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China Strategy: tackling uncertainties
January 18, 2012--An uncertain outlook calls for policy flexibility
Despite a relatively strong 4Q2011, we are still concerned about the huge uncertainty in the euro zone, and its
significant spillover to China and other Asian economies.
Luckily, if such downside risks materialize, China does have the capacity to ease more aggressively—including possible interest rate cut, particularly in 2Q when inflation is
expected to drop sharply (see page 2: An Interest Rate Cut: Can? Should? Will?).
China has somewhat eased already, and the uncertainty overhanging on our baseline scenario of a soft-landing calls for more flexible and forward-looking policy responses.
China’s energy, property, internet, utilities, and Macau gaming are likely to outperform
With inflation trending down and policy being more supportive of growth, we believe that investment opportunities lie in the following sectors. We see possible domestic oil price/tariff hikes and continued energy reforms benefiting the energy and the utility sectors. In addition, the property sector is likely to see a turning point in 2Q as China’s policy focus has shifted from tight to gradual relaxation, and similarly Macau gaming will benefit too. Bedsides, after severe sell offs in late 2011, value has emerged in the Internet sector while the long-term trend of Internet as the more vibrant sector of the telecommunication value chain remains intact.
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Source: Mirae Asset
China's economic growth slows in 2011
January 17, 2012--China said on Tuesday its economy expanded by 9.2% last year, slowing from 2010 as global turbulence and efforts to tame high inflation put the brakes on growth.
But still-healthy annual growth suggested that China's economy would avoid a much-feared hard landing despite slumping demand from key export markets in the United States and Europe, analysts said.
The figures, down from 10.4% growth in 2010, also meant China's central bank was less likely to ease credit in the short term to spur the world's second-largest economy.
Beijing had set a growth target of about 8.0% for 2011.
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Source: FIN24
China's Growth Engine Declines .
January 17, 2012--China posted GDP growth of 8.9% in the last quarter of 2011, compared with a year earlier, a number that came in higher than had been expected but one that nevertheless showed that the world's fastest engine of growth is downshifting.
China's fourth-quarter performance would be the envy of most any other nation, and markets reacted positively to the data, with the Shanghai Composite Index rising 4.2%, its biggest rise in two years. Indexes around the world—eager for any sign that China can steer its economy toward to a soft landing and help offset weakness elsewhere—also took heart from the data.
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Source: Wall Street Journal
DB - Equity Research - Asia Pacific ETF Weekly Review:ETP AUM added $2.8bn amid market rally
January 17, 2012--Market Review
In terms of equity markets, last week went positive for all the major Asia-Pacific markets. In all, Japan (Nikkei 225) gained 1.31%, Korea (KOSPI2) increased by 1.96%, China (CSI 300) advanced by 4.53%, Hong Kong (HSI) climbed by 3.29%, Singapore (FSSTI) rose by 2.8% and Australia (S&P/ASX 200) grew by 2.13% over the previous week.
New Launch Review
Last week, with the launch of two new products, Asia-Pacific ETP product count reached 400. Hanwha Investment Trust Management and Woori Asset Management each listed one Equity ETF on the Korea Stock Exchange tracking Kospi 200 Index and Kospi 200 Futures Index respectively. In addition, Deutsche Bank AG listed five emerging country (Asian) Equity ETFs and a money market ETF on Hong Kong Exchange, domiciled in Luxemburg. (See Figure 4 for further details)
Turnover Review
Asia-Pacific ETP turnover totaled $6.4bn during last week, 40.8% up from the previous week’s total. South Korea continues to be on top of the turnover ranking with $2.4bn, followed by China ($1.9bn), Hong Kong ($1.2bn), Japan ($0.3bn), and Taiwan ($0.2bn). Among Equity ETFs, Emerging Country, Leveraged Strategy, Short Strategy, and Asia Pac Developed Country ETFs had total turnover of $3.6bn, $1.1bn, $0.7bn and $0.5bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $74m for the last week.
