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IMF Working paper-China's Impact on World Commodity Markets
May 8, 2012--Summary: Shocks to aggregate activity in China have a significant and persistent short-run impact on the price of oil and some base metals. In contrast, shocks to apparent commodity-specific consumption (in part reflecting inventory demand) have no effect on commodity prices.
China’s impact on world commodity markets is rising but, perhaps surprisingly, remains smaller than that of the United States. This is mainly due to the dynamics of real activity growth shocks in the U.S, which tend to be more persistent and have larger effects on the rest of the world.
view IMF Working paper-China's Impact on World Commodity Markets
DB-Equity Research-Asia-Pac-ETF Market Weekly Review : ETP AUM defends $100bn milestone
May 7, 2012--Market Review
Last week, all the markets in the Asia-Pacific region, except Japan, remained in positive territory. From north to south, Japan (Nikkei 225) lost 1.48%, Korea (KOSPI2) gained 0.37%, China (CSI 300) advanced by 3.42%, Hong Kong (HSI) increased by 1.66%, Singapore (FSSTI) grew by 0.30%, and Australia (S&P/ASX 200) rose by 0.78% over the previous week.
New Launch Review
Last week, two new products were launched in the Asia-Pacific ETP market. Samsung Asset Management listed one equity ETF on the Korea Stock Exchange tracking MSCI Korea Index. Vanguard listed one fixed income ETF on the Australian Securities Exchange tracking the UBS Government Bond Index.
Turnover Review
Asia-Pacific ETP turnover fell to $3.3bn (-43%) last week due to holidays in many parts of the region. South Korea continues to be on top of the turnover ranking with $1.1bn, followed by China ($0.9bn), Hong Kong ($0.7bn), Japan ($0.3bn), and Australia ($0.1bn). Among Equity ETFs, Emerging Country, Leveraged Strategy, Asia Pac Developed Country, and Short Strategy ETFs had total turnover of $1.8bn, $486m, $467m and $234m respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $69m for the last week.
Assets Under Management Review
Asia-Pacific ETP AUM edged higher and ended at $101.1bn. On a year-to-date basis, Asia-Pacific ETP market is up by $9.6bn or 10.5% above last year’s closing.
SSE Select Industries Indices, SSE Leading Consumption and Services Index and SSE Banks Index To Be Launched(
May 4, 2012--Designed to serve as new investable benchmarks for investors, SSE and CSI today announced the upcoming launch of SSE Select Industries Indices, SSE Leading Consumption and Services Index and SSE Banks Index on May 28th 2012.
Regarding the methodologies and more details of the above indices, please refer to the official website of SSE (www.sse.com.cn) and CSI (www.csindex.com.cn).
ETFGI-Asia Pacific (ex-Japan) ETF/ETP industry as at end of April 2012-Preliminary findings
May 4, 2012--Summary for Asia Pacific (ex-Japan) listed ETFs
At the end of April 2012, the Asia Pacific (ex-Japan) ETF industry had 350 ETFs, with 458 listings, assets of US$60.3 Bn, from 82 providers on 14 exchanges.
Assets
ETF assets have increased by 3.2% from US$58.4 Bn in March 2012 to US$60.3 Bn in April 2012.
YTD through end of April 2012, ETF assets have increased by 10.8% from US$54.4 Bn to US$60.3 Bn.
Flows
In April 2012, ETFs saw net inflows of US$563.9 Mn. Equity ETFs gathered net inflows of US$253.1 Mn, of which US$239.1 Mn went into emerging market equity ETFs. Fixed income ETFs experienced net inflows of US$93.5 Mn, where US$79.7 Mn went into government bond ETFs. Commodity ETFs also had net inflows for the month gathering US$46.0 Mn, of which US$47.8 Mn went into ETFs providing exposure to precious metals, while ETFs providing exposure to energy, industrial metals and broad commodity indices experienced net outflows totalling a combined US$1.8 Mn.
YTD through end of April 2012, ETFs saw net inflows of US$109.0 Mn. Fixed income ETFs gathered US$510.3 Mn net inflows YTD, with US$379.5 Mn going into government bond ETFs, and US$55.8 Mn into ETFs tracking broad/aggregate fixed income indices. Commodity ETFs also experienced net inflows YTD with US$50.8 Mn, of which US$58.6 Mn went into precious metals ETFs, while ETFs tracking broad commodity indices saw net outflows of US$12.6 Mn. Equity ETFs suffered net outflows YTD of US$355.1 Mn, mostly from developed Asia Pacific equity indices which saw US$264.7 Mn net outflows, as well as emerging market equity ETFs with US$82.2 Mn net outflows.
