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IMF Working paper-ASEAN5 Bond Market Development: Where Does it Stand? Where is it Going?
June 13, 2011--Summary: Since the Asian crisis, ASEAN5 countries have expended considerable effort in trying to develop their domestic bond markets. Yet today these markets are not much larger, relative to GDP, than they were a decade before. How can we explain this? And does this mean that domestic markets have not, in fact, developed? The paper argues that bond market growth has been held back by a sharp fall in investment rates, which has left firms with little need for bond borrowing.
Even so, markets have developed in other ways, to such an extent that substantial amounts of foreign portfolio investment have begun to flow into ASEAN5 bonds. These developments have important ramifications. With the investor base growing and infrastructure investment likely to rise, ASEAN5 bond markets could expand rapidly over the next decade, holding out the prospect that the region could finally achieve "twin engine" financial systems.
view the IMF Working paper-ASEAN5 Bond Market Development: Where Does it Stand? Where is it Going?
Source: IMF
China inflation at 34-month high on rising food prices
June 13, 2011--Inflation in China hit its highest level in 34 months despite the government's efforts to rein in rising prices.
Consumer prices in China rose by 5.5% in May, compared with the same month last year, according to the National Bureau of Statistics.
Food prices continued to be the biggest factor as they surged by 11.7%
The rising cost of food and commodities have pushed up the cost of living and become a hot political issue in China.
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Source: BBC.com
Bank of Korea Raises Benchmark Interest Rate to 3.25% to Tame Inflation
June 10, 2011-The Bank of Korea raised interest rates for a third time this year to rein in inflation that has exceeded its target range and curb record household debt.
Governor Kim Choong Soo boosted the benchmark seven-day repurchase rate to 3.25 percent from 3 percent, following quarter-percent increases in January and March, the central bank said in a statement in Seoul today. Kim said the decision was unanimous. Eight of 17 economists surveyed by Bloomberg News predicted the decision with the rest expecting no change.
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Source: Bloomberg
Overview of major banks' financial results as of March 31, 2011
June 10, 2011--Following the announcements by major banks, etc. of their financial results as of March 31, 2011, the FSA has compiled the figures, etc. announced by these banks
view the Overview of major banks' financial results
as of March 31, 2011
view the Financial Statements of Major banks; March 31, 2011
Source: FSA Japan
Turf lock on commodity ETFs
June 10, 2011-- The Securities and Exchange Board of India (Sebi) and the Forward Markets Commission (FMC) have reached an understanding that the capital markets regulator will not clear any more commodity asset-based exchange traded funds (ETFs) till they sort out their disagreement over who should regulate the product.
At present, ETFs come under Sebi’s purview.
The FMC, which is the regulator for the commodity futures markets, has argued that it has the right to regulate gold and silver exchange traded funds since the underlying asset is a commodity which comes under its bailiwick.
FMC chairman B.C. Khatua told reporters here today that the two regulators had agreed to resolve their differences through dialogue.
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Source: The Telegraph
SSE Fundamental Indexes to Be Launched(
June 9, 2011--To further enhance the SSE index family as well as to provide new analysis tool and underlying instrument for investors,
Shanghai Stock Exchange and China Securities Index Co Ltd announced that the SSE Fundamental Indexes are to be launched on July 1, 2011.
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Source: Shanghai Securities News
ASX launches free online ETF courses
June 9, 2011--The Australian Securities Exchange (ASX) has launched seven new and free online courses designed to help investors understand exchange-traded funds (ETFs).
ETFs and exchange-traded commodities (ETCs) invest in a portfolio of securities, providing investors with
diversification in a single transaction. They can be bought and sold on exchange just like shares. The expanding range of ETFs and ETCs allows investors to gain exposure to Australian companies, overseas stocks, listed property, currencies and precious metals, including gold.
Tony Hunter, ASX Head of Education, said: “The new ASX courses explain the essentials of investing in ETFs and explain how ETFs traded on ASX work.
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Source: ASX
Developing ASEAN5 Bond Markets: What Still Needs to be Done? IMF Working paper
June 9, 2011--This paper examines a range of issues relating to bond markets in the ASEAN5 (Indonesia, Malaysia, Philippines, Singapore and Thailand) - physical infrastructure including trading, clearing and settlement; regulation, supervision and legal underpinnings; and derivatives markets - and finds that the frameworks compare well with other Emerging Markets, following a decade of reform.
