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Japanese gov't cuts economic view for 3 months in row
October 12, 2012--Japan's government downgraded its view of the economy for the third straight month in October as worries about Europe's debt crisis and China's slowdown intensified, adding pressure on the central bank to offer further stimulus to support growth.
It was the longest streak of downgrades since five straight months of cuts made just after the collapse of Lehman Brothers in 2008, underscoring Tokyo's growing alarm that the prolonged overseas slowdown may again nudge Japan into recession. Economics Minister Seiji Maehara said that while it was too early to judge whether Japan may slip into recession, the economy's trend was weak as weak global demand hurt exports. "A further slowdown in global growth and volatility in financial markets may hurt Japan's economy, which are risks we must be vigilant to," Maehara told a news conference on Friday.
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Source: Today's Zaman
China funds, brokerages embrace commodity futures as rules relax
October 11, 2012--Two Chinese fund houses have launched funds focused on the domestic commodities futures market as they look to tap into the burgeoning market that regulators have cautiously opened to local financial institutions this year.
More than a dozen Chinese futures brokerages, which until recently were barred from investing directly into the futures market, have also applied to set up funds that trade commodity futures through a managed account product.
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Source: Reuters
MSCI China A Index Forms the Basis of New China A Shares ETF from Harvest Global Investments
October 11, 2012--MSCI Inc. (NYSE: MSCI), a leading provider of investment decision support tools worldwide, is pleased to announce that the MSCI China A Index is the underlying index for a new ETF launched by Harvest Global Investments on the Stock Exchange of Hong Kong under the RQFII scheme.
“The MSCI China A Index features broad, diversified and liquid coverage of the domestic China A shares opportunity set.”.
“We are delighted to have licensed our flagship MSCI China A Index to Harvest Global Investments for the creation of the Harvest MSCI China A Index ETF,” said Henry Fernandez, Chairman and CEO of MSCI Inc. “The MSCI China A Index features broad, diversified and liquid coverage of the domestic China A shares opportunity set.”
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Source: MSCI
DB-Global Equity Index and ETF Research-Asia-Pac ETF Market Weekly ETF Market Review - ETP AUM remains flat amid mixed equity markets
October 10, 2012--Market Review
Last week, the Asia-Pacific region had mixed markets. Compared to the week before, from north to south:
Japan (Nikkei 225) -0.08%
Korea (KOSPI2) -0.16%
Hong Kong (HSI) +0.83%
Singapore (FSSTI) +1.55%
Australia (S&P/ASX 200) +2.45%
Stock exchanges in China remained closed during last week due to National Day holidays.
New Product Launch Review
There was no new ETP listing in the last week.
Turnover Review
Asia-Pacific ETP turnover totaled $2.4bn last week, 66% down from the previous week’s total due to the holidays in most active markets of the region (China, South Korea and Hong Kong) during last week. South Korea continued to top the turnover ranking with $1.1bn, followed by Japan ($0.5bn), Hong Kong ($0.4bn), Taiwan ($0.1bn), and Singapore ($0.1bn). Among Equity ETFs, the Emerging Country, Leveraged Strategy, Asia-Pacific Developed Country, and Short Strategy ETFs had total turnovers of $0.7bn, $0.6bn, $0.5bn, and $0.2bn respectively. Among the Commodity asset class, turnover in Gold ETPs totaled $98mn.
Assets under Management Review
Last week, Asia-Pacific ETP AUM decreased marginally by $237mn and ended at $119.5bn. On a year-to-date basis, Asia-Pacific ETP market is up by $28bn or 30.6% above last year’s closing.
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Source: Deutsche Bank - Equity Research-Asia Pacific
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.
view report-China Macro
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
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