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IMF Working Paper-Global and Regional Spillovers to Pacific Island Countries
June 14, 2012--Summary: Regional integration of Pacific Island countries (PICs) with Australia, New Zealand, and emerging Asia has increased over the last two decades. PICs have become more exposed to the region's business cycles, and spillovers from regional economies are more important for PICs than from advanced economies outside the region. While strong linkages with Asia would help in the event of a global downturn, PICs remain particularly vulnerable to global commodity price shocks.
In this paper, we use a Vector Error Correction Model (VECM) for each PIC to gauge the impact of global and regional growth spillovers. The analysis reveals that the impact on PICs’ growth from an adverse oil shock would be substantial, and in some cases even larger than from a negative global demand shock. We also assess the spillovers to the financial sector from the deterioration of the global outlook. PICs should continue to rebuild policy buffers and implement growth-oriented structural reforms to ensure sustained and inclusive growth.
view the IMF Working paper-Global and Regional Spillovers to Pacific Island Countries
Source: IMF
India's Gold ETF Assets Nearly Double in May
June 14, 2012--The assets held under India's gold exchange-traded funds (ETFs) nearly doubled year on year to $1.85 billion (INR 103.12 billion) as of May 31, 2012.
The assets were valued at $981 million (INR 54.63 billion) a year earlier, according to the Association of Mutual Funds in India (AMFI).
Total assets under gold ETFs were at $1.83 billion (INR 102.18 billion) in April 2012, AMFI data showed.
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Source: Diamonds.net
Hong Kong to offer renminbi loans to banks
June 14, 2012--Hong Kong's central bank will start providing Chinese currency loans to the city's banks on Friday to prevent a shortage of liquidity from destabilising the offshore renminbi market.
The Hong Kong Monetary Authority announced on Thursday that it would offer one-week renminbi loans in exchange for high-quality collateral such as Chinese government bonds.
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Source: FT.com
ETFGI Asia Pacific (Ex-Japan) ETF/ETP industry insights-May 2012
June 13, 2012--Summary for Asia Pacific (ex-Japan) listed ETFs
At the end of May 2012, the Asia Pacific (ex-Japan) ETF industry had 364 ETFs, with 472 listings, assets of US$65.4 Bn, from 82 providers on 14 exchanges.
Assets
ETF assets have increased by 8.5% from US$60.3 Bn in April 2012 to US$65.4 Bn in May 2012.
YTD through end of May 2012, ETF assets have increased by 20.2% from US$54.4 Bn to US$65.4 Bn.
Flows
In May 2012, ETFs saw net inflows of US$8.1 Bn. YTD through end of May 2012, ETFs saw net inflows of US$7.9 Bn.
Huatai-PineBridge Fund Management gathered the largest net inflows in May with US$4.1 Bn, followed by Harvest Fund Management with US$2.8 Bn and Polaris with US$0.5 Bn net inflows.
Huatai-PineBridge Fund Management gathered the largest net inflows YTD with US$4.1 Bn, followed by Harvest Fund Management with US$2.8 Bn and Samsung Investment Trust Management with US$0.7 Bn net inflows.
iShares experienced the largest net outflows in May with US$0.3 Bn. China Asset Management experienced the largest net outflows YTD with US$0.5 Bn, followed by Polaris with US$0.3 Bn and Woori Asset Management with US$0.1 Bn net outflows.
Summary for Asia Pacific (ex-Japan) listed ETFs/ETPs
Including other Exchange Traded Products (ETPs), at the end of May 2012, the Asia Pacific (ex-Japan) ETF/ETP industry had 384 ETFs/ETPs, with 495 listings, assets of US$67.9 Bn, from 88 providers on 14 exchanges.
Assets
ETF/ETP assets have increased by 7.6% from US$63.1 Bn in April 2012 to US$67.9 Bn in May 2012.
YTD through end of May 2012, ETF/ETP assets have increased by 19.2% from US$56.9 Bn to US$67.9 Bn.
Flows
In May 2012, ETFs/ETPs saw net inflows of US$7.9 Bn. YTD through end of May 2012, ETFs/ETPs saw net inflows of US$7.8 Bn.
Huatai-PineBridge Fund Management gathered the largest net inflows in May with US$4.1 Bn, followed by Harvest Fund Management with US$2.8 Bn and Polaris with US$0.5 Bn net inflows. Huatai-PineBridge Fund Management gathered the largest net inflows YTD with US$4.1 Bn, followed by Harvest Fund Management with US$2.8 Bn and Samsung Investment Trust Management with US$0.7 Bn net inflows.
iShares experienced the largest net outflows in May with US$0.3 Bn. China Asset Management experienced the largest net outflows YTD with US$0.5 Bn, followed by Polaris with US$0.3 Bn and Citigroup with US$0.3 Bn net outflows.
