekly Review: ETP AUM rose marginally amid mixed equity markets
July 24, 2012--Market Review
Last week, The Asia-Pacific region had mixed markets. From north to south, Japan (Nikkei 225) lost 0.62%, Korea (KOSPI2) was up by 0.66%, China (CSI 300)decreased by 2.13%, Hong Kong (HSI) grew by 2.87%, Singapore (FSSTI) rose by 0.67%, and Australia (S&P/ASX 200) advanced by 2.86% over the previous week.
New Launch Review
Last week, two new products were launched in the Asia-Pacific ETP market. China Asset Management listed one equity ETF on the Hong Kong Exchange trackingCSI 300 Index. Fubon Securities Investment Trust Co listed one equity ETF on the Taiwan Stock Exchange tracking Taiwan 50 Index. (See Figure 4 for further details)
Turnover Review
Asia-Pacific ETP turnover totaled $5.6bn for last week, 5.2% down from the previous week’s total. South Korea continued to be on top of the turnover rankingwith $2.7bn, followed by China ($1.5bn), Hong Kong ($0.8bn), Japan ($0.3bn), and Australia ($0.1bn). Among Equity ETFs, Emerging Country, Leveraged Strategy,Short Strategy, and Asia Pac Developed Country ETFs had total turnover of $2.6bn, $1.4bn, $0.9bn, and $0.5bn respectively. Under the Commodity assetclass, turnover in Gold ETPs totaled $40m for the last week.
Assets Under Management Review Last week, Asia-Pacific ETP AUM increased by $0.8bn and ended at $112.2bn. On a year-to-date basis, Asia-Pacific ETP market is up by $20.7bn or 22.6% above lastyear’s closing.
IMF report-People's Republic of China: Staff Report for the 2012 Article IV Consultation
June 24, 2012--KEY ISSUES
The economy seems to be undergoing a soft landing, though global headwinds
are increasing. Growth is expected to moderate to around 8 percent this year and inflation to drop to 3½ percent. Meanwhile, a political transition is underway.
Focus. Near-term macroeconomic management challenges were a key focus of the consultation. The economy has been slowing partly as a result of policy action to moderate
growth to a more sustainable pace, but a worsening of the euro area crisis poses a key risk to the outlook. The mission also discussed domestic risks related to the property sector,
financial system, and local government finances. Another theme related to the mediumterm priority of internally rebalancing the economy toward consumption. Finally, the
mission also exchanged views on inward and outward spillovers, with particular attention to how China’s investment impacts the rest of the world.
Macroeconomic policy advice. Policies should continue to be geared toward achieving this year’s growth targets. In the event of a worsening of the external outlook, China has ample room to respond forcefully, using fiscal policy as the main line of defense and with emphasis on measures that support China’s medium-term reform objectives.
view the IMF-People's Republic of China: Staff Report for the 2012 Article IV Consultation
The Tokyo Commodities Exchange Extends Technology Contract With NASDAQ OMX to 2019
July 23, 2012--The NASDAQ OMX Group, Inc (Nasdaq:NDAQ) announces that the Tokyo Commodities Exchange (TOCOM) and system integrator NTT Data have extended their contract with NASDAQ OMX to 2019.
Under the contract NASDAQ OMX will continue to operate and support TOCOM's integrated trading and clearing platform for commodity derivatives. In addition TOCOM has upgraded its trading platform for improved latency performance. TOCOM rolled out its NASDAQ OMX powered platform in 2009.
