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Australia; Selected Issues -IMF Report
October 7, 2011--WHY HAS HOUSEHOLD SAVING INCREASED SO SHARPLY IN AUSTRALIA
A. Introduction
1. Australia’s net household saving rate began rising in the mid-2000s and jumped to over 10 percent of gross disposable income after the global financial crisis of 2008–09
(Figure I.1). This was the highest level in nearly 25 years, but was still about 3 percent below the average for the 1970s and early 1980s. The recent spike in saving was higher than
in some other advanced economies. Even though the economy is recovering from the crisis, house prices have declined in real terms and the stock market has not fully recovered to its previous highs. In this environment, consumers have remained cautious and households have continued to save and rebuild their balance sheets.
2. Past staff analysis identified wealth effects, public saving, demography, and the terms of trade as the main factors associated with changes in Australian private sector
saving.2 Cross-country regressions on annual data for 19 advanced economies suggest that private saving is negatively correlated with public saving (interpreted as a Ricardian offset) and old age dependency, and is positively correlated with the terms of trade. Single equation estimates for Australia confirm the negative correlation between private and public saving, and show a quantitatively large co-movement between private saving and the terms of trade. They also show a strong negative correlation between changes in household net worth and
private saving.
view the IMF report-Australia; Selected Issues
Source: IMF
Thai Bourse To List Gold-Based ETF On Oct 11
October 7, 2011--The Stock Exchange of Thailand (SET) will list ThaiDex
Gold ETF, managed by One Asset Management, on its main board on Octotber 11, under the
ticker “GOLD99.”
GOLD99, an open-end exchange-traded fund (ETF), has a policy to invest in gold bars of
99.99 percent purity and store physical bullion domestically. TMB Bank plc. is the fund’s trustee.
“The fund is an attractive alternative and meets investors’ demand for those want to invest in gold through the stock exchange. GOLD99 will move in the same direction as the price of 99.99-percent gold bars in global markets, so investors will get returns similar to investment in gold. In addition, it can be traded conveniently via brokers, with real-time prices through SET’s reliable trading systems,” said SET President Charamporn Jotikasthira.
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Source: Stock Exchange of Thailand (SET)
Tokyo Stock Exchange: Constituent Change In TOPIX New Index Series
October 7, 2011--Tokyo Stock Exchange, Inc. (TSE) will make changes to the constituents of the TOPIX New Index Series, including TOPIX Core30, TOPIX 100, TOPIX 500 and TOPIX 1000, effective on Friday, October 28, 2011
Indices in the TOPIX New Index Series are free-float adjusted market capitalization-weighted indices based on companies listed on the TSE First Section and are widely used as sub-indices of TOPIX. Component stocks of the indices series are reviewed according to free-float adjusted market capitalization and liquidity (trading value) and it will be conducted annually in October.
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Source: Tokyo Stock Exchange (TSE)
Tokyo Stock Exchange: New ETFs Included In Real-Time Dissemination Of "TSE Indicative NAV"
October 7, 2011--Tokyo Stock Exchange, Inc. (TSE) will newly calculate and publish the real-time Indicative Net Asset Value (Indicative NAV) per share for the below Exchange Traded Funds (ETFs) beginning October 17, 2011.
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Source: Tokyo Stock Exchange
DB - Equity Research - Asia Pacific ETF Weekly Review:Strong Cash Flows of $2.3bn amid volatile markets
October 6, 2011--Market Review
Asia-Pacific markets were mixed last week amid global worries on economic slowdown and European debacle threats. In all, Japan (Nikkei 225), South Korea and Australia (S&P/ASX 200) rose by 1.64%, 5.39% and 2.70%, respectively; while China (CSI 300), Hong Kong (HSI) and Singapore (FSSTI) lost 3.30%, 0.43% and 0.88% respectively, during last week.
New ETP launches
In terms of new product launches, last week was relatively active in comparison to the past two months. Fubon Securities Investment Trust Company and SinoPac Securities Investment Trust Company (new entrant) each listed one ETF on the Taiwan Stock Exchange tracking the SSE180 Index and the TSE Capitalization Weighted Stock Index, respectively. Another new entrant in the ETP industry, Harvest Fund Management Company listed the Harvest Shenzhen F120 Index ETF on the Shenzhen Stock Exchange tracking the SZSE Fundamental 120 Index. (See Figure 5 for further details)
ETP Monthly Flows: Strong flows continue in spite of weak equity markets
Asia-Pacific ETP market continues attracting strong monthly cash inflows and totaled $2.3bn for the month of September. With this figure, monthly flows completed five straight months of cash inflows of over $2bn for the Asia-Pac ETP market. From a market perspective, ETPs in Japan led the inflows with $1.3bn, followed by Korea with $669m and China with $433m, while Taiwan experienced outflows of $246m. Year to date, Asia-Pac ETPs have gathered $16bn or 19% compared to last year’s closing AUM level.
