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China's central bank calms markets, but tighter policy looms
June 26, 2013--China's financial markets calmed down on Wednesday after days of turmoil thanks to the central bank's pledge to prevent a credit crunch, but stocks struggled as investors braced for tougher conditions in the world's second-largest economy.
The People's Bank of China (PBOC) said late on Tuesday it had helped some banks and was ready to act again as the lender of last resort for those caught in a short-term squeeze. However, it was also sticking to its stance of tightening market conditions as it seeks to rein in sharp growth in informal lending.The central bank wants to curtail funds flowing into China's vast "shadow" financial system that fuels property and stock speculation and push money into more productive areas of the economy to secure more sustained growth. But its decision to let short-term borrowing costs soar to extraordinary levels last week fanned fears that a temporary squeeze could morph into a lasting credit crunch.
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Source: Today's Zaman
Indian rupee hits record low
June 26, 2013--The Indian rupee fell to a new all-time low against the U.S. dollar Wednesday, with selling exacerbating after it crossed a key psychological level of 60 for one dollar.
The rupee was trading at 60.62 to the dollar by Wednesday afternoon, compared with 59.66 in late Asian trade Tuesday.
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Source: Wall Street Journal
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-ETP market witness $1bn cash inflows
June 25, 2013--Market Review
Last week, all the major markets in the Asia-Pacific region remained in negative territory except Japan. Compared to the week before, from north to south:
Japan (Nikkei 225) +4.28%
Korea (KOSPI2)-3.58%
China (CSI 300) -4.11%
Hong Kong (HSI) -3.37%
Singapore (FSSTI)-1.17%
Australia (S&P/ASX 200) -1.11%
New Product Launch Review
Last week, two new products were launched in the Asia-Pacific ETP market. Horizons Management listed two equity ETFs (3110 HK & 3040 HK) on Hong Kong Exchange tracking Hang Seng High Dividend Yield Index and MSCI China Index respectively.
ETP Weekly Cash Flows
The Asia-Pacific ETP flows during last week totaled +$1.1bn vs. +$1bn (+0.7% of AUM) of inflows for the previous week, setting the YTD weekly flows average at +$374mn (+$9.4bn YTD in total cash flows). Leveraged long equity ETFs collected largest weekly cash inflows of +$574mn. Among country focused products, ETFs benchmarked to South Korea, Japan and Hong Kong received +$201mn, +$196mn and +$117mn of cash inflows.
Turnover Review
Asia-Pacific ETP turnover totaled $13.6bn for the last week, -3.4% down from the previous week’s total. Japan continues on the top of the turnover ranking with $3.9bn turnover, followed by South Korea ($3.6bn), China ($2.9bn) and Hong Kong ($2.6bn). Among equity ETFs, Emerging Country, leveraged long, Asia-Pacific developed country and short ETFs had total turnovers of $5.2bn, $3.9bn, $2.1bn and $0.8bn, respectively. Within the commodity asset class, turnover in gold ETPs totaled $144mn.
Assets under Management Review
Last week, Asia-Pacific ETP AUM decreased by $1.8bn, and ended at $143.5bn. On a year-to-date basis, Asia-Pacific ETP market is up by $7.5bn or 5.5% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
Sponsored survey: Deutsche Bank X-trackers ETFs
June 24, 2013--Exchange-traded funds (ETFs) are a genuine bright spot in the equity markets today. While they are still a relatively new product in Asia compared to Europe and North America, there are signs that the product has come of age.
This year, the Asian ETFs survey- conducted by Asia Risk and Deutsche Asset & Wealth Management-samples a broader range of investors and again identifies key trends and themes, which include increased investor knowledge and appetite
Over the past 12 months, inflows into Asia-Pacific exchange-traded fund assets have risen by more than 50% to reach $136 billion. Some of this growth can be explained by a large number of new listings in Asia, up from 506 to 535 ETFs. While impressive, this is still less than half the number of ETFs listed in the US and less than one-third of those listed in Europe -highlighting the untapped future potential.
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Source: Risk.net
Philippines -SEC approves final rules for ETFs
June 24, 20133--The introduction of new investment product Exchange-Traded Funds (ETF) in the local bourse is all set for this year.
The Securities and Exchange Commission (SEC) has approved the final set of rules that would guide the offering of ETFs.
