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Mirae-Macro Matters- A slippery slope
April 17, 2012--In an issue of Macro Matters that we published at the beginning of the year we presented a non-technical framework to explain our expectations for the near-term course of Asian asset prices.
This framework which we subsequently coined LSE (liquidity, surprises and events) was designed to cut through the multitude of market noise given the avalanche of information (both high frequency data and the mind-numbing flow of detailed discussions involving unresolved policy issues) hitting the market daily. There is such a thing as too much information and over-analysis that result in late or weak conclusions. Our conclusion is to sell and reduce beta into this rally and come back when the contours of China’s slowdown and the policy response become more certain.
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Source: Mirae Asset Management
India Inc welcomes RBI's move to cut key lending rates
April 17, 2012--The Indian industry Tuesday welcomed the Reserve Bank of India's (RBI) move to cut some key lending rates by 50 basis points, saying it would boost investments and sentiments of the economy.
The RBI in its annual monetary policy for 2012-13 has cut some key rates by 50 basis points in an effort to push industrial growth and stimulate economy -- a move that may also see interest rates fall in housing, automobile and commercial loans.
Source: Economic Times
IMF Working paper-An End To China's Imbalances?
April 17, 2012--Summary: Global imbalances have been a central theme of the international economic policy debate for much of the last decade, prompted by large and sustained current account deficits in the U.S. and counterpart surpluses in China, Germany, and among many of the oil producers.
This paper focuses on the current state of the external imbalance in China, examining the factors underlying the post-2008 drop in China’s current account surplus and analyzing the prospects for the external surplus going forward. The paper finds that China’s current account surplus should remain modest in the coming years. However, despite the fact that China’s medium-term current account is likely to stay below its pre-crisis range, it is too early to conclude that "rebalancing" has been truly achieved in China. While imbalances do not currently seem to be manifesting themselves as a feature of China’s external accounts, the evidence increasingly points to a rising domestic imbalance as growth becomes increasingly dependent on very high levels of investment.
view the IMF Working paper-An End To China's Imbalances?
Source: IMF
DB-Equity Research-Asia-Pac-ETF Market Weekly Review : ETP AUM added $1.9bn amid mixed markets
April 16, 2012--Market Review
The Asia-Pacific region had mixed markets last week. In all, Japan (Nikkei 225) lost 0.52%, Korea (KOSPI2) sank by 1.15%, China (CSI 300) advanced by 2.41%, Hong Kong (HSI) increased by 0.52%, Singapore (FSSTI) grew by 0.05%, and Australia (S&P/ASX 200) gained 0.08% over the previous week.
New Launch Review
Last week, three new products were launched in the Asia-Pacific ETP market. Nomura Asset Management listed two ETFs on the Osaka Securities Exchange tracking Nikkei 225 Leveraged Index and Nikkei 225 Inverse Index, respectively. In addition, new entrant, Thanachart Fund Management listed one Gold ETF on The Stock Exchange of Thailand.
Turnover Review
Asia-Pacific ETP turnover totaled $5.2bn for the last week, 20.7% up from the previous week’s total. South Korea continues to be on top of the turnover ranking with $1.8bn, followed by China ($1.3bn), Hong Kong ($1bn), Japan ($0.8bn), and Taiwan ($0.1bn). Among Equity ETFs, Emerging Country, Asia Pac Developed Country, Leveraged Strategy, and Short Strategy ETFs had total turnover of $2.5bn, $1.1bn, $0.9bn and $0.4bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $74m for the last week.
Assets Under Management Review
Last week, Asia-Pacific ETP AUM added $1.9bn and ended at $99.8bn. On a yearto-date basis, Asia-Pacific ETP market is up by $8.3bn or 9.1% above last year’s closing.
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Source: Deutsche Bank - Equity Research - Asia Pacific
U.S. Fund Companies Struggle in India
Overnight and without warning, Indian regulators banned sales loads. Try that in the U.S.
April 14, 2012-- With a population of 1.2 billion and a vast emerging middle class, India is nirvana for manufacturers of everything from motorcycles to shampoo.
