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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.
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Source: Deutsche Bank - Equity Research - Asia Pacific
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.’
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Source: ASIC
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.
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Source: China Securities Regulatory Commission
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.
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Source: City Wire
Asia Faces Stronger Growth, but Further Rebalancing Critical, Says IMF's Asia-Pacific Regional Economic Outlook
April 27, 2012--Growth in Asia is expected to pick up this year, after slowing in the last quarter of 2011, but Asian policymakers now face the challenging task of adjusting policies to support stable, non-inflationary growth, the International Monetary Fund (IMF) said in its latest Regional Economic Outlook (REO) for Asia and the Pacific, which was released in Kuala Lumpur, Malaysia, today.
Asia has continued to enjoy robust domestic demand against the background of fragile global growth. This has been reflected in low unemployment and robust credit growth in the region. Inflation expectations have also picked up in many countries, and capital inflows into emerging Asia have rebounded so far in 2012.
The IMF forecasts regional growth will be 6 percent this year, roughly the same level as in 2011, and about 6½ percent in 2013. But there remains considerable regional variation. While emerging Asia will remain the fastest growing region in the world, led by China and India, expanding about 8 ¼ percent and close to 7 percent, respectively, this year, industrial Asia is projected to grow only at 2.2 percent.
View IMF-Regional Economic Outlook: Asia and Pacific-Managing Spillovers and Advancing Economic Rebalancing
Source: IMF
Further reforms needed to sustain Korean growth and social cohesion
April 26, 2012-- Korea recovered faster and more vigorously from the global crisis than most OECD countries, but strong economic growth alone will not be enough to address the fundamental challenges posed by its rapidly ageing population and rising inequality, according to the OECD's latest Economic Survey of Korea.
The report, presented today in Seoul by OECD Secretary-General Angel Gurría and Korean Minister of Strategy and Finance Jae-Wan Bahk, notes Korea’s current resilience, despite the continuing global slowdown. The OECD projects Korean economic growth in 2012 of around 3 ½ percent, and expresses confidence that the government has sufficient fiscal and monetary policy space to respond to any further deterioration in the global outlook.
view the Overview-Economic Survey of Korea 2012
Source: OECD
Goldman India Gold ETF trading volume surges 20 times on Akshaya Tritiya
April 26, 2012--Indian's were trading gold like crazy on Akshaya Tritiya, or atleast the trading volumes of Goldman Sachs Gold ETF seems to indicate. Akshaya Tritiya fell on Tuesday April 24 this year
Goldman Sachs India Gold ETF, also known as GOLDBEES, recorded a massive trading volume of 15,36,489 units at the National Stock Exchange of India (NSE) on Tuesday. This is more than 20 times higher than the month's best of 76,117 units traded on the previous day (Monday) of Akshaya Tritiya.
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Source: Commodity Online
South Korean growth slips to 2.8%
April 26, 2012--South Korean economic growth has slipped to the weakest level in two and a half years as the world's seventh-biggest exporter faces strong headwinds from European austerity programmes and a slowdown in China.
Seoul’s growth slowed to 2.8 per cent in the first quarter compared with a year ago. Last year South Korea’s economy grew 3.6 per cent, down from 6.3 per cent in 2010, when the country bounced back strongly from the global financial crisis.
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Source: FT.com
China Food Price Tracker: Cheaper food
April 26, 2012--Most food items saw price declines during April 11-20 due to warmer weather and restored supply. Vegetable and pork prices decreased the most, while the price for edible oil was raised by major edible oil producers.
Going forward, we see vegetable and pork prices dropping further as we enter summer. Headline CPI is expected to fall gradually during April-May and then to 2% in June/July when the high base effect kicks in.
Food prices on average have declined by 1.3% since 1 April, and vegetable prices have declined the most Food prices declined on average by 0.66% during 1-10 April and by another 0.66% during 11-20 April (Figure 1). The abnormally cold weather in early March pushed some vegetable prices higher and contributed to the CPI rebound in March. Since then, most vegetable prices have returned to their normal levels as the warmer weather helped restore the supply of greens. One exception is the celery cabbage price, which has increased by 66% since mid-February.
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Source: Mirae Asset Management
China Strategy: Entering 2Q: Cautiously optimistic
April 25, 2012--China has remained on track until now for a soft-landing scenario. However, we maintain our cautious view that growth may not have bottomed out yet, as more ambitious policy easing is not likely to start until mid-year.
With such a cautious view, we believe that in 2Q, China’s energy, property, utilities and Macau gaming sectors will likely outperform, while the outlook for the second half of the year remains unclear. Meanwhile, we have downgraded China’s Internet sector to neutral as valuation appears less attractive now.
Growth may not have bottomed yet, as more ambitious policy easing may not start until mid-year Average CPI declined in 1Q, while growth indicators are mixed, but they generally suggest weakening momentum, although accelerated construction of social housing has provided some buffer. Liquidity conditions have improved, but policy has not yet been eased significantly. Particularly, we believe the rebound in new lending in March is not sustainable, as it was mostly driven by seasonal factors. Assuming that more ambitious policy easing may start around mid-2012, when both inflation and growth would drop further, the economy may not rebound on a more sustainable basis until the second half of the year.
With a cautious view on growth in 2Q, we maintain Overweight on China’s property, energy, utilities, and Macau gaming sectors The property sector may see sales boost in May and June because of the developers’ strong new sales pipeline and stronger buyer interest. With inflation trending down, the recent domestic oil price hike and possible utility tariff hikes would benefit the energy and utility sectors. We also maintain our view that China’s more relaxed policy stance would be a potential catalyst for Macau gaming. However, we have downgraded China’s Internet sector to neutral, as valuation is less attractive now and industry fundamentals are deteriorating.
read moreview report-China Strategy: Entering 2Q: Cautiously optimistic
Source: Mirae Asset Management
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