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BetaShares Australian Half Year ETF Review: June 2015
July 14, 2015--The Australian exchange traded fund (ETF) market continued its rapid growth over the first half of the year with ETF market capitalisation growing by $3.4 billion (23%) to reach a new record high of $18.4 billion at the end of the 2014/15 financial year.
Significantly, despite subdued price growth in equities markets, investors continued to support ETFs, with around $2.9 million of net new money flowing into the industry. Over the last twelve months, the industry has grown by $6.7 billion, representing a 57% increase year-on-year.
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Source: BetaShares
BOJ holds steady, trims growth forecast on soft exports
July 14, 2015--The Bank of Japan trimmed its economic growth forecast on Wednesday but held off on offering fresh stimulus, convinced that an expected pick up in consumption will help accelerate inflation toward its 2 percent target.
Defying lingering market scepticism over its rosy outlook, the central bank roughly maintained its forecasts that see inflation reaching its target in the fiscal year beginning in April 2016.
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Source: Reuters
China Stocks Slump for Second Day as GDP Fails to Lift Sentiment
July 14, 2015--China's stocks fell for a second day after better-than-expected economic data failed to boost investor confidence in the world's worst-performing equity market and more companies resumed trading.
The Shanghai Composite Index slumped 2.7 percent to 3,819.84 at 1:07 p.m., led by industrial companies.
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Source: Bloomberg
Investors in China not allowed to jump
July 14, 2015--Zhu Rongji, when mayor of Shanghai, apparently once complained about the retail investors who would sometimes protest outside city hall when the value of their portfolios collapsed.
In a perhaps apocryphal quip, Mr Zhu-who went on to become Chinese premier-claimed it would have been easier to be mayor in the city's pre-revolutionary 1920s and 30s heyday, when angry investors were more likely to jump out of windows.
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Source: FT.com
Taiwan Futures Exchange to Launch Chinese Yuan FX Contracts
TAIFEX has also launched two new ETF Futures on China's leading stock indices, the FTSE China A50 Index and the SZSE 100 Index.
July 13, 2015--Despite the recent crash of the Chinese equity market, the trend to internationalize the yuan (also known as RMB and CHN) continues.
The main derivatives exchange in Taiwan, the Taiwan Futures Exchange (TAIFEX) will launch two RMB FX futures contracts, the USD/CNT FX futures and the USD/CNH FX futures on July 20, 2015.
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Source: Finance Magnates
IMF Working paper-China's Labor Market in the "New Normal"
July 13, 2015--Summary: As China implements reforms under the "new normal," maintaining stability in the labor market is a priority. The country's demography and labor dynamics are changing, after benefitting in past decades from ample cheap labor. So far, the labor market appears to be resilient, even as growth slows, driven in part by expansion of the services sector.
Migrant flows and possible labor hoarding in overcapacity sectors may also help explain this. Yet, while the latter two factors help serve as shock absorbers-contributing to labor market stability in the short term-if they persist, they may delay the needed adjustment process, contributing to an inefficient allocation of resources and curtailing productivity gains. This paper quantifies to what extent structural trends and the reform pace affect employment growth under the new normal. Delays in reform implementation would weaken growth prospects in the medium term, running the risk that job creation will fall below policy targets, leading to labor market pressures in the future. In contrast, successful transition might require faster reforms, including in the overcapacity and state-owned enterprise sectors, supported by well targeted social safety nets.
view the IMF Working paper-China's Labor Market in the "New Normal"
Source: World Bank
China police to fight crimes related to trading of stocks, futures
July 9, 2015--The Ministry of Public Security said Thursday it is planning a nationwide campaign to crack down on illegal operations in the field of securities and futures to protect the order of capital markets and investors' interests.
A statement from the ministry said it is judging and analyzing the "abnormal volatility" of the stock market with the China Securities Regulatory Commission (CSRC).
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Source: chinadaily.com.cn
Chinese indices are removed from reality
July 9, 2015--China's market is broken. Not the way the New York Stock Exchange broke for four hours on Wednesday, and not merely because China's government is doing everything short of sending in tanks to make shares go up
It is broken because the indices everyone uses to measure the market are entirely disconnected from what's actually happening.
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Source: FT.com
ASIC Reports on financial benchmarks
July 8, 2015--ASIC today released a report on financial benchmarks. Report 440 Financial benchmarks (REP 440) highlights the importance of key indices to Australia's markets and the broader economy.
ASIC Commissioner Cathie Armour said,'Financial benchmarks can have flow-on effects to ordinary investors and borrowers. For example, the Bank Bill Swap (BBSW) rate is often used in setting commercial lending rates.
view the REP 440 Financial benchmarks report
Source: ASIC
China Bans Stock Sales by Major Shareholders for Six Months
July 8, 2015--China's securities regulator banned major shareholders, corporate executives and directors from selling stakes in listed companies for six months, its latest effort to stop the nation's $3.5 trillion stock-market rout.
Investors with stakes exceeding 5 percent must maintain their positions, the China Securities Regulatory Commission said in a statement. The rule is intended to guard capital-market stability amid an "unreasonable plunge" in share prices, the CSRC said.
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Source: Bloomberg
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