YTD through end of April 2012, inverse ETFs have experienced US$85.2 Mn net outflows, as well as leveraged ETFs with US$35.9 Mn net outflows YTD.
Polaris gathered the largest net inflows in April with US$150.7 Mn, followed by Samsung Investment Trust Management with US$149.2 Mn and HSBC/Hang Seng with US$118.5 Mn net inflows.
iShares gathered the largest net inflows YTD with US$425.7 Mn, followed by Kyobo AXA Investment Management with US$217.0 Mn and Samsung Investment Trust Management with US$206.1 Mn net inflows.
Mirae Asset MAPS Global Investments experienced the largest net outflows in April with US$127.9 Mn.
Polaris experienced the largest net outflows YTD with US$824.3 Mn, followed by SPDR ETFs with US$196.4 Mn and Mirae Asset MAPS Global Investments with US$171.1 Mn net outflows.
Summary for Asia Pacific (ex-Japan) listed ETFs/ETPs
Including other Exchange Traded Products (ETPs), at the end of April 2012, the Asia Pacific (ex-Japan) ETF/ETP industry had 373 ETFs/ETPs, with 484 listings, assets of US$63.1 Bn, from 89 providers on 14 exchanges.
Assets
ETF/ETP assets have increased by 2.9% from US$61.3 Bn in March 2012 to US$63.1 Bn in April 2012.
YTD through end of April 2012, ETF/ETP assets have increased by 10.8% from US$56.9 Bn to US$63.1 Bn.
Flows
In April 2012, ETFs/ETPs saw net inflows of US$461.5 Mn. Equity ETFs/ETPs gathered net inflows of US$141.3 Mn, of which US$186.0 Mn went into emerging market equity ETFs/ETPs. Fixed income ETFs/ETPs experienced net inflows of US$93.5 Mn, where US$79.7 Mn went into government bond ETFs/ETPs. Commodity ETFs/ETPs also had net inflows for the month gathering US$55.4 Mn, of which US$56.4 Mn went into ETFs/ETPs providing exposure to precious metals, while ETFs/ETPs providing exposure to energy and industrial metals indices experienced net outflows totalling a combined US$1.1 Mn.
YTD through end of April 2012, ETFs/ETPs saw net inflows of US$161.2 Mn. Fixed income ETFs/ETPs gathered US$510.3 Mn net inflows YTD, with US$379.5 Mn going into government bond ETFs/ETPs, and US$55.8 Mn into ETFs/ETPs tracking broad/aggregate fixed income indices. Commodity ETFs/ETPs also experienced net inflows YTD with US$214.8 Mn, of which US$222.5 Mn went into precious metals ETFs/ETPs, while those tracking broad commodity indices saw net outflows of US$12.6 Mn. Equity ETFs/ETPs suffered net outflows YTD of US$466.9 Mn, mostly from developed Asia Pacific equity indices which saw US$264.7 Mn net outflows, as well as emerging market equity ETFs/ETPs with US$135.3 Mn net outflows.
YTD through end of April 2012, inverse ETFs/ETPs have experienced US$85.2 Mn net outflows, as well as leveraged ETFs/ETPs with US$35.9 Mn net outflows YTD.
Polaris gathered the largest net inflows in April with US$150.7 Mn, followed by Samsung Investment Trust Management with US$150.0 Mn and HSBC/Hang Seng with US$118.5 Mn net inflows.
iShares gathered the largest net inflows YTD with US$425.7 Mn, followed by Kyobo AXA Investment Management with US$217.0 Mn and Samsung Investment Trust Management with US$206.2 Mn net inflows.
Mirae Asset MAPS Global Investments experienced the largest net outflows in April with US$127.9 Mn.
Polaris experienced the largest net outflows YTD with US$824.3 Mn, followed by SPDR ETFs with US$196.4 Mn and Mirae Asset MAPS Global Investments with US$171.1 Mn net outflows.
Sustainable Low-Carbon City Development in China
May 3, 2012--By embarking on a low-carbon growth path, China's cities can help reach the country's targets for reducing the energy and carbon intensity of its economy, and become more livable, efficient, competitive, and ultimately sustainable, says a new World Bank report released today.
Cities contribute an estimated 70 percent of energy-related greenhouse gases. With China set to add an estimated 350 million residents to its cities over the next 20 years, the case for urgent action http://www.worldbank.org/en/news/2012/05/03/sustainable-low-carbon-city-development-in-china" TARGET="_top">read more
view the report-Sustainable Low-Carbon City
Development in China
China, Japan, S.Korea to boost investment in each others' bonds
May 3, 2012--China, Japan and South Korea agreed on Thursday to boost cross-investment in government bond markets, worth nearly a combined $15 trillion, in a move that will better prepare the countries to protect their financial markets from external shocks.
