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DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly-ETP assets add $5bn amid positive equity markets
September 16, 2013--Data in this report is as of 13 September 2013.
Market Review
Last week, all the major markets in the Asia-Pacific region remained in positive territory on upbeat economic data from China and with the reduced fear of US military action against Syria. Compared to the week before, from north to south:
Japan (Nikkei 225) +3.92%
South Korea (KOSPI2) +2.19%
China (CSI 300) +5.56%
Hong Kong (HSI) +1.30%
Singapore (FSSTI) +2.36%
Australia (S&P/ASX 200) +1.45%
New Product Launch Review
There was no new ETP listing in the last week.
ETP Weekly Flows-Negative flows over the week
Last week, Asia-Pacific ETP market recorded outflows of -$0.3bn vs. -$0.5bn of outflows for the previous week, setting the YTD weekly flows average at +$0.3bn (+$12bn YTD in total flows). Developed markets equity ETFs collected weekly inflows of +$289mn while Strategy equity ETF lost -$512mn in outflows over the last week. On a country level, ETFs benchmarked to South Korea and Japan received +$390mn and +$253mn of inflows while China experienced weekly outflows of -$225mn.
Winners and losers: At ETP level, Nikko's Topix ETF (1308 JP), Samsung's Kodex 200 (069500 KS) and Nomura’s Nikkei 225 ETF (1321 JP) were the largest cash flow receiver of the week collecting +$307mn, +$293mn and +$216mn respectively. Over the same period, biggest outflows were experienced by Samsung's Kodex Leverage ETF (122630 KS), Daiwa's Topix ETF (1305 JP) and State Street’s ABF Pan-Asia Bond Index Fund (2821 HK) recording -$550mn, -$289mn and -$257mn of outflows respectively.
Turnover Review -Floor activity up by 36%
Asia-Pacific ETP turnover totaled $16.7bn for the last week, 35.7% up from the previous week's total. South Korea continues on the top of the turnover ranking with $5.7bn turnover, followed by Japan ($3.9bn), China ($3.7bn) and Hong Kong ($2.9bn). Among equity ETFs, Emerging country, leveraged long, Asia-Pacific developed country and short ETFs had total turnover of $8.1bn, $4.3bn, $1.9bn and $1.1bn respectively. Within the commodity asset class, turnover in gold ETPs totaled $77mn.
Assets under Management Review-Assets increased by $5bn
Last week, Asia-Pacific ETP AUM increased by $5bn, and ended the week at $162.4bn. On a year-to-date basis, Asia-Pacific ETP market is up by $26.4bn or 19.4% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
"Astonishing" multi-asset flows tipped to continue
September 16, 2013--Hong Kong investors will likely pile more money into balanced funds for the foreseeable future as a way to manage volatility and market uncertainty, predicts the HKIFA's Bruno Lee.
Hong Kong retail investors appear to be at a crossroads, piling into multi-asset funds as a means to manage volatility ahead of the US Federal Reserve's tapering of its quantitative easing (QE) programme.
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Source: Asian Investor
Abenomics is Heading in the Right Direction, but the Real Tests Lie Ahead
September 12, 2013--The growth and restructuring programme of the Japanese government has produced positive results and won plaudits around the world.
The real challenge is whether the Abe administration can implement tough structural reforms.
The selection of Tokyo to host the 2020 Olympics should give a boost to reform efforts.
While the Japanese government’s programme for economic growth has already produced positive results, the real tests of the strategy lie ahead, Japanese business, government and civil society leaders agreed in a session on the second day of the World Economic Forum's seventh Annual Meeting of the New Champions. Dubbed "Abenomics" after Prime Minister Shinzo Abe, who took office last year, the initiative aims to end deflation, tackle public debt, stimulate private investment and consumer spending, and reignite economic growth.
"Abenomics has created the environment to reverse the chronic deflationary trend of the Japanese economy," said Yorihiko Kojima, Chairman of the Board of Mitsubishi Corporation, noting that corporate results have improved. "It deserves high praise. It is more about people's expectations that the Japanese government is finally committed to real economic change." But, Kojima observed, "the government has yet to address real structural reforms. We in the business community are waiting for concrete measures by the government this autumn." Once these are announced and implemented, "the true test of Abenomics begins," he concluded.
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Source: WEF (World Economic Forum)
Deutsche Boerse Said to Consider Clearinghouse in Asia
September 12, 2013--Deutsche Boerse AG, owner of the Frankfurt stock exchange and the Eurex futures market, is considering opening a clearinghouse in Asia, according to two people familiar with the situation.
The exchange may seek to work with a partner or set up the clearing venue on its own and hasn't yet decided how to proceed, said the people, who asked not to be identified as the plans are private. While the proposals are at an early stage, Singapore is a possible location for the clearinghouse if construction goes ahead, the people said. Frank Herkenhoff, a spokesman for Deutsche Boerse in Frankfurt, declined to comment.
