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ETF net jumps 23.1 through Oct.
November 11, 2013--South Korea's exchange-traded funds (ETFs) saw its net assets value jump 23.1 percent through October this year, data showed Monday, as more investors sought after safer investment destinations.
The combined net assets of ETFs in South Korea came to 18.78 trillion won ($17.62 billion) at end-October, compared to the 15.25 trillion won tallied at end-January, according to the data by the main bourse operator Korea Exchange.
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Source: YON HAP News Agency
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-Inflows in Asia-Pac driven by Japan focused ETFs
November 11, 2013--Data in this report is as of 31st October 2013
Global Summary
Markets across the globe reacted positively in October after delay in the tapering of the US Federal Reserve's asset purchase programme and stronger economic data from Europe and China. Global ETP AUM was favourably impacted by this and rose by $94bn to $2.2 trillion (+19.2% YTD) last month. Asia-Pacific ETP AUM added $1.8bn and closed the month at $165.3bn (+23.4% YTD).
Investors' appetite for risky assets remained strong during October. Global ETP industry continues with strong monthly fund flows recording +$31bn of inflows in October. US domiciled ETFs remain major contributor receiving +$28.3bn of positive flows, followed by Europe with +$4bn and Asia with +$1.3bn flows. Globally, equities saw Inflows of +$34.6bn while commodities and fixed income asset classes witnessed outflows of -$2.8bn and -$1.3bn respectively.
Monthly Trends – Asia Pacific
Market Review
Last month, major equity markets were mixed in the Asia-Pacific region. Compared to the month before, from north to south:
Japan (Nikkei 225) -0.88%
Korea (KOSPI2) +2.3%
China (CSI 300) -1.47%
Hong Kong (HSI) +1.52%
Singapore (FSSTI) +1.35%
Australia (S&P/ASX 200) +3.96%
ETPs flows: Japan focused ETFs continue to receive healthy inflows
Last month, Asia-Pacific ETP market observed +$1.3bn inflows and the YTD monthly flows average ended at +$1.4bn (+$14.2bn YTD in total flows). Total inflows were primarily contributed by equity ETFs collecting +$1.1bn of fund flows.
Within equity, on segment level, developed market (DM) benchmarked ETFs led the tally receiving inflows of +$1.7bn, while emerging markets (EM) ETFs experienced outflows of -$0.5bn. On a sub-segment level, the largest inflows recorded by ETFs came from those providing exposure to Japan (+$1.7bn). Conversely, China, Taiwan and Hong Kong focused ETFs saw outflows of -$0.3bn, -$0.3bn and -$0.1bn, respectively. Leveraged long strategy ETFs also recorded outflows of -$0.2bn in October.
Fixed income ETFs collected +$180mn of inflows in October. Among fixed income ETFs, sovereign ETFs witnessed the largest inflows (+$132mn)
Winners and losers: At ETP level, largest inflows were received by Nomura Nikkei 225 ETF (1321 JP), Nikko Exchange Traded Index 225 (1330 JP) and TOPIX ETF (1306 JP) collecting +$518mn, +$332mn and +$272mn respectively. Largest redemptions were experienced by Samsung KODEX Leverage ETF (122630 KS), Taiwan Top50 Tracker Fund (0050 TT) and Hang Seng H-Share Index ETF (2828 HK) with outflows of -$294mn, -$264mn and - $169mn respectively.
Last three months: ETFs focused on Japan & Hong Kong (DM) and China, Taiwan and South Korea (EM) witnessed significant fund flow activity in the last three months. Japan focused ETFs attracted +$5.6bn inflows from Aug'13 to Oct'13 while ETFs benchmarked to China and Taiwan recorded outflows of about $1bn over the same period.
Turnover: Floor activity down by 4.2% on a month-over-month basis
Asia-Pacific ETP turnover totaled $49.7bn for October, 4.2% down from the previous month's total. On a country level, stock exchanges in Japan topped the turnover ranking with aggregate turnover of $17.1bn, followed by South Korea ($14.5bn), China ($10.3bn) and Hong Kong ($5.9bn). Among equity ETFs, emerging country, leveraged long, Asia-Pacific developed country, and short ETFs were the most traded products recording total turnovers of $17.4bn, $16.1bn, $6.9bn, and $3.4bn respectively. Within fixed income, turnover for sovereign ETFs totaled $2.3bn, while among commodity ETPs, gold ETPs recorded $0.3bn of turnover.
AUM- Assets added $1.8bn in October
Last month, Asia-Pacific ETP AUM added $1.8bn and closed the month at $165.3bn. On a year-to-date basis, Asia-Pacific ETP market is up by $31.4bn or 23.4% above last year's closing.
New ETP launches-10 new products
Asia-Pacific ETP market registered 10 new product launches during October including eight equity and two multi asset ETFs. Within equity, Van Eck Funds listed four sector ETFs (MVB AU, MVE AU, MVA AU & MVR AU) on the Australian Securities Exchange providing exposure to Australian banking, real estate, energy and mining sectors. Mirae Asset MAPS Global Investments also listed one sector ETF (182480 KS) tracking MSCI US REIT Index on the Korea Stock Exchange. Another sector ETF (159933 CH) was listed by UBS on the Shenzhen Stock Exchange focused on China's financial and property sector. E Fund Management (3120 HK) and Dacheng Fund Management (159932 CH) each listed one China focused ETF on the Hong Kong Exchange and Shenzhen Stock Exchange. The ETF listed by E Fund Management is the ninth RQFII equity ETF launched in the Asia-Pacific ETP market. Further, KB Asset Management listed two multi asset ETFs (183700 KS and 183710 KS) on the Korea Stock Exchange providing exposure to the mix of Korean equities and bonds.
