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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
Chinese Banks’ Bad Debt May Hit 60% of Equity Capital, Credit Suisse Says
October 12, 2011--Loan losses at Chinese banks may climb to levels equivalent to 60 percent of their equity capital as real-estate companies and local governments fail to repay debts, according to Credit Suisse Group AG.
Nonperforming loans will probably increase to 8 percent to 12 percent of total debt in the “next few years,” causing losses amounting to 40 percent to 60 percent of Chinese banks’ equity, Hong Kong-based analysts led by Sanjay Jain at Credit Suisse wrote in a research report dated Oct. 12. Jain cut 2012 and 2013 profit estimates by as much as 25 percent and maintained an “underweight” rating on the industry.
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Source: Bloomberg
DB - Equity Research - Asia Pacific ETF Weekly Review: - ETP AUM remains flat and activity declines
October 11, 2011--Market Review
Last week, Australia (S&P/ASX 200) gained 3.85% as the Reserve Bank of Australia left its benchmark interest rate unchanged and signaled it has scope to lower the nation’s borrowing costs if necessary as inflation eases. Further, Japan (Nikkei 225) lost 1.09%, Korea (KOSPI2) dropped by 0.06%, Hong Kong (HSI) up by 0.65% and Singapore (FSSTI) declined by 1.3%. Chinese markets remained closed for a week-long holiday.
New Launch Review
In terms of new product launch activity, the Asia-Pacific market remained quiet during the preceding week and no new product was listed in any of the exchanges in the region.
Turnover Review: Activity declines amid shorter trading week
Asia-Pacific ETP turnover totaled $6.6bn for the week ending last Friday, 35.2% below the previous week’s total as Chinese exchanges remained closed for the entire week, while South Korea and Hong Kong had a shorter trading week. South Korea continues to be on top of the turnover ranking with $3.9bn (down 24.4%), followed by Japan ($1.1bn, down 36.7%), Hong Kong ($1.1bn, down 24.4%), Taiwan ($196m, down 20.5%), and Australia ($169m, up 45.6%). Among Equity asset class, Leveraged and Short Strategy ETFs had total turnover of $3.2bn, while Asia Pac Developed and Emerging Country ETFs had combined turnover of $2.9bn. Under the Commodity asset class, turnover on Gold ETPs totaled $158m, 63% down from last week.
Assets Under Management Review
Last week, Asia-Pacific ETP AUM ended at $88.5bn with a small increase of 0.6%over the previous week. On a year to date basis, Asia-Pacific ETP market is $4.3bn or 5.1% above last year’s closing.
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Source: Deutsche Bank - Equity Research - Asia Pacific
Renminbi stages biggest one-day jump in six years
October 10, 2011--The renminbi rose 0.6 per cent against the dollar, the largest jump since July 2005 when China ended a formal peg and ushered in a tightly managed exchange rate float that, for most of the time,
has seen the currency appreciate in steady but tiny
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Source: FT.com
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