The three economic powers sought a formal agreement, a rare one on securities investment, to ease mutual concerns about possibly massive cross-border fund flows and because their capital markets are at different levels of development.
The move also comes as many of the heavily exposed economies in East Asia have struggled to find ways to avoid a repeat of the 1997/98 Asian financial meltdown and other turmoil that has struck during times of crises originating outside the region
DB-Equity Research-Asia-Pac-ETF Market Weekly Review : ETP market recorded $1.1bn inflows in April
May 1, 2012--Market Review
Most of the major Asia-Pacific markets were down last week. In all, Japan (Nikkei 225) dropped 0.42%, Korea (KOSPI2) gained 0.61%, China (CSI 300) declined by 0.03%, Hong Kong (HSI) fell by 1.28%, Singapore (FSSTI) decreased by -0.43%, and Australia (S&P/ASX 200) decreased by -0.1% over the previous week.
New ETP launches
There were no new listings in the Asia-Pacific ETP markets during last week.
ETP Monthly Flows
Asia-Pacific ETP market recorded monthly cash inflows of $1.1bn for the month of April bringing YTD cash flows back to positive territory (+$716m). Prior to that, Asia-Pacific region recorded monthly flows of $1.4bn, -$1.1bn and -$664m for January, February and March respectively. Equities had the lion’s share in the monthly cash flows contributing $952m, with fixed income and commodities contributing a modest $84m and $42m respectively.
Within Equity products, leveraged ETFs emerged as the single largest recipient of monthly cash flows totaling $445m. ETFs offering exposure to country indices attracted healthy inflows with China, Japan and Taiwan receiving $236m, $212m and $113m respectively, while South Korea witnessed outflows of $66m.
Turnover Review
Asia-Pacific ETP turnover totaled $5.8bn for last week, 19.2% up from the previous week’s total. South Korea continues to be on top of the turnover ranking with $2.1bn, followed by China ($1.5bn), Hong Kong ($1.2bn), Japan ($0.6bn), and India ($0.2bn). Among Equity ETFs, Emerging Country, Leveraged Strategy, Asia Pac Developed Country, and Short Strategy ETFs had total turnover of $3.1bn, $1bn, $0.8bn and $0.5bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $216m.
Asset Under Management Review
Last week, Asia-Pacific ETP AUM ended at $100.4bn. On a year to date basis, Asia-Pacific ETP market is up by $8.9bn or 9.8% above last year’s closing.
12-82MR ASIC releases details for registration and licensing of financial services in emissions units
April 30, 2012--ASIC has today released details regarding the registration and licensing process for those intending to provide financial services in emissions units under the Federal Government's carbon pricing mechanism.
ASIC Commissioner John Price said registration will help providers of financial services meet their licensing requirements under the Corporations Act 2001 (Corporations Act).
‘From July 1, emissions units recognised under Australia’s carbon pricing mechanism will be financial products. Our priority is to help market participants understand and meet their obligations when providing financial services relating to those products.’
Substantial Transaction Fees Cuts by Futures Exchange
April 28, 2012--On April 27th, four futures exchanges in China announced that they would reduce transaction fees for all futures contracts by an average 30% (ranging from 12.5% to 50%). The new fee schedules will take effect on June 1st.
According to the CSRC, after two rounds of rectification and enforcement actions, China’s futures markets have exhibited sound and steady development, with increasingly strengthened market regulation and legal framework. New commodity futures contracts and financial futures contracts that have an impact on the national economy and general public have been listed at the exchanges gradually. The futures markets are now experiencing a critical period of development, witnessing steady expansion of the market scale and significant enhancement in international influence and the capability to serve real economy. Becoming more regulated and building on the growth in recent years, the futures markets have acquired the capability to serve the national economy with more sophistication. The CSRC has been devoted in facilitating the cut in futures trading cost as well as the increase in market efficiency, making the participation in futures trading more convenient for enterprises which engage in business involving cash commodities and investors as well. In the past few years, in order to benefit investors and promote their own competitiveness, futures exchanges in China already reduced transaction fees for certain futures contracts.
Asia gaining traction as major Ucits market
April 27, 2012--Asset managers' appetite for distributing Ucits funds in Asia is on the rise despite concerns over the cost, time and cultural challenges of entering markets in the region, according to a recent survey.
According to a poll of 50 assets managers, undertaken by BNP Paribas Securities Services and consultancy group Knadel, running funds of varying size in Asia, Europe and the rest of the world, Hong Kong, Singapore and Taiwan are the key markets in which they are seeking to increase their presence.