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Source: ETFGI
IMF-2012 Article IV Consultation with Japan
June 12, 2012--The Japanese economy has shown remarkable resilience and adaptability in the aftermath of the Great East Japan earthquake and is now experiencing a recovery. Risks, however, have shifted decidedly to the downside, with the turmoil in Europe intensifying and other advanced and key emerging market economies showing signs of slowing.
Moreover, to address the longstanding challenges of high public debt, low growth, and deflation, Japan needs to move forcefully on many fronts to take advantage of synergies among policies. The immediate priority is passage of the current tax and social security reform, which would bolster confidence and help create a more conducive environment for monetary easing. It would also help maintain financial sector stability, given increased fiscal and financial sector linkages. An exit from deflation and accelerated structural reforms would raise growth and support fiscal adjustment. This statement summarizes the findings of the Article IV consultation and the recent Financial Sector Assessment Program (FSAP) Update.
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Source: IMF
DB-Equity Research-Asia-Pac-ETF Market Weekly Review: ETP AUM edged higher despite bearish equity markets
June 12, 2012--Market Review
Last week, all the markets in the Asia-Pacific region were in negative territory except for Japan and Korea. From north to south, Japan (Nikkei 225) climbed 0.23%, Korea (KOSPI2) gained 0.29%, China (CSI 300) slid by 4.13%, Hong Kong (HSI) decreased by 0.30%, Singapore (FSSTI) was down by 0.28%, and Australia (S&P/ASX 200) declined by 0.01% over the previous week.
New Launch Review
There was no new listing during last week in the Asia-Pacific region.
Turnover Review
Asia-Pacific ETP turnover totaled $5.3bn for last week, 16% down from the previous week’s total. South Korea continued to be on top of the turnover ranking, with $1.8bn, followed by China ($1.6bn), Japan ($0.8bn), Hong Kong ($0.8bn), and Taiwan ($0.1bn). Among Equity ETFs, Emerging Country, Leveraged Strategy, Asia Pac Developed Country, and Short Strategy ETFs had total turnover of $2.5bn, $0.9bn, $0.8bn, and $0.6bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $171m for the last week.
Assets Under Management Review
Last week, Asia-Pacific ETP AUM increased by $0.4bn and ended at $107bn. On a year-to-date basis, Asia-Pacific ETP market is up by $16bn or 17% above last year’s closing.
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Source: Deutsche Bank - Equity Research - Asia Pacific
Markets cash in on ETFs as we sit idly by
June 11, 2012--International experts visiting Australia tend to scratch their heads when they find out our exchange traded fund industry still only has about $5.5 billion under management.
"The Australian industry is standing where the Canadian one was 10 years ago and that's now got $50bn under management," Howard Atkinson, chief executive of Canadian issuer Horizons Exchange Traded Funds, said.
He was addressing a conference at ASX Sydney on Thursday, sponsored by the industry and aimed at institutional managers and the superannuation industry.
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Source: The Australian
Chinese investors ride ETF helter-skelter
June 11, 2012--Huatai-PineBridge Fund Management, which broke records by raising $5.3bn for a Chinese exchange-traded fund last month, has seen its value fall $1.3bn since launch.
BlackRock Investment Institute’s ETP Landscape, which supplied the data, confirmed the value of the ETF was down from its launch value to $4bn and said heavy redemptions occurred during the week to June 6, when $848m was lost.
The Chinese ETF seeks to track the CSI 300 index exposed to stocks listed on the Shenzhen and Shanghai exchanges. Up to 10% of the fund is invested in bonds, options and financial tools.
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Source: Financial News
IMF Working paper-What's in It for Me? A Primer on Differences between Islamic and Conventional Finance in Malaysia
June 8, 2012--Summary: What attracts conventional investors to Islamic financial instruments? We answer this question by comparing Malaysian Islamic and conventional security prices and their response to macrofinancial factors.
Our analysis suggests that Islamic and conventional bond and equity prices are driven by common factors. Likewise, especially in recent years, Islamic banks have responded to economic and financial shocks in the same way as conventional banks, suggesting that the gap between Islamic and conventional financial practices is shrinking.
SSE 180 Sector Indices To Be Launched
June 8, 2012--To further enhance the SSE index family as well as to provide new analysis tools and underlying instruments for investors, SSE and CSI together announced that the SSE 180 Sector Indices would be launched on June 29, 2012
. Regarding the methodology and more details of the above indices, please refer to the official website of SSE ( www.sse.com.cn ) and the official website of CSI (www.csindex.com.cn) respectively.
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Source: Shanghai Stock Exchange
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