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Japan Market Finds Support As BOJ Steps Up ETF Buying
BOJ steps up buying of ETFs in August
Japanese equity market finds psychological support from the ETF buying
ETF buying is different from previous price-keeping operations in size, impact and objective August 12, 2011--
As investors across the world shuddered in response to the wrenching sell-off in equities this week, some said the Bank of Japan is providing psychological reassurance to the country's stock market with its stepped-up purchases of exchange-traded funds.
On both Aug. 9 and Aug. 11, the central bank bought Y25.6 billion--a single-day record--in ETFs that track the Nikkei 225 Stock Average and the broader Topix index. This month alone, the BOJ has purchased Y147.6 billion, making up about 30% of the total amount of ETFs it has bought since mid-December.
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Source: Fox Business News
ASIC pushes for greater CFD disclosure
August 12, 2011--ASIC today released new disclosure benchmarks for contracts for difference (CFDs) that aim to improve disclosure and investor awareness about risks of these products.
The guidance also covers margin foreign exchange contracts.
In Australia, most CFDs are issued as over-the-counter (OTC) products, making them increasingly accessible and popular with retail investors. But CFDs are a high-risk financial product and their complexity means they are unlikely to meet the investment needs of many retail investors.
ASIC Chairman Greg Medcraft said action was needed to ensure people considering CFDs are aware of the downside as well as the upside.
‘CFDs are extremely risky financial products. Most investors don't understand that complexity and they don't get independent financial advice. That means we need CFD issuers to do a much better job of spelling out to investors the risks as well as the rewards of these complex products,’ Mr Medcraft says.
‘ASIC’s number one priority is ensuring investors and financial consumers are confident and informed. We want issuers to work harder to ensure people investing in CFDs better understand what they are getting into – before they start trading.’
Asia stocks mixed at end of rocky week
August 12, 2011--Asian stocks were mixed on Friday as early gains on the back of rallies in the United States and Europe were sold as markets remained volatile at the end of a rollercoaster week.
Tokyo lost 0.20%, or 18.22 points, to 8 963.72 and Seoul was down 1.33%, or 24.13 points, at 1 793.31 while Sydney added 0.78%, or 31.8 points, to 4 172.6 and Hong Kong added 0.84% in the afternoon.
Shanghai was up 0.31% in the afternoon.
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Source: FIN24
Japan Slashes GDP Forecast
August 12, 2011--Japan cut its growth forecast for this year after a record earthquake disrupted output and depressed consumer spending.
Gross domestic product will increase 0.5percent in the year started April 1, compared with a January forecast for a 1.5 percent expansion, the Cabinet Office said in Tokyo today. GDP will increase 2.7 percent to 2.9 percent in the following year as the nation rebuilds from the March 11 catastrophe, according to the report.
Source: Bloomberg
New Zealand -Government releases draft securities bill
August 11, 2011--Commerce Minister Simon Power today released the draft version of a bill that stems from the comprehensive review of securities law.
"I'm releasing this bill in draft form to ensure that decisions from this once-in-a-generation opportunity to re-write our securities law are enduring for years to come," Mr Power said.
The new legislation will play a crucial role in restoring confidence in our financial markets by providing better protections for mum and dad investors, and clearer rules for companies looking to raise capital.
"The draft bill takes into account the work of the Capital Market Development Taskforce, the effects of the global financial crisis, and the failure of finance companies, and aims to be a one-stop shop for securities law."
The Financial Markets (Conduct) Bill reflects Cabinet decisions announced in March and June of this year, which include:
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Source: Yahoo News NZ
China urges action on EU and US debt, to keep yuan policy
August 11, 2011--China is worried about challenges that the European Union faces in the next two months and urged the bloc as well as the United States to hold down government debt, its trade minister said on Friday.
Speaking at a meeting of Southeast Asian trade ministers, Chen Deming called on governments in the United States and Europe, China's top two trading partners, to act responsibly and get their fiscal houses in order. "We support stabilizing measures taken by relevant countries, but we hope these countries will take measures to control their government debt proportion and take bigger responsibilities," Chen said. "We are also concerned about new challenges facing European countries in August and September," he said, but did not elaborate.
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Source: Today's Zaman
Renminbi’s rise fuels talk of China policy shift
August 11, 2011--A sharp appreciation in the renminbi against the dollar in recent days – at a time when most other emerging market currencies have been falling – has prompted traders to ask whether Beijing has adopted an aggressive new stance on its currency.
Over the past four days the renminbi strengthened 0.7 per cent against the dollar – a small move by the standards of most currencies but a large one for the Chinese currency, which is tightly controlled by the government.
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Source: FT.com
China inflation rises to 6.5% in July
August 9, 2011--Chinese inflation accelerated in July as consumer prices rose 6.5 per cent from a year earlier, up from 6.4 per cent in June and the fastest increase since June 2008.
The price rise was driven mostly by volatile and politically sensitive food prices, which soared 14.8 per cent in July from a year earlier, up from a 14.4 per cent annual increase in June, according to data released by China’s National Bureau of Statistics on Tuesday.
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Source: FT.com
Asia stock sell-off deepens
August 9, 2011--Fear gripped Asian markets following a rout in the United States stock market overnight, sending equities and currencies tumbling as investors grew increasingly pessimistic about the outlook for the global economy.
The FTSE All World Asia Pacific excluding Japan index was down 5.2 per cent by mid-morning in Hong Kong, entering bear market territory having now dropped more than 20 per cent since its peak in May.
The Hang Seng was the biggest decliner among Asia's top stock indices, down 7.2 per cent - taking its lead from the sharpest fall in US stocks since the panic that followed the Lehman collapse in 2008.
Mr Kevin Lee, head of Korea at Newedge, said: "When the fear in 2008 was a degree of 10, we feel now it is 8. It is a major tumble."
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Source: Today Online
Australian stocks in stunning turnaround
August 9, 2011--Australian stocks staged a stunning turnaround on Tuesday, bouncing back from a more than 5.5% slump to end in the black on hopes the US Federal Reserve may outline plans for a new stimulus package.
The market plunged sharply at the open in reaction to carnage in New York and Europe linked to the US debt downgrade by Standard & Poor's, and continued to fall as fear took hold, hitting new two-year lows.
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Source: FIN24
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