A number of areas where further enhancements could be made are highlighted. The paper also examines the interrelationship between central bank management of short-term interest rates and domestic currency liquidity, and development of the wider money and bond markets; and suggests some lessons from the recent crisis in developed country financial markets which may be important for the future development of the ASEAN5 markets.
view the IMF Working paper-Developing ASEAN5 Bond Markets: What Still Needs to be Done?
Source: IMF
SSEF Index Series to Be Launched on Jul.
June 9, 2011--The Shanghai Stock Exchange (SSE) and China Securities Index Co., Ltd. (CSI) have recently announced that the SSEF Index Series will be officially launched on July 1, 2011. The Series are made up of SSEF 200 Index, SSEF 300 Index and SSEF 500 Index.
Out of all A-share SSE-listed companies, the top 200, the middle 300 and the top 500 ones in terms of fundamental value (FV) will be respectively handpicked to be the constituent companies of the Series. The fundamental value will be measured through four financial indicators, namely business income, cash flow, net assets and dividend. The weight of the constituent is determined by its fundamental value, thus breaking off the relation between the price of the constituent and its weight in the traditional market capitalization-based index and preventing, to some extent, the phenomenon of excessive overvalued stocks in the conventional market value-based index. For details of the index compilation scheme, please refer to the SSE website (www.sse.com.cn) and CSI website (www.csindex.com.cn).
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Source: Shanghai Securities News
DB - Equity Research - Asia Pacific ETF Weekly Review : Robust inflows of $2.7bn but assets remain flat
June 9, 2011--Market Review
Last week, Australia reported its biggest quarterly fall in gross domestic product in 20 years saying its economy contracted by 1.2% in the first three months of the year. This was due to the fact that the twin natural disasters, floods and cyclones, had hurt Australia's economy hard earlier this year. The news impacted the S&P ASX 200 also and it declined by 2.15% in the last week. Other markets in the region were mixed as Japan (NKY) lost 0.31%, Korea (KOSPI2) gained 0.54%, China (CSI300) advanced by 0.78%, Hong Kong (HSI) was down by 0.73% and Singapore (FSSTI) appreciated by 0.32%.
As global ETP providers are looking to increase their product range in the Asia-Pacific market, Blackrock launched two new fixed income ETFs on Singapore Exchange during last week. These ETFs track the Barclays Capital Asia Local Currency Diversified Bond Index and the J.P. Morgan USD Asia Credit Bond Index, respectively, providing exposure to corporate and sovereign debt issuers across Asia.
ETP Monthly Flows: Robust cash flows of $2.7bn
Asia-Pacific ETP market witnessed strong cash flows of $2.7bn in the month of May which is the highest monthly flows since the start of 2011. Total monthly flows were primarily contributed by Equity ETPs with $2.6bn of inflows. Among other asset classes, this was the fourth month in a row when Commodity ETPs have witnessed cash inflows while Fixed Income ETPs have had four consecutive months of cash outflows over the same period. We believe that cash flows in the Asia-Pacific region have been driven mostly by increased product adoption rather than by pure asset allocations.
This year, from January to May, Commodity ETPs have recorded monthly cash flows of -$19m, $56m, $106m, $100m and $91m, respectively; whereas for the same respective months Fixed Income ETPs have recorded $55m, -$86m, -$22m, -$31m and -$15m of flows. Within Equity products, Asia Pac Developed Country ETPs and Emerging Country ETPs recorded $1.2bn and $1.1bn of inflows respectively. In the Commodity category, Gold and Silver had positive flows of $49m and $44m, respectively. Year-to-date cash flows climbed to $3.5bn with the May month boost.
Turnover Review: On Exchange activity above $5bn
Similar to the previous week, Asia-Pacific weekly turnover was above $5bn ending the last week with a total of $5.3bn. Major activities were in Hong Kong ($1.4bn, 10.7% up), China ($1.2bn, 8.2% up), Korea ($1.1bn, 1.6% down), Japan ($786m, 6.9% up) and Singapore ($353m, 1.4% down) markets. Asia Pac Developed Country ETPs experienced the largest week-over-week turnover increase trading an additional $149m or 13.2% up from the previous week.
Asset Under Management Review: AUM remain sticky at $87bn
For the past six weeks Asia-Pacific ETP assets are hovering around $87bn and did not experience strong growth. Nevertheless, since the start of the year, frequent new product launches in the region have been adding to the total ETP assets which have grown by 3.6% or $3bn year-to-date.
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Source: Deutsche Bank - Equity Research - Asia
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