Assets Under Management Review
Last week, Asia-Pacific ETP AUM ended at $93.5bn after an increase of 3.1% over the previous week’s ending level. On a year to date basis, Asia-Pacific ETP market is $2.8bn or 3.4% above last year’s closing.
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Source: Deutsche Bank - Equity Research - Asia Pacific
Aussie ETF inflows top $500 million
January 17, 2012--While the general equity markets dropped significantly over the course of 2011, Australian exchange traded fund (ETF) net inflows have topped $500 million.
That is according to BetaShares Australian ETF Review for December, which found that the inflows could be attributed to 14 new products listed over the course of 2011, bringing the total number of ETFs available to 59.
These figures reflect the state of the global ETF market, as well as the continued migration of investor capital from managed funds into ETFs, according to BetaShares head of investment strategy, Drew Corbett.
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Source: Money Management
Home / China Daily / IP Special Securities regulator to relax rules on listing
January 17, 2012--The mainland's securities regulator plans to relax controls on Hong Kong and overseas listings for mainland companies and will push for issues of yuan-denominated shares in the offshore yuan market, China Securities Regulatory Commission (CSRC) Vice-Chairman, Yao Gang, said on Monday. "Current H-share listing rules were set more than a decade ago, and there haven't been changes throughout these years," Yao said.
Speaking at the Asian Financial Forum in Hong Kong, Yao said the standards to list so-called H-shares are too high and the approval process is time-consuming.
"Current H-share listing rules were set more than a decade ago, and there haven't been changes throughout these years," Yao said.
"This year, the CSRC will conduct a comprehensive revision of overseas listing rules," he added.
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Source: China Daily
Indian regulator warns on high frequency trading rush
January 16, 2012--In a rush towards reducing trading latencies to attract high frequency trading, exchanges risk leaving out retail investors and other less sophisticated investors behind, warns U.K. Sinha, chairman of the Securities and Exchange Board of India.
Speaking at the Asian Financial Forum in Hong Kong on January 16, Sinha says that there should be a limit on the speed of trading system to protect the interest of retail investors. He also expresses concern on possible risk management issues for bourses when offering co-location services, which allow traders to rent racks of computer space close to the exchanges’ systems, enabling them to execute trade at low latencies.
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Source: The Asset
China's foreign exchange reserves decline quarterly for first time in decade
January 14, 2012--China's foreign exchange reserves have declined on a quarterly basis for the first time in a decade, indicating a need for the country to shore up market liquidity.
According to the data released by the People's Bank Of China, the country's foreign exchange reserves have declined from 3.2 trillion dollars to 3.18 trillion dollars at the end of 2011 due to shrinking trade surplus and accelerating capital outflows.
The reserves had witnessed the first drop for a single month in September over the past 16 months by shrinking to 60.8 billion dollars.
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Source: News Track India
KRX To List TIGER Consumer ETF On January 17, 2012
January 13, 2011--The Korea Exchange will be listing TIGER Consumer ETF on its KOSPI Market on Jan 17, 2012.
The newly listing ETF tracks FnGuide Consumer Index whose constituents include LG Household & Health Care, Amorepacific, and CJ CheilJedang. As of January 2012, their values in the index account for 24.8%, 16.0%, and 13.1%, respectively.
With the listing of TIGER Consumer ETF, total number of ETFs listed this year would be three, bringing the total number of the ETFs listed on the KRX to 109.
Source: KRX
SGX lists CapitaMalls Asia 10-year retail bonds
January 13, 2012--Singapore Exchange (SGX) today welcomed the listing of CapitaMalls Asia’s 10-year bonds on Mainboard under the stock code “PW3Z”.
Mr Ng Kok Siong, Chief Financial Officer of CapitaMalls Asia, said, “We would like to thank SGX for providing a sound trading platform for our bondholders to trade their bonds as and when required. In addition, the company would like to take this opportunity to register our sincere appreciation to the public for their strong endorsement of our second series of bonds. Despite the upsize to S$400 million, we regret that we were unable to fulfill all the demand. We will definitely continue to look into offering retail investors opportunities to invest in our future series of bonds.”
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Source: SGX