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Source: Bloomberg
Asia Will Account for 70% of Incremental Energy Demand
September 12, 2013--Short domestic supplies will continue to drive China's need for international energy deals
Water and pipeline challenges limit China's ability to exploit domestic shale gas
While solar grows, coal will continue to dominate China's energy mix
Today at the Annual Meeting of the New Champions 2013, Lin Boqiang, Director, China Center of Energy Economics Research, said that 70% of global incremental energy demand over the next 20 years will come from Asia.
Commenting on recent overseas embassies made by Chinese government officials, Lin said that, due to China's limited domestic energy supplies, Chinese diplomatic efforts will continue in energy trade deals.
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Source: WEF (World Economic Forum)
Premier Li Keqiang Predicts Smooth Sailing for Chinese Economy
September 11, 2013--Without structural transformation and upgrading, China will not be able to achieve sustained economic growth.
Beijing is focusing on expanding domestic demand, developing the service sector and pursuing balanced development throughout the country, and between urban and rural.
The Chinese economy is at "a crucial stage," said Chinese Premier Li Keqiang in the opening plenary of the Annual Meeting of the New Champions 2013, which opened today in Dalian. However, despite worries that China may encounter a hard landing, its "fundamentals are stable," said Premier Li.
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Source: WEF (World Economic Forum)
Liberalization of China's Interest Rate Inevitable
August 11, 2013--As China's economy shifts from an investment-driven model to a consumption-driven one, the country's financial markets will likely continue to liberalize.
Banks need a good risk management system in place to deal with the changes that will be brought about by liberalizing interest rates.
In a panel on the future of China's financial system that took place on the opening day of the Annual Meeting of the New Champions 2013, panellists agreed that interest rate liberalization in China is inevitable, and should be done as soon as possible. Chinese "capital and financial markets are becoming more and more mature. The microeconomic situation [and the global economy] are pretty stable," said Morris Li Ming Shieh, President, China Guangfa Bank (CGB), People's Republic of China, with the European and US economies coming out of the financial crisis. A key and "subtle" question, he said, is whether or not the banks are ready.
The most crucial element for the next stage of China's economic development is risk management, said Zhu Ning, Deputy Director and Professor of Finance at the Shanghai Advanced Institute of Finance, People's Republic of China.
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Source: WEF (World Economic Forum)
TSE ETF/ETN Monthly Report for Aug 2013
September 11, 2013--Trading in the ETF/ETN market continued to be active August, which also saw the listing of one new ETF.
Trading activity in the ETF/ETN market in August continued to be active, with a monthly trading value of about 1.48 trillion yen, and a daily average of about 67.4 billion yen.
In addition to "NEXT FUNDS Nikkei 225 Leveraged Index ETF (1570)" which topped the list, leveraged and inverse ETFs remained among the top-ranked issues. While the trading value of the ETF/ETN market declined slightly from the previous month, two inverse ETFs tracking the Nikkei 225 showed gains in trading value in August.
Precious metal and other commodity ETFs stood out among top-ranked issues in terms of monthly trading value growth rates.
view the Tokyo Stock Exchange ETF/ETN Monthly Report-August 2013
Source: TSE (Tokyo Stock Exchange)
ASIC-13-254MR Hedge funds no systemic risk to financial system
September 10, 2013--Australian hedge funds do not currently pose a systemic risk to the Australian financial system, an ASIC report released today has found.
Key points:
Hedge funds ASIC identified manage only a small share of Australia's $2.1 trillion managed funds industry with more than half of these holding less than $50 million each
The survey indicates Australian hedge funds do not currently appear to pose a systemic risk to the Australian financial system
Listed equities represent surveyed hedge fund managers’ greatest asset exposure, with 32% of this being in Australian-listed shares
Surveyed qualifying hedge funds also use low leverage and appear to have adequate liquidity to meet obligations
The survey was representative of the state of the Australian hedge fund industry as a whole, with the assets of the 12 surveyed qualifying hedge funds representing approximately 42% of the assets held by single-strategy hedge funds in Australia.
Australian wholesale investors are the main investors in the surveyed funds. Their hedge-fund investment relative to their total investments is minimal, which tends to reduce systemic impact of any problems in the sector.
view the Report 370 The Australian hedge funds sector and systemic risk
Source: ASIC
China asset manager association establishes presence in Hong Kong
September 9, 2013--The Chinese Asset Management Association of Hong Kong (CAMAHK), a body that represents Mainland asset management and financial entities in Hong Kong, officially established an office in the territory on September 5.
The association exists to facilitate the offshore RMB business and further the overseas businesses of Chinese fund managers.
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Source: Asia Asset Management
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