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Source: Deutsche Bank -Synthetic Equity & Index Strategy -Asia
China expected to cut growth target to 7%
November 11, 2013--China will cut its growth target to 7 per cent next year in a sign of the government's determination to push through structural reforms and steer the economy on to a more sustainable path, one of the country's top investment banks has predicted.
With Communist party leaders gathered in Beijing now for a meeting that will set China's policy direction for the coming decade, investors and companies have been looking for clues about their strategic thinking. A lowering of the country’s growth target..
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Source: FT.com
17 Thai stocks added to MSCI indices effective from Nov 27
November 8, 2013--The Stock Exchange of Thailand (SET) revealed that MSCI Inc., a global index provider, would add 17 Thai stocks in its indices, consisting of two stocks-BTS and TMB -into the MSCI Global Standard Indices,
and the other 15 stocks added in the MSCI Global Small Cap Indices. These
changes result from MSCI's semi-annual index review, and will be effective from
November 27.
SET President Charamporn Jotikasthira said, "The two Thai stocks have been added to MSCI Global Standard Indices, with no deletions, making Thailand the country with the highest net addition in Southeast Asia. These stocks, having a combined market capitalization of THB 225 billion (USD 7.2 billion), are BTS
Group Holdings pcl (BTS) and TMB Bank pcl (TMB). Consequently, there are a total
30 Thai stocks in the indices."
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Source: Stock Exchange of Thailand (SET)
ETF/ETN Monthly Report for Oct 2013
October 8, 2013--Trading value remained high in October
The ETF/ETN market remained robust in October 2013, reaching the third highest level in total trading value since May and June.
Leveraged and inverse ETFs continued to drive trading during the month. In late October, the market welcomed a new pair of leveraged (x2) and inverse (-1x) ETNs tracking the Dow Jones Industrial Average.
ETFs tracking US indices, including VIX, also posted increases in trading value.
view the ETF/ETN Monthly Report for Oct 2013
Source: TSE
ETF market breaks through $9 billion mark
October 8, 2013--The Australian exchange traded fund (ETF) market has broken through $9 billion in assets under management, reaching a record high of $9.3 billion, according to BetaShares' October ETF review.
The industry's market cap grew 5.3 per cent in October, including $256 million of net new money flowing into the market.
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Source: Money Management
New Index "JPX-Nikkei Index 400"
November 6, 2013--Japan Exchange Group, Inc. and Tokyo Stock Exchange, Inc. and Nikkei Inc. will start to calculate a new index "JPX-Nikkei Index 400" from January 6, 2014.
Aim of the Index
The new index will be composed of companies with high appeal for investors, which meet requirements of global investment standards, such as efficient use of capital and investor-focused management perspectives. The new index will promote the appeal of Japanese corporations domestically and abroad, while encouraging continued improvement of corporate value, thereby aiming to revitalize the Japanese stock market.
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Source: TSE
QFII, RQFII tax issues swell as schemes expand
November 6, 2013--Disagreements among Chinese authorities over whether to tax mainland fund houses' Hong Kong subsidiaries are increasingly causing problems, say industry players.
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Source: Asian Investor
Investors welcome FMIC ETF
November 6, 2013--The country's first exchange-traded fund (ETF) is expected to be met with strong demand when it lists next month as it provides investors alternatives amid growing liquidity and falling interest rates.
At the sidelines of the investors' briefing for First Metro Investment Corp.'s (FMIC) Philippine Equity ETF, Dona R. Pagcaliwagan, trader and portfolio assistant of Cocolife Asset Management, said: "There's a lot of money in the market so investors will really look for outlets, and I think this will be one of the options they’ll be looking at."
She added that with funds gushing out from special deposit accounts (SDA) this year, some of that money could move towards ETFs.
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Source: Business World Online
IMF Working paper-The Curious Case of the Yen as a Safe Haven Currency: A Forensic Analysis
November 6, 2013--Summary: During risk-off episodes, the yen is a safe haven currency and on average appreciates against the U.S. dollar. We investigate the proximate causes of yen risk-off appreciations.
We find that neither capital inflows nor expectations of the future monetary policy stance can explain the yen's safe haven behavior. In contrast, we find evidence that changes in market participants' risk perceptions trigger derivatives trading, which in turn lead to changes in the spot exchange rate without capital flows. Specifically, we find that risk-off episodes coincide with forward hedging and reduced net short positions or a buildup of net long positions in yen. These empirical findings suggest that offshore and complex financial transactions should be part of spillover analyses and that the effectiveness of capital flow management measures or monetary policy coordination to address excessive exchange rate volatility might be limited in certain cases.
view the IMF Working paper-The Curious Case of the Yen as a Safe Haven Currency: A Forensic Analysis
Source: IMF
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