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Big switch to direct sales in India
February 10, 2013--The launch of a direct sales channel in India at the start of the year will entice close to half of all institutional investors away from the country's traditional distribution channels, says Y. Jawahar, Mumbai-based vice-president and head of distribution at Mata Securities India.
Direct investment plans bypass intermediaries and allow asset management companies to sell funds to investors at a lower expense ratio due to savings on commissions and marketing fees that would have been paid to the distributor.
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Source: FT.com
The First ETBS Listed On Bursa Malaysia
February 8, 2013--Bursa Malaysia welcomed Exchange Traded Bonds and Sukuk's (ETBS) debut listing on the stock exchange today.
The listing came after a month of subscription period which began on 8 January 2013, during which time the retail sukuk was open for public/retail investment till book closing on 25 January 2013.
As the first retail sukuk in the country, ETBS is a financial product that is traded just like shares on the stock market. It is a fixed income security providing a stable and predictable dividend, paid over regular intervals.
The maiden issuance of ETBS by DanaInfra Nasional Berhad is worth RM300 million with a 10 year maturity period. It is to partly finance the on-going Mass Rapid Transit project from Kajang to Sungai Buloh.
A minimum of RM1,000 is needed as capital to start investing.
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Source: Bursa Malaysia
Gold ETFs in India touch 40 tonne (40,000 kilo)
Continued investor demand and rising prices help ETF assets as well as reserves double from May 2011.
February 7, 2013--India's high gold imports are hurting the country's current account deficit. The government's import restrictions are hurting the populace. The only organisation not worried, as of now, are gold backed exchange traded funds.
Worried investors are veering towards the country’s 14 gold exchange traded funds (ETFs), which together have garnered 40,000 kilo of the precious metal.
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Source: MineWeb
DB-Synthetic Equity & Index Strategy-Asia-Pac Monthly ETF Market Review-ETP assets added $4bn during January
February 7, 2013--NEW REPORT LAUNCH: Asia-Pac Monthly ETF Market Review
This new report will cover both Asian ETFs and ETCs and will also provide summary facts on the US and European markets.
Monthly Trends – Asia Pacific
Market Review
Last month, all the major markets in the Asia-Pacific region remained in positive territory except South Korea. Compared to the month before, from north to south Japan (Nikkei 225) appreciated by 7.15%, Korea (KOSPI2) slid by 2.22%, China (CSI 300) gained 6.50%, Hong Kong (HSI) increased by 4.73%, Singapore (FSSTI) rose by 3.65%, and Australia (S&P/ASX 200) climbed 4.94% over the previous month.
New ETP launches
Last month, four new ETPs were launched in the Asia-Pacific market. China Asset Management listed one equity ETFs on Shanghai Stock Exchange tracking CSI 300 Index. Mirae Asset MAPS Global Investments and Samsung Asset Management each listed one equity ETF on Korea Stock Exchange tracking FnGuide Beta Plus Index and FSTE China A50 Index respectively. Further, Lion Fund Management Co Ltd listed one equity ETF on Shenzhen Stock Exchange tracking SZSE Small and Medium Enterprises Composite Index.
ETP Monthly Cash Flows
Asia-Pacific ETP market recorded monthly cash outflows (-$276mn) for the month of January for the first time since February 2012. ETPs offering exposure to Japan registered outflows of -$971mn, followed by Hong Kong (-$141mn) and Taiwan (-$120mn), while South Korea witnessed +$468mn of inflows followed by China (+$159mn). Leveraged long equity ETFs attracted +$400mn of inflows during January.
In the Asia-Pacific region cash flows are primarily driven by country focused equity products. ETFs focused on China & South Korea in Emerging Markets (EM) and Japan & Hong Kong in Developed Markets (DM) witnessed significant cash flow activity in the last three months. China focused ETFs alone attracted close to +$4.5bn inflows during Nov’12 to Jan’13 while ETFs benchmarked to Japan recorded outflows in excess of -$1.2bn over the same period.
Turnover Review
Asia-Pacific ETP turnover totaled $50.6bn for last month, 35% up from the previous month’s total. Hong Kong remains on the top of the turnover ranking with $15.7bn turnover, followed by South Korea ($14.7bn), China ($12.1bn), Japan ($5.8bn), and Taiwan ($1.1bn). Among equity ETFs, the emerging Country, Asia Pacific developed country, Leveraged long, and Short ETFs had total turnovers of $30.1bn, $7.3bn, $7.2bn, and $3.3bn respectively. Among the commodity asset class, turnover in gold ETPs totaled $405mn.
Asset under Management Review
On a monthly basis Asia-Pacific ETP AUM increased by $4.1bn and ended at $140.1bn at the end of January.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Asia
Mirae-China: January data preview
January 7, 2013--The January real economic indicators (inflation and trade statistics) will be released on 8 February. We expect a slightly lower CPI than the market consensus of 2.1%, while our other January data projections are in line with what the market expects.
