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DB Global Equity Index & ETF Research-- Asia-Pacific ETP Market Weekly Review
September 7, 2010--Market Overview
There are 231 equity based ETFs in the Asia Pacific region with 324 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 39.18% of the whole market, whilst China has the largest market share by turnover with 38.68%.
There were three new ETFs listed in the previous week. Deutsche Bank listed two new commodity future based ETFs in Singapore SE and Prudential ICICI Asset Management listed one new Gold ETF in NSE (India).
Turnover
Monthly average daily turnover declined 2.4% in the last week. Turnover for the previous week was USD 835m. The largest ETF by turnover was the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker issued by BlackRock with USD 142m accounting for 17.0% of total turnover.
Assets Under Management
AUM rose 1.3% in the previous week. AUM as of Sep 3rd were USD 63.6bn. The largest ETF by AUM is the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker, managed by BlackRock, with AUM of USD 6.8bn.
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Japan start up bourse still awaits first listing
September 7, 2010--More than a year after its launch, the Tokyo and London stock exchanges’ Japanese joint venture bourse for start up companies is still waiting for its first listing.
The TSE said the bourse has been trying to rectify the problem by talking directly with foreign financial companies, such as boutique investment banks and accountancy firms with experience in markets such as London’s Aim, to come to Japan as nominated advisers (“nomads”), which guide the companies during and after listing on Tokyo Aim.
India & Pakistan Rupee Rises a Fourth Day as Faster Growth Draws Funds to India's Stocks
September 6, 2010--India’s rupee gained for a fourth day, the longest winning streak in a month, on speculation accelerating economic growth will draw more funds from abroad.
The currency touched a two-week high after overseas funds boosted their holdings of Indian equities to a record $85.8 billion on Sept. 2, having bought more shares than they sold every week since May.
The Bombay Stock Exchange’s Sensitive Index has advanced 2.4 percent since the government on Aug. 31 said the economy expanded 8.8 percent in the last quarter, the most since 2007. The rupee was also supported after the dollar fell last week against all but one of 16 major currencies.
SZSE releases ETF risk management guidelines for maintaining steady and healthy development
September 3, 2010--The foundation of ETF products development is to build up perfect risk management system and practically carry out all kinds of risk prevention and disposal measures. The SZSE has attached much importance to innovation and development of funds business during the course of pushing forward multi-layered capital market construction.
And the SZSE also commits to pushing market system building and products innovation while unceasingly perfect LOF business platform, enriching various innovation funds products. At the same time, the SZSE has always put risk prevention in the first place while paying much attention to market development. In order to uphold the safe operation of ETF market and promote the steady and healthy development of the market, the SZSE has enacted the “Guidelines of the Shenzhen Stock Exchange for Risk Management of Exchange Traded Funds” by deepened analysis on risk factors and fully communicating with ETF management institutions at home and abroad.
The “Guidelines” put forward the specific requirements in terms of arrangement of personnel operating ETF businesses in fund management companies, technology, system preparation, information production, disclosure procedure and real-time risk monitoring, and so on. The SZSE also will perfect risk control measures jointly with fund management companies, take the further step to strengthen ETF risk management work, better place the foundation for the long-term development of ETF products according to the requirement of the “Guidelines”.
European Business in China Position Paper 2010/2011
September 2, 2010--Executive Summary
Improved market access and a more level playing field are necessary to achieve China’s transition to a more balanced growth model.
1. Crisis & Recovery
1.1. A New Model: In Crisis, Opportunity
Despite the state of the global economy in 2009, China achieved 9.1 percent year-on-year growth and 11.1 percent in the first half of 2010. This growth was spurred by a four trillion RMB fiscal stimulus and a loose monetary policy, benefitting both China and the world at large. As China and the rest of the world recover from the crisis, China’s leadership has stated its priority of transitioning from its previous investment and export-driven growth model to a more sustainable one based on the concepts of “balanced growth”, “innovative society” and “harmonious society.” 1
Taken together, these macro goals entail:
• Ensuring social stability
Developing a vibrant modern service sector
Developing domestic consumption
Urbanisation and developing rural areas
Developing into a low carbon and energy efficient economy
Deepening reform of the market economy and increasing competition
1.2. Foreign investment, a key factor to sustainable growth
EU business clearly has the potential to contribute to this policy through its investments. In 2008 less than 3% of EU outbound foreign direct investment (FDI) went to China.2 This is not because European companies do not want to expand their China operations including in the central and western parts of the country, but rather because they face obstacles or risks in excess of what their boards and stakeholders will allow them to bear. The European Chamber looks forward to the practical implementation of the State Council pronouncements on April 2010, on encouraging foreign investment as a means to furthering long-term development goals.3
The right business environment is required in order for European businesses to fully contribute:
Open: ensuring market access
Fair: non-discriminatory
Transparent: providing access to information needed to make necessary business decisions and based on dialogue
between business and policy makers
Growth provides fillip for Australian dollar
September 1, 2010--The Australian dollar surged higher on Wednesday as forecast-beating growth data dented market expectations that the Reserve Bank of Australia would cut interest rates to stimulate the economy.
Figures showed the Australian economy grew at its fastest pace in three years in the second quarter as trade with its Asian neighbours boomed and consumer spending jumped.
The Aussie dollar was further boosted by a survey revealing stronger-than-expected Chinese manufacturing activity, lifting risk appetite and alleviating fears over a potential economic slowdown in Asia.
Renminbi deposits jump at HK banks
August 31, 2010--Hong Kong’s banking system accumulated renminbi deposits at the fastest pace in more than two years in July after China took steps to boost the international use of its currency
Renminbi deposits in Hong Kong jumped 15.6 per cent from the previous month to a record Rmb103.7bn ($15.2bn) – the highest level since regulators first allowed renminbi bank accounts in the special administrative region in 2004.
Indian economy shows 8.8% growth
August 31, 2010--India’s economy grew a brisk 8.8 per cent in the June quarter year-on-year, its fastest pace since early 2008, highlighting the strength of the economy despite the impact of high inflation on consumer spending.
Growth during the first quarter of India’s April to March financial year accelerated from the 8.6 per cent last quarter, driven by robust manufacturing and services growth, and a pick-up in farm production.
KRX releases two new sector indices, KRX Retail & KRX Leisure on September. 1, 2010
August 31, 2010-- Base Date :?January 4, 2010
Base Value : 1,000p
Number of Constituents : KRX Retail(10), KRX Leisure(10)
Summary of the new indices
KRX Retail : consists of 10 consumer related companies (such as department stores, discount stores and home shopping companies).
KRX Leisure : consists of 10 leisure & entertainment companies (such as travel agencies, theater operators, film production companies, leisure equipment manufacturers and casinos).
BlackRock's Asian, Emerging-Market Exchange-Traded Funds Draw More Funds
August 31, 2010--Blackrock Inc. said its Asian and emerging-market exchange-traded funds are luring cash even as investors withdraw from China and Brazil portfolios, underscoring a shift toward greater diversification.
The iShares FTSE/Xinhua China 25 Index Fund has had $1.8 billion of net outflows this year to date, while the iShares MSCI Brazil Index Fund had redemptions of $967 million, Diane Hsiung, an iShares portfolio manager at BlackRock, said in a phone interview from San Francisco. In contrast, the MSCI Asia ex-Japan Index fund drew $880 million and the MSCI Emerging Markets Index fund attracted almost $2 billion.
