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DB - Equity Research - Asia Pacific ETF Weekly Review: ETP AUM added $2.9bn amid market recovery
October 17, 2011--Market Review
Asia-Pacific markets experienced some respite from continuous downfall in the past several weeks and had a positive week across all the major markets. From north to south, Japan (Nikkei 225) gained 1.65%, Korea (KOSPI2) increased by 4.08%, China (CSI 300) advanced by 2.81%, Hong Kong (HSI) grew by 4.49%, Singapore (FSSTI) rose by 3.93% and Australia (S&P/ASX 200) climbed by 1.03% over the week ending on last Friday.
New Launch Review
Two new products were launched in the Asia-Pacific ETP market during last week. One Asset Management Ltd listed one gold ETF on Stock Exchange of Thailand and Penghua Fund Management Co Ltd listed Penghua SSE Non-SOE Index ETF on Shenzhen Stock Exchange tracking the SSE Non-State Owned Enterprises Index. (See Figure 4 for further details)
Turnover Review
Asia-Pacific ETP turnover totaled $7.8bn for the last week, 17.7% up from previous week's total and 63% up from last year's weekly average. South Korea continues to be on top of the turnover ranking with $3.4bn (down 12.1%), followed by China ($1.6bn, no activity last week), Hong Kong ($1.4bn, up 33.1%), Japan ($906m, down 17.2%), and Australia ($154m, down 9.3%). Among Equity ETFs, Emerging Country, Short Strategy, Asia Pac Developed Country and Leveraged Strategy ETFs had total turnover of $3.2bn, $1.6bn, $1.3bn and $1.3bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $111m, 29.5% down from last week.
Assets Under Management Review
As markets recovered last week, Asia-Pacific ETP AUM reached $91.4bn with an increase of 3.3% over the previous week. On a year to date basis, the Asia-Pacific ETP market is $7.2bn or 8.5% above last year's closing.
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Source: Deutsche Bank - Equity Research - Asia Pacific
China inflation dips, yet policy on pause
Headline inflation ticks lower, in line with expectations
Inflation not far from July peak, no room to ease policy
Increases in food prices still a concern
Money supply growth weakest since 2001
October 14, 2011--China's consumer inflation dipped to 6.1 percent in September, retreating further from three-year highs, although stubborn food price pressures will deter the central bank from loosening its policy reins anytime soon.
Since inflation is still close to the three-year peak of 6.5 percent hit in July, few analysts believe China will follow the likes of Brazil, Indonesia and Singapore and ease policy in the near-term, barring a marked deterioration in Europe's debt woes.
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Source: Reuters
Indian Bonds Fall On Concerns Over Inflation; Rupee Rises
October 14, 2011--Indian government bonds ended lower Friday after the inflation rate for September, though in line with market expectations, came in above 9% for the 10th consecutive month, raising expectations of an interest rate hike by the Reserve Bank of India later this month.
However, they ended after recouping some of their intraday losses as a combination of in-line cutoff yields and a devolvement at the central bank's INR130 billion auction sparked talks of the Reserve Bank of India rejecting bond bids at yields beyond the government's comfort zone.
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Source: Reuters
China Stocks' 20% Surge Leads Asia as Government Acts on Crisis
October 14, 2011--The Hang Seng China Enterprises Index became the first of Asia's major equity benchmark gauges to exit a bear market as the Chinese government bought bank shares and pledged support for small business, spurring the biggest rally in three years.
Zijin Mining Group Co., Anhui Conch Cement Co. and Agricultural Bank of China Ltd. have rallied more than 39 percent since Oct. 4, sending the gauge of Chinese companies in Hong Kong to a 21 percent advance. The surge trimmed the 2011 loss for the H-share index to 23 percent.
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Source: Bloomberg BusinessWeek
India gold ETF demand likely to explode - WGC
October 13, 2011--Demand for gold exchange traded funds (ETF) in India is likely to "explode" as investors get accustomed to "click-and-park" mode of investing, shying away from sagging stock markets and as high inflation eats into bank savings, a trade body head told Reuters on Thursday.
"Clearly people are seeing convenience in the form of ETF, going through the same broker which he has for equities," said Ajay Mitra, managing director - India and the Middle East, World Gold Council (WGC).
In the last four years, volumes in gold ETFs have grown over 164 percent.
