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India looks to shake up its banks
August 11, 2010-India’s central bank has launched a review of bank ownership regulation that is expected to lead to the re-entry into the banking sector of some of the country’s largest industrial conglomerates, such as the Tata and Reliance groups.
The discussion paper from the Reserve Bank of India opens debate on whether large domestic industrial groups should be allowed to own banks again for the first time since the country’s financial sector was nationalised in 1969.
But it also made clear that the licences would favour Indian groups by proposing tougher restrictions on investment in domestically incorporated banks by foreign companies.
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Source: FT.com
China shows further signs of slowing
August 11, 2010--China’s economy continued to slow in July even as consumer price inflation rose again, intensifying the debate about whether recent efforts to tighten policy have gone too far.
As efforts to calm the property market and reduce energy consumption began to bite, the rate of increase in industrial production, fixed asset investment and retail sales all fell in July. New banks loans and money supply growth slowed.
Inflation jumped above the 3 per cent government target to 3.3 per cent, up from 2.9 per cent the month before. But factory-gate inflation fell from 6.4 per cent to 4.8 per cent.
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Source: FT.com
TOCOM to Allow Foreign Commodity Brokers to Trade through Intermediaries
August 10, 2010--Tokyo Commodity Exchange, Inc. (“TOCOM” or the "Exchange") today announced that the Exchange enabled Foreign Commodity Brokers to participate in its market through Intermediaries and amended its Market Rules accordingly. This expands the number of ways through which a foreign market participant can trade on the TOCOM markets.
Until now, Foreign Commodity Brokers who wished to trade on the TOCOM markets needed to either acquire membership from the Exchange or consign trades directly to a TOCOM Broker Member (a member licensed to accept the consignment of trades in the commodity markets). However, recently, several Broker Members have converted their business category to “Intermediary”, under which they can intermediate the consignment of trades for commodity markets to a Broker Member, and some Foreign Commodity Brokers have also newly entered the market as Intermediaries, which led to an increased number of Intermediaries in Japan. Some of these Intermediaries actively pursue overseas marketing activities and a number of companies wished to be allowed to intermediate trades from Foreign Commodity Brokers.
In response to such needs, TOCOM has decided to lift restrictions on market access by Foreign Commodity Brokers through intermediaries in order to improve the convenience of its market. Having received approval from the Minister of Economy, Trade and Industry today, the Exchange has amended its Market Rules and Brokerage Rules accordingly and made them effective immediately.
Source: -Tokyo Commodity Exchange (TOCOM)
China trade surplus widens
August 10, 2010-China’s trade surplus surged again in July to its highest level in 18 months, adding to the political pressure on Beijing to appreciate its currency more quickly and highlighting questions about global imbalances.
The trade surplus for July increased to $28.7bn, well ahead of the $20bn recorded in June and significantly more than analysts’ forecasts. The figure, one of China’s largest ever monthly surpluses, comes at a time when the US trade deficit has been widening.
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Source: FT.com
DB Index Research -- Asia-Pacific ETP Market Weekly Review
August 9, 2010--Overview
There are 228 equity based ETFs in the Asia Pacific region with 321 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM, accounting for 39.16% of the whole market, whilst China has the largest market share by turnover with 36.66%.
There was one new listing last week. MAPS Investment Management Company listed a commodity ETF on the Korea Stock Exchange which tracks S&P GSCI Crude Oil Enhanced Index.
Turnover
Monthly average daily turnover rose 1.6% in the last week. Turnover for the previous week was USD 857m. The largest ETF by turnover was the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker issued by BlackRock with USD 196m accounting for 22.8% of total turnover.
Assets Under Management
AUM declined 5% in the previous week. AUM as of Aug 6th was USD 64.9bn. The largest ETF by AUM is the iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker managed by BlackRock with AUM of USD 6.7bn.
To request a copy of the report
Source: DB Index Research
Hong Kong surges on earnings reports
August 6, 2010--Hong Kong stole the show among the region’s stock markets as it recorded its biggest weekly gain in four months on the back of some positive earnings reports
The Hang Seng index rose 0.6 per cent to a three-month high of 21,678.80 – taking its gain over the five-day period to 3.1 per cent. The index rose every day this week as the market shrugged off concerns that it was looking overvalued.
HSBC set a positive tone as its first-half profits more than doubled as bad debts fell. The bank’s shares rose 3.7 per cent over the week to HK$82.70.