Total monthly flows were primarily contributed by Equity ETFs with $2.1bn of inflows. Within Equity products, Asia Pac Developed Country, Strategy (Leveraged and Short) and Emerging Country ETFs recorded $1.5bn, $451m and $218m of inflows, partially offset by outflows of $199m from Thematic ETFs. In the commodities section, Gold ETPs collected total net inflows of $201m during the month of September.
Turnover Review: On-exchange activity soars
Asia-Pacific ETP turnover totaled $10.2bn for the last week, 10.9% up from previous week’s total and 113.6% up from last year’s weekly average. South Korea continues to be on top of the turnover ranking with $5.1bn (up 3.2%), followed by China ($1.8bn, up 47.8%), Hong Kong ($1.4bn, down 14.4%), Japan ($1.1bn, up 59.1%), and Taiwan ($247m, down 6.8%). Among Equity ETFs, Emerging Country, Short Strategy, Asia Pac Developed Country and Leveraged Strategy ETFs had total turnover of $3bn, $2.2bn, $2.1bn and $2bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $426m, 70.3% up from last week.
Asset Under Management Review
Last week, Asia-Pacific ETP AUM ended at $87.9bn with a small increase of 1% over the previous week. On a year to date basis, Asia-Pacific ETP market is $3.7bn or 4.5% above last year’s closing.
to request report
Source: Deutsche Bank - Equity Research - Asia Pacific
Philippine Bourse Plans ETFs to Boost Market Trading Volumes
October 5, 2011--The Philippine Stock Exchange is aiming to introduce exchange-traded funds and securities lending to lure overseas investors to one of Asia’s smallest stock markets, according to President Hans Sicat.
The bourse, which lengthened its trading day by an hour to 1 p.m. starting Oct. 3, is in talks with government agencies to introduce ETFs and “a system for borrowing and lending securities to increase trading activity,” Sicat said in an interview in Manila yesterday. ETFs are exchange-listed products that mirror indexes, commodities, bonds and currencies and allow investors to buy and sell them like stocks.
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Source: Bloomberg BusinessWeek
Thai bourse holds campaign to promote ETF trading via Internet
October 3, 2011--- Settrade.com Co., Ltd. (Settrade), a subsidiary of
The Stock Exchange of Thailand (SET) , holds a campaign "Win 30-Baht gold
through ETF" to promote Internet trading of exchange-traded funds (ETFs) from October 1 to December 31.
Settrade, the operator of Internet trading platforms for trading equities and derivatives, and investment technology for securities companies, joins with 31 brokers and sub-brokers to launch the campaign to stimulate ETF trading volume via the Internet, said Pakorn Peetathawatchai, a director of Settrade.
"ETF is an alternative investment gaining popularity among investors. At the end of August, ETF trading volume was up 22.35 percent from the end of last year, with a net asset growth of 29.64 percent. This year, there are two newly-launched ETFs, which are KTAM Gold ETF Tracker (GLD) and ThaiDex SET High Dividend ETF (1DIV), and we expect more ETFs will be launched soon," Pakorn added.
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Source: The Stock Exchange of Thailand (SET)
SZSE Industry Chain Indices To Be Launched
September 29, 2011--SZSE and CSI announced today that SZSE Industry Chain Indices are to be launched on Oct 18rd 2011. SZSE Industry Chain Indices comprises 3 indice: SZSE Upstream Industry Index、SZSE Midstream Industry Index and SZSE Downstream Industry Index .
Within Stocks in A shares listed at Shenzhen Stock Exchanges, SZSE Industry Chain Indices comprises top stocks on the basis of market capitalization as well as Industry Chain characteristic. The base date of the CSI Industry Chain indices is Dec 31st 2002 and the base value is 1000.
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Source: Shenzhen Stock Exchange
Mirae Ponders HK Hedge Fund Expansion
September 29. 2011-- Korean asset manager Mirae Asset Global Investments is pondering a move into the Hong Kong hedge fund market. Woong Park, chief executive of Mirae Asset Global Investments (HK),
says the group already runs quasi hedge funds managed in Hong Kong and domiciled in Korea, but plans to set up a proper hedge fund business on the Hong Kong market.
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Source: FT.com
Renminbi tops euro for bond issuance
September 29, 2011--The Chinese renminbi was a more popular currency for company bond sales than the euro for the first time in the third quarter, underlining the debilitating effect of the eurozone’s sovereign debt crisis, while China has nurtured its own, potentially huge bond market.
Renminbi-denominated corporate bond issuance by non-financial companies remained relatively steady at Rmb200 billion ($31.1 billion) in the third quarter, while euro-denominated sales more than halved to $26.4 billion, according to Dealogic, a data provider. The shift is largely due to the severe stresses in Europe’s financial system, but also reflects Chinese efforts to develop and internationalize its own capital markets.
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Source: FT.com
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