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Vanguard Investments launches property ETF
October 11, 2010--Vanguard Investments Australia has announced the expansion of its range of exchange-traded funds (ETFs) by launching the Vanguard Australian Property Securities Index ETF (VAP).
VAP will join the Vanguard Australian Shares, All World ex-US shares and US Total Market Shares Index ETFs seeking to track the S&P/ASX 300 A-REIT Index.
Robyn Laidlaw, Vanguard’s ETF product manager, said in an environment where costs are playing an increasingly important role, investors are “gravitating toward transparent investment options at minimal cost”.
VAP is a share class of Vanguard’s Australian Property Securities Index Fund, which was established in October 1998 with over $2 billion in funds under management.
Source: Money Management
Formulation of “Action Plan for Invigoration, etc. of Financial/Capital Markets and Financial Industry
October 8, 2010--The Financial Services Agency (FSA) is set to work in earnest to formulate the “Action Plan for the Invigoration, etc. of Financial/Capital Markets and Financial Industry”, which is “one of the matters to be implemented in FY2010” in the timetable of the New Growth Strategy (Cabinet Decision dated June 18, 2010), according to the policy described below.
[Reference] Timetable of New Growth Strategy (Cabinet Decision dated June 18, 2010)
VII. Financial Strategy
2. Financial sector that supports growth and also attains self-growth
(1) Establish Japan’s status as a main market in Asia
Formulate an action plan for the invigoration, etc. of financial/capital markets and financial industry.
1. The financial sector is expected to fulfill the following roles in economic growth:
(1) Back up and support real economy and enterprises; and
(2) Lead economy as a growing industry itself.
2. By the end of the year, the FSA will formulate an action plan that summarizes the measures to be taken in the future to develop an environment for Japan’s financial sector to properly fulfill the two roles described above.
view Agendas of Action Plan
Source: FSA Japan
JSE ends lower on strong dollar vs euro
October 7, 2010--China sold a record $24.3bn in short-term Japanese bills in August, suggesting that their hefty buying earlier this year was not aimed at diversification into the yen as some had speculated.
Chinese investors had bought a net Y2,300bn in Japanese bills and bonds between January and July.
The surge in bond buying had triggered speculation China may be diversifying its foreign reserves away from the euro and the dollar, adding to concerns about a recent surge in the Japanese currency that is threatening Japan’s fragile economic recovery.
| Code | 1547 (ISIN JP3047260009) | 1548 (ISIN JP3047270008) | 1549 (ISIN JP3047280007) |
| Name | Listed Index Fund US Equity (S&P500) | Listed Index Fund China H-share (Hang Seng China Enterprises) | Listed Index Fund S&P CNX Nifty Futures (India Equity) |
| Trading Unit | 10 units | 10 units | 10 units |
| Underlying Index | S&P 500 | Hang Seng China Enterprises Index | SGX S&P CNX Nifty Index Futures |
With these listings, there will be a total of 96 ETFs listed on the Tokyo market, bringing us closer to the goal of 100 listed ETFs by the end of fiscal year 2010, as laid out in the Medium-Term Management Plan. The TSE will continue working to diversify the ETF market and improve the convenience of our market for all investors.
Source: Tokyo Stock Exchange
HSBC Plans Its First Persian Gulf Shariah ETFs This Year: Islamic Finance
October 6, 2010--HSBC Holdings Plc, the second-largest underwriter of Islamic bonds, plans to start its first Shariah- compliant exchange traded funds in the Persian Gulf, a region that is struggling to lure international investors.
ETFs may help local markets attract some of the $49.4 billion that EPFR Global says poured into emerging market stock funds this year. Restrictions on foreign participation in Gulf markets range from bans to caps on ownership. Investors have sidestepped most countries in the Middle East and North Africa during a recent surge in capital inflows to emerging markets because of debt restructurings, the International Monetary Fund said in a report released yesterday.
The funds will give overseas investors greater access to the region’s markets, Razi Fakih, deputy chief executive officer of HSBC’s Islamic unit in Dubai, said in a telephone interview Oct. 5. National Bank of Abu Dhabi PJSC started the Gulf’s first non-Shariah compliant ETF in March, followed by Falcom Financial Services’ Islamic fund in Saudi Arabia that month.