But for some of America's biggest mutual-fund companies, India has been a miserable disappointment, causing Fidelity International to exit the country last month and reportedly pitting T. Rowe Price against regulators.
The landscape of the mutual-fund industry in India is fascinating, and the challenges facing fund firms aren't small. Sudden regulatory changes have frustrated efforts to gather assets; there's stiff competition from local players; retail investors have been slow to adopt mutual funds; and India's stock market performed worse than any other in Asia last year.
Singapore lets currency rise to tame inflation read more Chinese economy slows to near 3-year low
The GDP data headlined a flurry of indicators published on Friday showing March industrial output expanded 11.9%, March retail sales rose 15.2% and quarterly fixed asset investment, one of the principal drivers of China's economy, grew 20.9%.
read more Exchange traded funds continue to see strong growth in S'pore
And experts are confident that the trading volume and value for ETFs here will continue to grow. read more China - Concerns over growth slowdown are overdone We believe that domestic macro conditions in China are improving and that the chance of a hard landing is very low. Inflation is under control and is expected to cool off gradually. On the policy side, we have already seen selective, supportive movement on Small- and Medium-sized Enterprises (SMEs), local government debt, railway funding and pilot tax reforms. 2012 will be the transitional year of next-generation political leaders, and also the second year of the current 12th Five-Year Plan. As a result, we expect the policy stance to become more supportive going into 2012. read more Korea - Economy: slow but moderate read more If you are looking for a particuliar article and can not find it, please feel free to contact us
April 13, 2012--Singapore's central bank tightened its monetary policy Friday by allowing for a stronger currency to combat the island's stubbornly high inflation rate.
A jump in global oil prices since October has quickened inflation to near 5 percent in Singapore, which imports all of its fuel. A stronger Singapore dollar would lower the prices of imports while possibly making the country's exports less competitive. Unlike most central banks, The Monetary Authority of Singapore uses currency, rather than a benchmark lending rate, to help control money supply. The bank's statement Friday indicated it would allow the Singapore dollar to rise at a faster rate.
Source: Todays Zaman
April 13, 2012--China's economy grew at its slowest in nearly three years in the first three months of 2012, with a weaker than expected reading raising investor concerns that a five-quarter long slide has not bottomed and that more policy action would be needed to halt it.
The annual rate of gross domestic product (GDP) growth in the first quarter slowed to 8.1% from 8.9% in the previous three months, the National Bureau of Statistics said on Friday - below the 8.3% consensus forecast of economists polled by Reuters.
Source: FIN24
April 12, 2012--Exchange traded funds (ETF) is set to be one of the Singapore Exchange's fastest growing revenue contributors in the coming years.
That is according to the SGX, which is celebrating the 10th anniversary of the first ETF listed in Singapore.
Source: Signapore News
April 12, 2012--China has been a growth story for global equity investors for decades. Generally speaking, in good years driven by bull markets, it has tended to outperform other stock markets. The reverse has been true in bear markets.
Amid the domestic tightening, as well as weakening external demand, investors have been increasingly worried about the potential sharp slowdown of GDP growth in China in 2011. As a result, the Hong Kong/China market declined to trough level during the third quarter of 2011.
Source: Mirae Asset Management
April 12, 2012--Despite deteriorating global conditions, Korea’s economy has maintained resilience on the back of double-digit export growth in 2011. Such growth was possible as dwindling demand in the developed markets was largely offset by that of emerging markets. While 2011 GDP growth is forecast at 3.8% year-over-year, we are expecting a modest growth slowdown in 2012, as uncertain global conditions may adversely impact export and domestic consumption.
A key concern regarding exports is a possible slowdown in demand of emerging market countries due to developed market conditions. For example, if China’s exports to developed markets slow, this, in turn, may reduce overall EM Asia’s demand, hurting Korean exports. However, considering China’s economic transition to a consumption-led economy, and although export growth may not be as great as in 2011, we expect the aforementioned adverse impacts to be limited.
Source: Mirae Asset Management
