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IMF Working Papers-Australia's Linkages with China: Prospects and Ramifications of China's Economic Transition
May 22, 2018--China and Australia have increasingly strong links, especially through trade. These are driven by demand from China for Australian commodities (coal and iron ore) and services (tourism and education). These links are influenced by China's transition to a services-driven, consumer-led economy.
Using ANZIMF, the Australia-New Zealand Integrated Monetary and Fiscal model, three risks (both upside and downside) to China during this transition process are considered, focusing on their spillovers to Australia. One simple takeaway is central to each risk-while the real GDP response to shocks in Australia typically is small, responses in demand components or sectors are usually much larger-along with three further takeaways, all of which help in the analysis of Australia in relation to any risk emanating from China.
Hang Seng Indexes launches Big Bay Area Composite index
May 21, 2018--Hang Seng Indexes Company Limited ('Hang Seng Indexes') will launch the Hang Seng Stock Connect Big Bay Area Composite Index on 21 May 2018 (Monday).
The index aims to reflect the performance of companies that are listed in Hong Kong and/or mainland China and that mainly operate in the Guangdong-Hong Kong-Macao Big Bay Area ('Big Bay
Area'). The Big Bay Area encompasses nine cities and two Special Administrative Regions ('SARs'),
namely Hong Kong, Macao, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Zhaoqing, Huizhou and Jiangmen.
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Source: Hang Seng Indexes Company Limited
International Focus: Looking at Last Month in the Korean Equity Market
May 18, 2018--Global stock markets finished up in April, but performances were mixed by region. Developed markets were bullish, namely the eurozone states Italy, France, UK, Germany and Spain.
Meanwhile, emerging economies such as Russia, Indonesia, China and Taiwan stock exchanges retreated on a bearish note.
Concerns about a US-China trade war, the spread of geopolitical risks involving the US, Syria and Russia, in addition to the pullbacks of Facebook, Amazon, Netflix and Google, dubbed the FANG stocks, appear to have sapped the appetite for risk assets.
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Source: Korea Investment Management, portfolio manager of the AdvisorShares KIM Korea Equity ETF
HONG KONG: SFC Concludes Consultation on New OFC Rules and OFC Code
May 18, 2018--On 8th May 2018, the Securities and Futures Commission (SFC) released consultation conclusions on the proposed Securities and Futures (Open-ended Fund Companies) Rules (OFC Rules) and Code on Open-ended Fund Companies (OFC Code) which set out detailed legal and regulatory requirements for the new open-ended fund company (OFC) structure.
This will enable investment funds to be established in corporate form in Hong Kong, in addition to the current unit trust form.
After considering market feedback, the SFC will implement the proposals set out in the consultation paper with certain modifications and clarifications.
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Source: Hong Kong Securities and Futures Commission
BetaShares Australian ETF Review-April 2018
May 16, 2018--Industry returns to growth, aided by strong markets
After last month's rare industry dip, the Australian ETF industry returned to its growing ways this month, aided by strong performance in both global and Australian sharemarkets-reaching a record high in FuM of $37.9B.
Market cap
ASX Exchange Traded Funds Market Cap: $37.9B-New Record High
Market cap growth for month: +3.6%, $1, 307m
Market cap growth for the last 12 months: 34%,+ $9.6B
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Source: BetaShares
IMF Staff Completes 2018 Article IV Mission to Singapore
May 16, 2018-- Singapore's economy strengthened markedly in 2017, with GDP growth projected to moderate in 2018 at 2.9%.
A successful transition of Singapore's economy to an innovation-based growth model could help raise productivity and investment, and exert positive spillovers for ASEAN and beyond.
The team supports further data dependent normalization of monetary policy during 2018-19 and the expansionary fiscal policy.
An International Monetary Fund (IMF) team led by Alex Mourmouras visited Singapore from May 3 to May 15 to hold discussions in the context of the country's 2018 Article IV Consultation.
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Source: IMF
Japan's economy shrinks for first time in two years
May 16, 2018--Japan's economy shrank in the first quarter of 2018 for the first time in two years, ending the longest stretch of economic growth since the 1980s.
The world's third biggest economy contracted at an annualised rate of 0.6%, official data showed.
Expectations were for an annualised contraction of 0.2%.
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Source: BBC
JPMorgan Seeks Majority Stake in China Fund Management Venture
May 14, 2018--Applied for securities JV control last week, following UBS
China pledged to allow majority ownership of joint ventures
JPMorgan Chase & Co. said it plans to take a majority stake in its Chinese fund management joint venture, the second move by the U.S. bank in the past week to take advantage of Beijing's commitment to open its financial markets to foreign firms.
The New York-based bank is seeking the higher stake in Shanghai-based China International Fund Management Co.,...
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Source: Bloomberg
Vanguard launches first ETF in Hong Kong in three years
May 14, 2018--Vanguard Group (Vanguard) has launched its sixth exchange-traded fund (ETF) in Hong Kong-and its first in the city in three years-with a fund that provides investors access to major globally-listed Chinese stocks.
The Vanguard Total China Index ETF tracks the FTSE Total China Connect Index which covers 73% of Mainland stocks that are listed in Asia and the US, Vanguard says in a statement on May 10,when the ETF debuted on the Hong Kong Stock Exchange (HKEX).
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Source: asiaasset.com
JPMorgan applies to re-enter China securities market
May 11, 2018--JPMorgan Chase has applied to re-enter China's securities market with a controlling stake in a joint venture after exiting two years ago.
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Source: FT.com