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Source: FT.com
FSA publishes the status of Loans held by all banks as of end-March 2010, based on the Financial Reconstruction Act
August 6, 2010--1. Loans based on the Financial Reconstruction Act (FRA)
The total amount of loans held by all banks as of end-March 2010, based on the definition in the FRA(Act No.132 of 1998), is 11.7 trillion yen. The figure decreased by 0.2 trillion yen from 12.0 trillion yen as of end-March 2009.
[Table] Breakdown of the factors affecting changes in loans based on the FRA as of end-March 2010?(Trillion yen, changes from end-March 2009)
| Loans based on the FRA: | -0.2 | |||
|---|---|---|---|---|
| (Of which,) “Special attention loans”: | -0.0 | |||
| [Increase factors] | ||||
| Newly issued loans due to weakened business activities: | +0.9 | |||
| Upgrading from lower categories: (Improvement of business conditions of borrowers: 0.1, Establishment of restructuring plans: 0.0) |
+0.1 | |||
| [Decrease factors] | ||||
| Return to normal claims: (Improvement of business conditions of borrowers: -0.4, Establishment of restructuring plans: -0.3) |
-0.7 | |||
| Downgrading to lower categories | -0.5 | |||
| Repayment, etc. | +0.2 | |||
| (Of which,) “Doubtful and bankrupt/de facto bankrupt”: | -0.2 | |||
| [Increase factors] | ||||
| Newly issued loans due to weakened business activities: | +3.3 | |||
| Downgrading from upper categories: | +0.5 | |||
| [Decrease factor] | ||||
| Removal from B/S, etc: (Collection, Repayment, etc: -3.4, Liquidation of claims credit: -0.7) |
-4.1 | |||
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Source: FSA.go.jp
Taiwan begins trade talks with Singapore
August 5, 2010--Taiwan achieved a big breakthrough in its attempts at formal integration into the international economy on Thursday as it announced the start of trade negotiations with Singapore.
The joint announcement with Singapore, which comes just two months after Taiwan signed a historic trade pact with China amid warming relations, signals a change in Beijing's policy towards Taiwan’s international presence. However, Beijing still claims sovereignty over the island and has not ruled out the use of force should Taiwan formally declare independence.
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Source: FT.com
Belarus Lists Its First International Bond On Luxembourg Stock Exchange
August 5, 2010--Singapore Exchange (SGX) on Thursday launched its first initiatives to enhance the listing, trading and distribution of fixed income products to build a more vibrant bond market in Asia.
These initiatives include drawing more Singapore-listed companies and other organizations to issue bonds for listing and trading on SGX, an SGX statement said.
The listing and trading of fixed income securities
such as preference shares and convertible bonds will also be encouraged. SGX also plans to halve the time taken to approve bond listings by streamlining the processes involved.
By the first quarter of next year, SGX expects to offer an on- exchange secondary market for individual and institutional investors to trade Singapore Government Securities (SGS).
A total 1,229 bonds are currently listed on SGX. In fiscal year 2010, 200 bonds were listed involving programs to raise over 100 billion Singapore dollars (73.93 billion U.S. dollars).
Source: Singapore Exchange (SGX)
Nikko AM Launches Nikko Bull & Bear Select
August 3, 2010-Nikko Asset Management Co., Ltd. (Nikko AM) (Timothy F. McCarthy, Chairman & CEO) announced
today that it launched seven investment trusts, Nikko Bull & Bear Select and began their management on
August 2. Nikko Cordial Securities Inc. started marketing the funds on the same day.
Nikko Bull & Bear Select consists of a total of seven courses: three Double Bull Course (Monthly
Dividend Type) funds, three Bear Course funds and one Money Pool Course fund.
Nikko Bull & Bear Select BRL Double Bull Course (Monthly Dividend Type)
Nikko Bull & Bear Select AUD Double Bull Course (Monthly Dividend Type)
Nikko Bull & Bear Select USD Double Bull Course (Monthly Dividend Type)
Nikko Bull & Bear Select BRL Bear Course
Nikko Bull & Bear Select AUD Bear Course
Nikko Bull & Bear Select USD Bear Course
Nikko Bull & Bear Select Money Pool Course
?The Double Bull Course (Monthly Dividend Type) funds are monthly dividend payment type funds
managed with the aim of achieving investment returns with a daily percentage change of the NAV around
double that of the respective course’s currency against the yen.*1
Three course options are available:
Brazilian real, Australian dollar and US dollar courses.*2The Double Bull Course (Monthly Dividend Type) funds can be used as a tool for aggressively seeking returns during periods of foreign exchange
appreciation against the yen.*3
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Source: Nikko AM
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