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DB Index Research -- Weekly ETF Market Review -- Asia-Pacific
June 22, 2010--Market Overview
There are 222 equity based ETFs in the Asia Pacific region with 310 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 41.35% of the whole market, whilst China has the largest market share by turnover with 40.13%.
There were three new listing last week. Prudential Asset Management Company Ltd launched an ETF tracking the MKF Neo Value Index in the Korea SE, and Deutsche Bank AG listed two new funds offering access to two of the major economies in the Asia-Pacific region, Japan and Australia. The latter two ETFs were listed at SGX.
Turnover
Monthly average daily turnover declined 7.2% in the last week. Turnover for the previous week was USD 948m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 167 m accounting for 17.6% of total turnover.
Assets Under Management
AUM rose 6.1% in the previous week. AUM as of June 18th was USD 64.1 bn. The largest ETF by AUM is the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker managed by BlackRock with AUM of USD 6.6bn.
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Renminbi surges in forward markets Extension of Trading Hours in Evening Session, starting from July 20, 2010 HK and China share price gap vanishes
But in recent days the average price gap has shrunk to zero – and on Friday, for the first time since November 2006, A shares were trading at a discount to H shares. World Bank remains upbeat about China’s growth prospects
Export volumes have recovered rapidly since the trough in early 2009. Nevertheless, China’s trade surplus has declined further due to surging import volumes and declining terms of trade. Inflation has picked up somewhat, but core inflation remains low. However, soaring property prices triggered tough property-specific measures, including tightening access to mortgage financing.
The Update finds that, despite concerns about fiscal risks in some high income countries, the global growth outlook remains favorable, in large part because of the strength in emerging markets. Nonetheless, risks around this global outlook are large.
In China, after a rapid start to 2010, growth is likely to ease, mainly because of a partial normalization of the macro policy stance and the measures towards the property market introduced in April. view the
China Quarterly Update, June 2010 TSE to Begin Calculating and Publishing "Tokyo Stock Exchange REIT Property Sector Index Series" - A New Index Series Focused on REITs' Investment Property Sectors Platinum and palladium ETFs to be launched in Japan 16th June 2010
The Mitsubishi Trust, which is launching the 'Fruit of Gold' series in partnership with the Mitsubishi UFJ Trust and Banking Corporation, said precious metals are "essential resources" to Japan's jewellery and industrial sectors. The Mitsubishi Trust, which is launching the 'Fruit of Gold' series in partnership with the Mitsubishi UFJ Trust and Banking Corporation, said precious metals are "essential resources" to Japan's jewellery and industrial sectors.
ETF growth to climb as investors seek passive gains
This applies, in particular, to lower-risk asset classes, when investors are uncertain about where the market is heading.
OECD Economic Survey of Korea 2010 Chapter 2: Macroeconomic policy: the exit from fiscal and monetary stimulus Bank of Japan details $33bn loan programme Firms in growth sectors including energy, the environment and tourism will be targeted by the scheme.
The Bank of Japan also confirmed it would hold interest rates near zero.
Rates have remained at 0.1% since the end of 2008, with Japan contining to fight deflation and recover slowly from recession.
June 21, 2010--The renminbi surged in the futures market on Monday after China signalled at the weekend that it would break the currency’s two-year peg to the dollar.
While there was no change in the official renminbi exchange rate on Monday, non-deliverable forwards – instruments that allow bets on future movements of the Chinese currency – shot higher as traders bet on an appreciation.
Twelve-month forwards – the most liquid contract – rose 1 per cent to Rmb6.6425 against the dollar, implying that traders expected a 2.3 per cent appreciation over the coming year. Six-month forwards were implying a 1.3 per cent appreciation.
June 18, 2010--Please be advised that OSE will extend the trading hours of Evening Session until 23:30 from Tuesday, July 20, 2010,
in order to improve convenience for investors, as originally announced on April 28, 2010.
June 17, 2010--For the first time in more than three years, the gap between the share prices of Chinese companies dual-listed in Shanghai and Hong Kong has disappeared.
So-called A shares traded in Shanghai have traditionally sold at a wide premium to their H share counterparts traded in Hong Kong – averaging 40 per cent during the past three years.
June 18, 2010--China's economy has continued to grow robustly, with some softening recently, according to the World Bank’s latest China Quarterly Update released today.
The Update, a regular assessment of China’s economy, finds that so far in 2010 the slowdown in government-led investment (GLI) after last year’s massive stimulus has partly been offset by strong real estate investment. Household consumption growth has held up well, reflecting a favorable labor market. Leading indicators and industrial production data suggest some moderation of the pace of growth in the second quarter, although that pace is still rapid.
June 18, 2010--The Tokyo Stock Exchange will begin calculating and publishing the "Tokyo Stock Exchange REIT Property Sector Index Series", from June 21, 2010, to satisfy the diverse needs for indices in the market. This new series of REIT indices is focused on property sector invested in by REITs.
The constituent universe of the Tokyo Stock Exchange REIT Property Sector Index Series comprises all TSE-listed REIT issues. The series consists of the "Tokyo Stock Exchange REIT Office Index", "Tokyo Stock Exchange REIT Residential Index", and the "Tokyo Stock Exchange REIT Retail & Logistics, Others Index". The constituents for each index are selected based on the use of the properties subject to investment by each REIT.
June 16, 2010--Four precious metal exchange-traded funds (ETFs) will be listed on the Tokyo Stock Exchange next month, it has been confirmed.
The domestically-created platinum, palladium, gold and silver products are backed by physical commodities and are the first of their kind to be launched in Japan.
A total of 92 ETFs will be on the Tokyo market when the new additions arrive on 2nd July, taking it closer to a previously stated target of 100 by the end of the 2010 fiscal year.
June 16, 2010--Lower-risk asset exchange traded funds (ETFs) could lead Asia Pacific investments in ETFs this year, as investors seek to avoid the risk of actively-managed funds in a post-crisis environment.
Beating the market in a volatile post-crisis environment has proven difficult, and investment firm BlackRock said ETFs have started becoming more popular for investors to gain exposure to multiple asset classes.
June 15, 2010--Chapter 1: Sustaining the recovery from the global financial crisis by promoting Korea’s medium-term growth potential
Korea has achieved one of the strongest recoveries among OECD countries from the 2008 global recession, led by its robust export performance and the largest fiscal stimulus among member countries. The expansion is projected to continue through 2011 as the positive impact from external demand spreads further to the domestic economy. Sustaining high growth over the medium term requires narrowing the large labour productivity gap with more advanced OECD economies through reforms, particularly in services, where productivity is low.
The priority is to strengthen competition by eliminating domestic entry barriers, accelerating regulatory reform, upgrading competition policy and reducing barriers to trade and inflows of foreign direct investment. Such measures should be accompanied by reforms to reduce labour market dualism, which has negative consequences for growth and equity. In addition, it is important to increase labour force participation, notably among women and older persons, not least to mitigate the impact of population.
Korea’s strong recovery from the global financial crisis stems in part from an effective macroeconomic policy response. The prompt withdrawal of fiscal stimulus in 2010 will help meet the medium-term fiscal plan for reducing budget deficits. Given the increase in government spending in the past, making the targets in the plan more binding is important to help achieve the fiscal target. In addition, the broadening of tax bases would be beneficial in this regard.
June 15, 2010-Japan's central bank has announced plans to provide up to 3 trillion yen (£22bn; $33bn) in low interest loans in an effort to spur economic growth.
The bank plans to make the money available to commercial banks to encourage them to lend more to private businesses.
