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China manufacturing contracts as global demand slows
December 11, 2011--China's manufacturing activity has contracted for the first time in 32 months as the eurozone debt crisis and a sluggish United States economy hit exports and domestic demand slowed.
The purchasing managers index (PMI) fell to 49 last month, down 1.4 points from October, marking the first contraction since March 2009, the China Federation of Logistics and Purchasing said. A reading of 50 indicates the line between expansion and contraction.
Another survey, the HSBC manufacturing activity index, also fell to a 32-month low of 47.7 in November from 51 in October.
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Source: The Telegraph
Japan third-quarter growth 'moderates'
December 9, 2011--Japan said Friday its economy grew less in the third quarter than an initial estimate, dented by the strong yen and fears the eurozone crisis will weigh on a fragile post-quake recovery.
The cabinet office said the economy grew by an annualised 5.6% in the July-September quarter - lower than 6.0% announced last month - with a government spokesperson saying growth was "moderating".
However, the figure represents Japan's first economic expansion in three quarters, as the country recovers from the March 11 quake and tsunami disaster with manufacturers ramping up production.
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Source: FIN24
China Inflation Cooling to 4.2% May Presage More Easing: Economy
December 9, 2011--China’s inflation reached a 14-month low and industrial production rose less than forecast, bolstering the case for more stimulus measures to shore up growth in the world’s second-largest economy.
Consumer prices rose 4.2 percent from a year earlier, the statistics bureau said on its website. Output gained 12.4 percent, the smallest increase since August 2009 and below a median forecast of 12.6 percent. A separate report showed passenger-car sales rose the least in six months
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Source: Bloomberg BusinessWeek
ASIC releases guide on using non-IFRS financial information
December 9, 2011--ASIC today released a regulatory guide on disclosing non-IFRS (International Financial Reporting Standards) financial information.
The purpose of Regulatory Guide 230 Disclosing non-IFRS financial information (RG 230) is to:
promote more meaningful communication of non-IFRS financial information to investors and other users of financial reports;
assist directors in ensuring that the information is not misleading; and
provide greater certainty in the market as to ASIC's views on disclosure of the information.
Non-IFRS financial information, including non-IFRS profit measures, can be useful to investors and other users of financial information.
Non-IFRS financial information is financial information that is presented other than in accordance with all relevant accounting standards. Australian accounting standards are consistent with the International Financial Reporting Standards (IFRS).
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Source: ASIC
Gold Prices To Remain Extremely Volatile But Trend Up, Says Expert
Fuelled by further US qualitative easing and threatened Euro among factors
December 9, 2011--Gold prices will remain extremely volatile and occasional big declines may lead many to prematurely declare the death of the bull cycle in gold, according to a US precious metal expert.
“Despite short-term swings, the price of gold is expected to follow a long-term rising trend well into the middle or late years of the decade, supported by such factors as eroding US creditworthiness, concerns over the future of the Euro as a central bank reserve asset, purchases by central banks around the world, and growing demand from China and India,” said American Precious Metal Advisors Managing Director Jeffrey Nichols, who was speaking today in Shenzhen at an investment seminar co-hosted by the Hong Kong Mercantile Exchange (HKMEx) and its member Jinrui Futures.
The seminar, which is part of HKMEx’s continued commitment in the promotion and education of commodities futures trading in the Greater China region, follows the Exchange’s successful Beijing seminar co-hosted with ICBC earlier this year.
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Source: Hong Kong Mercantile Exchange
Renminbi under pressure as China slows
December 7, 2011--The renminbi has fallen to the bottom of its official trading band for six straight days against the dollar, an unprecedented indication of the Chinese currency’s potential weakness as the economy slows.
Beijing has so far acted to keep the renminbi largely stable against the dollar by supporting its value and selling some of the country’s massive pile of foreign exchange reserves. But the intervention is prompting growing discussion in China about whether the renminbi could depreciate or at least become considerably more volatile.
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Source: FT.com
ETFs gaining traction in Asia
Asia has seen a significant increase in assets held by ETPs this year, growing approximately 20% in the Asia-Pacific as of Sept 30, 2011
November 30, 2011--SINCE the global financial crisis in 2008, challenging market conditions and unprecedented volatility have caused a significant shift in investors’ appetite for risk. This has ultimately
led to a stronger desire for liquidity.
During this time, exchange traded products (ETPs), including
exchange traded funds (ETFs), exchange traded currencies (ETCs), exchange traded commodities (similarly
abbreviated to ETCs) and exchange traded notes (ETNs), have allowed investors to invest in the markets
through a fund structure that provides increased transparency,
intra-day price and performance and greater liquidity.
Since State Street Global Advisors (SSgA) introduced the world’s first ETF/ETP in 1993 under the SPDR® ETF
brand, ETF providers have responded by expanding product lines to encompass a wider range of asset classes, including
fixed income, emerging market equities and bonds, commodities among others.
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Source: The Business Times
China cuts bank reserves to lift economy
November 30, 2011-- China's central bank cut reserve requirements for commercial lenders on Wednesday for the first time in three years, a policy shift to ease credit strains and shore up an economy running at its weakest pace since 2009.
China's policy change came just hours before coordinated action by major central banks, including the Federal Reserve and the European Central Bank (ECB), to ease credit strains in world markets buffeted by the eurozone debt crisis.
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Source: FIN24
Economic growth slips to 6.9 per cent
November 30, 2011--The aftershocks of the “policy paralysis” in the UPA II government were clearly visible on Wednesday as economic growth slipped to a disappointing 6.9 per cent in the second quarter of this fiscal, the lowest in the last nine quarters. This prompted the government to lower its full-year growth projection to 7.3 per cent against 8.5 last fiscal.
The continued debt crisis in the Eurozone and the economic slowdown in the U.S. also impacted the economic parameters of labour-intensive industries as manufacturing took a big hit. Growth during the July-September period of 2011-12 fell mainly due to poor manufacturing performance and declining output of the mining industry. There was also a moderation in agriculture growth.
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Source: The Hindu
Appetite for Dim Sum Bonds Wanes
November 30, 2011--For most of the year, Hong Kong’s “dim sum” bond market appeared invulnerable. Even as other asset classes suffered, renminbi-denominated bonds remained in strong demand from international investors.
In recent months, however, enthusiasm has waned. Dim sum bond prices have declined substantially since September, when investors started to question the widely-held belief that the renminbi will only appreciate against the US dollar.
“The game has changed,” says one fund manager. “There’s less excitement around appreciation and there are fears of a Chinese hard landing.”
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Source: CNBC
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