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Source: Bloomberg
Wen warns against renminbi pressure
October 6, 2010--Forcing Beijing to revalue its currency would lead to a “disaster for the world”, Wen Jiabao, China’s premier, has warned amid increasing tensions over efforts by governments and central banks to hold down their exchange rates.
Speaking in Brussels, Mr Wen hit back at international criticism of China’s currency policy, saying that acceding to demands for a faster rise in the renminbi could cause social unrest in China.
“Do not work to pressurise us on the renminbi rate,” Mr Wen said, departing from prepared remarks. He said Chinese export companies had very small profit margins, which could be wiped out by actions such as the currency import tariffs the US Congress is threatening to impose.
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Source: FT.com
HK eclipses rivals as the place to list
October 6, 2010--The up-to-$20.5bn initial public offering of AIG’s prized Asian business is the talk of the town in Hong Kong, but alongside that juggernaut there are dozens of other companies flocking to list in the city.
So great is the wave of listings that Hong Kong is on track for the second year in a row to eclipse its rivals Shanghai, London, and New York as the world’s biggest centre for IPOs.
But as Hong Kong stock prices surge to within striking distance of their 2009 peak, sucking in more and more investors, there are concerns among some fund managers that the market is getting too hot.
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Source: FT.com
Japan is facing an uphill struggle to weaken yen
October 6, 2010--Even if the yen was overvalued in 1995 there is little doubt that the yen is currently undervalued. Japan’s currency is now at a similar level to its peak in 1995, when it hit Y79 against the dollar. During the past 15 years while Japan’s consumer price index (CPI) fell 1 per cent, CPI in the US increased 42 per cent. So Japanese prices came down 43 per cent more than American prices.
Japanese competitiveness has increased as a result. Yet Japanese industries are not efficient, competitive nor profitable despite the facts mentioned above. There are two reasons for this.
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Source: FT.com
Singapore Exchange achieves successful month for Gold spot
October 4, 2010-- Singapore Exchange (SGX) is pleased to announce record volumes for its Gold Deferred Settlement contract, Nikkei dividend and China A50 futures contracts for the
month of September 2010.
KEY HIGHLIGHTS
Securities Market
Securities trading remains healthy month-on-month, with total securities market turnover at $38 billion for September, 20% increase from August. Daily average value for September
was $1.8 billion, 20% higher than in August.
Funds raised through new bond listings increased month-on-month to $19billion, up 39% from August.
Total market capitalisation as at 30 September 2010 is $778 billion.
Derivatives and Commodities Markets
FTSE Xinhua ChinaA50 Index futures set a record monthly volume of 42,115 contracts (approximately US$758 million notional) with open interest of 7,637 contracts (approximately US$137.5 million notional). As the only offshore futures contract on the China A-share market, the contract is well received by global investors and trades at 1%
premium over the cash index.
Since the launch of the world’s first Asian dividend futures contract on 17 June 2010, 14,132 contracts (approximately JPY42.4 billion of notional) have been traded. A record volume of 4,530 contracts(approximately JPY13.6 billion notional) for SGX Nikkei Dividend Futures contract was achieved in September 2010, with open interest of 5,511 contracts (approximately JPY16.5 billion notional).
Trading volume for Gold Deferred Settlement contract doubled to 73,949 contracts monthon-month.
The consolidated overview of the securities, derivatives and commodities markets is now
available on SGX website. Please visit:
http://www.sgx.com/wps/portal/marketplace/mp-en/prices_indices_statistics/market_statistics
Source: Singapore Exchange (SGX)
China unbending on yuan as Europe woos Asia
October 4, 2010--- China stood firm Monday on refusing to let the yuan appreciate as Europe sought a stronger global role with Asia's emerging giants at a summit representing more than half the world's population.
European Union leaders offered trade and diplomatic perks to Asian nations at the opening of a two-day Asia-Europe Meeting of 46 nations while insisting on the need for the yuan to be revalued.
But Chinese Premier Wen Jiabao, first non-EU speaker at the summit and indisputably the star guest of the talks, resisted international pressure.
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Source: EUbusiness
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