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Source: Reuters
Asia Needs to Navigate the Uncertain Global Environment and Build Inclusive Growth, Says the IMF’s Asia-Pacific Regional Economic Outlook
October 13, 2011--Fears about the spillovers from global growth amid still high inflation pressures in much of the region mean that policymakers in Asia face a delicate balancing act, the International Monetary Fund (IMF) said in its latest Regional Economic Outlook (REO) for Asia and the Pacific, which was released in Asia today.
Growth in Asia has moderated since the second quarter of 2011, mainly reflecting a weakening of external demand. Domestic demand is still resilient, and it should continue to sustain activity across the region, contributing to relatively robust growth of 6.3 percent in 2011 and 6.7 percent in 2012 on average, slightly below our forecast last April. In Japan, the tragic earthquake and tsunami earlier this year had grave social and humanitarian costs and also set back the recovery; however, domestic demand is picking up as reconstruction efforts get under way and growth is expected to reach 2.3 percent next year. Meanwhile, inflation pressures have been elevated in a number of other Asian economies amid accommodative financial conditions, but should recede as food and energy prices gradually moderate.
S&P/ASX Australian Fixed Income Index Series Launched
A comprehensive benchmark series that is independent, transparent and local
October 13, 2011--S&P Indices and the Australian Securities Exchange (ASX) today launched a comprehensive package of benchmarking tools for fixed interest investments in Australia: The S&P/ASX Australian Fixed Income Index Series.
The launch of the S&P/ASX Australian Fixed Income Series will complement Australia's official S&P/ASX Equity Index Series, providing a complete offering across the key asset classes of cash, fixed income and equities.
The S&P/ASX Australian Fixed Income Index Series is a broad benchmark suite of indices designed to measure the performance of the Australian short-term money market and the Australian bond market which meet the index eligibility criteria.
The S&P/ASX Australian Fixed Income Index Series comprises:
The S&P/ASX Australian Fixed Interest Index – the flagship bond index, measuring the performance of the Australian bond market and the sub-sector indices
The S&P/ASX Government Bond Index
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Source: S&P Indices
China Export Growth Dwindles to Slowest Pace in Seven Months as Yuan Gains
October 13, 2011--China’s exports rose the least in seven months and the customs bureau warned of “severe” challenges as the global economic outlook dims, giving Premier Wen Jiabao’s government less incentive to let the yuan rise.
Exports rose a less-than-forecast 17.1 percent in September from a year earlier, the bureau’s data showed in Beijing. The trade surplus was $14.51 billion, the smallest since May. Growth in shipments to Europe, China’s biggest export market, slumped to 9.8 percent, from 22 percent, amid the sovereign-debt crisis in euro-region nations.
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Source: Bloomberg
Chinese Reveal Size of Copper Inventory
October 12, 2011--China has for the first time revealed the estimated size of its copper inventories, shedding light on one of the commodity market’s biggest mysteries.
Chinese copper inventories stood at 1.9 million tons at the end of 2010, more than the US consumes in a year, according to estimates by the state-backed China Non-Ferrous Metals Industry Association. The estimate is significantly higher than the 1.0-1.5 million tons range that foreign executives have assumed in the past.
The estimates, which were announced at a recent meeting of the International Copper Study Group but have not been made public, imply that real Chinese copper demand may have been lower than thought in recent years.
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Source: FT.com
Fidessa examines impact of liquidity fragmentation on Australia’s broker community
Second white paper in Australia series looks at opportunities and challenges facing local sell-side firms
October 12, 2011--Fidessa group pl provider of high-performance trading, investment management and information solutions for the world’s financial community, has today published the second in its series of white papers looking at issues raised by the new market integrity legislation in Australia.
Entitled Stuck in the Middle with You? A look at the future for brokers in Australia’s new trading landscape, the paper draws on Fidessa’s global experience to consider the challenges and opportunities brokers and banks will face and outlines the changes they need to consider if they are to take advantage of Australia’s new trading environment. It builds on the themes of the first paper in the series, Aussie Rules, which looked at the impact of the arrival of alternative venues in Australia, the role to be played by smart order routing (SOR) technology and the lessons to be learned from other markets.
Steve Grob, Director of Group Strategy at Fidessa and the paper’s principal author, says: “The Australian marketplace is entering a fascinating phase in its history, and there are plenty of clues about what brokers and investment banks can expect from similar developments elsewhere in the world. The journey towards a new shaped marketplace has begun and, as in other countries, although the changes will doubtless begin modestly, the effects on brokers are going to be far reaching.”
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Source: Fidessa Group
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