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HK and China share price gap vanishes
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.
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.
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Source: FT.com
World Bank remains upbeat about China’s growth prospects
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.
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.
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China Quarterly Update, June 2010
Source: World Bank
TSE to Begin Calculating and Publishing "Tokyo Stock Exchange REIT Property Sector Index Series" - A New Index Series Focused on REITs' Investment Property Sectors
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.
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Source: Tokyo Stock Exchange
Platinum and palladium ETFs to be launched in Japan 16th June 2010
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.
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.
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Source: Platinum Today
ETF growth to climb as investors seek passive gains
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.
This applies, in particular, to lower-risk asset classes, when investors are uncertain about where the market is heading.
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Source: Channel News Asia
OECD Economic Survey of Korea 2010
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.
Chapter 2: Macroeconomic policy: the exit from fiscal and monetary stimulus
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.
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Source: OECD
Bank of Japan details $33bn loan programme
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.
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.
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Source: BBC
DB Index Research -- Weekly ETF Market Review -- Asia-Pacific
June 14, 2010--Highlights
Market Overview
There are 219 equity based ETFs in the Asia Pacific region with 307 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 41.44% of the whole market, whilst China has the largest market share by turnover with 38.96%.
KOSEF Mid Cap Pure Value ETF, listed on Korean Stock Exchange since Jul 07, was de-listed due to insufficient assets.
Turnover
Monthly average daily turnover declined 12.8% in the last week. Turnover for the previous week was USD 1021m. The largest ETF by turnover was the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker issued by BlackRock with USD 204m accounting for 19.9% of total turnover.
Assets Under Management
AUM rose 2.1% in the previous week. AUM as of June 11th was USD 60.4 bn. The largest ETF by AUM is the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker managed by BlackRock with AUM of USD 6.3bn.
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Source: DB Index Research
4 Commodity ETFs to be Listed (Mitsubishi UFJ Trust and Banking Corporation)
June 14, 2010--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of 4 spot commodity ETFs (Gold, Platinum, Silver and Palladium), managed by Mitsubishi UFJ Trust and Banking Corporation. They will be listed on Friday, July 2, 2010.
| Code | Name | Trading Unit | Underlying Index?(current price)?*Note |
| 1540 (ISIN JP3047190008? | Japan Physical Gold ETF | 1 unit | Gold bullion |
| 1541 (ISIN JP3047200005) | Japan Physical Platinum ETF | 1 unit | Platinum bullion |
| 1542 (ISIN JP3047210004) | Japan Physical Silver ETF | 1 unit | Silver bullion |
| 1543 (ISIN JP3047220003) | Japan Physical Palladium ETF | 1 unit | Palladium bullion |
(*)Note: The underlying index price is the current price (theoretical price) calculated based on futures price at the Tokyo Commodities Exchange.
These domestically created spot commodity ETFs are backed by physical commodities and will be the first of its kind to be listed in Japan. Its underlying commodities are held domestically and investors will be able to redeem the ETFs in exchange for the physical commodity.
With these listings, there will be a total of 92 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, Inc. (TSE)
Britain's Standard Chartered lists in Mumbai
June 11, 2010--British bank Standard Chartered's Indian Depository Receipts (IDRs) traded close to their offer price in debut trading on the Mumbai stock exchange on Friday, in the first issue of its kind.
The bank, which makes most of its profits in Asia, last month raised 530 million dollars through the pioneering sale of IDRs.
IDRs are rupee-denominated certificates similar to US Depository Receipts that show ownership of shares in an overseas firm, with every 10 IDRs representing one Standard Chartered share.
Foreign companies are not allowed to list shares directly in India.
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Source: Yahoo News