In summary, the January data will likely suggest that China is on track for a gradual recovery during the first half of the year, and is unlikely to shake the market with big surprises. We maintain our projection of China’s GDP growth of 8.2% and an average inflation of 3-3.5% for 2013. Monetary policy will stay neutral for most of the year, in our view. There is still room for an ambitious fiscal policy in 2013, although on a smaller scale than in 2012.
We do not see any immediate inflationary pressures
Headline CPI in December rose to 2.5%, but most of the increase was driven by rising vegetable prices due to an extremely cold winter in November/December 2012. Since 10 January, vegetable prices have mostly normalized. Prices of meat products have continued to rise, albeit at a gradual pace, while inflationary pressures from other food items are well contained.
view the China: January data preview report
Source: Mirae Asset Securities-Global Research Center
IMF Country Report-India
Outlook and Risks: The economy has slowed markedly due to a confluence of
structural, external and other factors. Recent measures taken by the authorities have boosted confidence, but the near-term outlook is for a subdued recovery with stillelevated
inflation as investment has been significantly hit and supply bottlenecks will ease only slowly.
Structural Reform: Building on recent progress is crucial, especially to address supply constraints in energy and move the pricing of various natural resources toward a market basis. Progress on taxation, land acquisition, and labor market reform, along with 12th
Plan goals on infrastructure, skills mismatches, and social outcomes, are necessary to return to a rapid rate of growth and poverty reduction.
view the IMF report-India: 2013 Article IV Consultation
Source: IMF
FTSE Publishes a New Research Report: Classifying South Korea as a Developed Market
February 6, 2013--The success of FTSE's market indices is founded on a combination of expert research and analysis, clear methodology, and its unique ability to reflect the perceptions and real-world experience of its clients and investors worldwide.
FTSE’s attention to the views of market practitioners was an important factor in the 2009 decision by its external governing committees to reclassify South Korea as a Developed Market. It remains a key reason for maintaining this classification today. FTSE believes that to include South Korea in an Emerging Market index creates distortions that fail to reflect the intentions of investors.
FTSE has published a new research report that outlines our approach to classifying South Korea as a developed market.
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Source: FTSE
ETFs and ETPs in Asia Pacific (ex Japan) reach a new all-time high of $94.6 billion US dollars at the end of January 2013
February 6, 2013--Assets invested in Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) listed in Asia Pacific (ex-Japan) reached a new all-time high of $94.1 billion at the end of January 2013.
ETF and ETP assets have increased by 6.6% from $88 billion in December 2012 to $94.1 billion at the end of January, according to figures from ETFGI’s monthly Asia Pacific (ex-Japan) ETF and ETP industry insights.
Market performance contributed to the increase in the value of assets held in ETFs and ETPs as 18 of the top 20 markets globally showed gains in January. Four of these indices were located in Asia Pacific (ex-Japan); the CSI 300 was up 6.5%, the S&P/ASX 200 was up 4.9%, the BSE Sensex 30 was up 2.4% and the Hang Seng was up 4.7%. Two other markets with strong gains were in the US and the UK where history has shown that a strong January tends to be a good predictor for the rest of the year. A review of history in both markets shows that strong January performance is typically followed by positive returns in the subsequent 11 months.
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Source: ETFGI
Indonesia's 2012 growth hits 6.2%
February 5, 2013--Demand for everything from cement to instant noodles has continued to drive robust economic growth in Indonesia, defying the global uncertainty and domestic concern about resurgent economic nationalism and a widening trade deficit.
Gross domestic product expanded 6.1 per cent in the fourth quarter of last year, compared with a year earlier. GDP grew 6.2 per cent last year, slightly below 2011’s 6.5 per cent, as the slowdown in China hit demand for Indonesian commodities such as coal and palm oil.
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Source: FT.com
Mirae-China Macro-A New PMI for China
February 1, 2013--Since January 2013, the National Bureau of Statistics (NBS) has expanded the PMI sample size from 820 enterprises to 3000 enterprises, with its original 31 industries being consolidated into 21 industries.
Bearing in mind this structural breakdown in the PMI series, the January PMI of 50.4 suggests that the economic recovery in China is on track - despite the reading coming in slightly weaker than the December figure of 50.6. Most of the components point to an encouraging picture, as China will likely benefit from restocking of its finished goods inventory as well as an improved outlook in major advanced countries. Furthermore, the HSBC PMI for other key export-oriented Asian economies (HK, Taiwan, and Korea) has also improved.
January PMI survey has started to include more enterprises
The size of the survey has been expanded from 820 enterprises to 3000 enterprises. Meanwhile, the 31 industries in the old survey have been consolidated into 21 industries only. The NBS will also start to publish PMI by region. The new PMI survey is expected to provide a better picture of the manufacturing sector while over the short term it also causes a structural breakdown in the time series. Therefore, we need to be cautious when comparing PMI readings across time.
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Source: Mirae Asset Securities (HK) - Global Research Center
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