“Yes, we approved,” SEC commissioner Ma. Juanita E. Cueto said in a text message when asked if corporate regulators already cleared the rules on market making of ETFs.
ETF are securities and investment instruments that monitor a commodity of assets like an index fund but trades like a normal stock in an exchange.
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Source: The Philippine Star
Amid China market standoff, calls for a more transparent central bank
June 23, 2013--The People's Bank of China (PBOC) let short-term interest rates spike to extraordinary levels this past week as it refused to inject funds into money markets. Some observers saw it as an attempt to force banks to stop channeling money into the informal banking sector, known as "shadow banking",
which authorities worry is creating significant credit risks. For years, the central bank has made stability its watchword, which for the money markets meant it would always provide liquidity when cash conditions tightened. As the central bank is now standing back while banks scramble for cash, markets are left uncertain as to whether there has been a fundamental change in policy. In effect, there seems to be a competing policy objective, said Fitch Ratings Senior Director Charlene Chu."The real uncertainty in the market comes down to people not really knowing which of those is more important at which point in time," she said on the sidelines of a conference in Sydney. Traders blame the absence of a clear and public signal from the central bank for panic at some smaller banks, as the cost of borrowing overnight funds spiked to as high as 25 percent for some institutions. Those jitters spread more broadly late last week, as rumors -- passed on by Chinese media outlets - that two major banks had received emergency funds from the PBOC circulated in financial markets in London and New York on Thursday.
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Source: Today's Zaman
Thomson Reuters Launches Investable Real Estate Benchmarks For Asia Pacific Region
Regional Real Estate Indices for the top 100 Regional Property Developers and REITs Developed by Thomson Reuters, Global Property Research and Asia Pacific Real Estate Association
June 23, 2013--Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, Global Property Research (GPR), a real estate index specialist, and Asia Pacific Real Estate Association (APREA), which represents and promotes the real estate asset class in the Asia Pacific region, today announced the launch of two investable Asia Pacific Real Estate Indices--based on the TR/GPR/APREA Composite index family launched earlier in the year.
The Thomson Reuters GPR/APREA Investable 100 and Investable REIT 100 indices have been developed with leading investors in Asia Pacific real estate. They reinforce the three parties' commitment to provide a comprehensive suite of property benchmarks for Asia Pacific investors exposed to various levels of liquidity, and support Thomson Reuters vision to connect and enable the global financial community.
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Source: Thomson Reuters
Thomson Reuters Named Official Calculating Agent for CNH HIBOR Benchmark-Thomson Reuters to further facilitate internationalization of renminbi
June 21, 2013--Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, will begin compiling and publishing the Treasury Markets Association,s (TMA) offshore renminbi Hong Kong Interbank Offered Rate benchmark (CNH HIBOR benchmark), following its appointment as the official calculating agent for this key industry interest rate benchmark.
This provides a formal benchmark for market participants to reference when pricing renminbi loan and interest rate contracts.
The calculation of the CNH HIBOR benchmark is based on the rate contributions by 16 regional and global banks. The benchmark is calculated daily and is published at 11:15 am every trading day in Hong Kong.
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Source: Thomson Reuters
India's Reliance Capital suspends gold sales
June 21, 2013--India's rattled bullion industry is concerned that the decision is just the beginning of a trend with other companies expected to follow suit
Are the curtains set to come down on the sale of gold in India from major institutions? In the first of its kind response to the ongoing gold import imbroglio in India, Reliance Capital has suspended sale of physical gold and all gold related investment products.
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Source: MineWeb
China central bank holds line on shadow banking as rates spike
June 20, 2013--China's central bank faced down the country's cash-hungry banks on Friday, letting interest rates again spike to extraordinary levels as it increases the pressure on the banks to rein in rampant informal lending and speculative trading.
The banks have been using cheap official funds to finance the vast "shadow banking" market, which Beijing worries is siphoning credit from industry and creating asset-price bubbles. The People's Bank of China (PBOC) has tried to put an end to this over the past three weeks, declining to inject significant funds into the money markets even as the interest rate for some banks to borrow short-term funds has soared to 25 percent or higher."They are trying to take a different approach to rein in shadow banking activity," Charlene Chu, senior director at Fitch Ratings, told reporters on the sidelines of a conference in Sydney.
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Source: Today's Zaman
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