Are Shanghai and Shenzhen Broken? August 3, 2015
|
|
- Charles Sparks
- 5 years ago
- Views:
Transcription
1 Are Shanghai and Shenzhen Broken? August 3, 2015 This commentary was written by Bill Witherell, Cumberland s Chief Global Economist. He joined Cumberland after years of experience at the OECD in Paris. His bio is found on Cumberland s home page, He can be reached at Bill.Witherell@cumber.com. Last Monday, July 27 th, the Shanghai market suffered its greatest one-day decline in eight years, 8.5%. This followed a tumble that brought Shanghai shares down some 32% early in July from their peak in mid-june, a period when the Shenzhen market dropped 40%. The Chinese authorities intervened in a very heavy-handed way that appeared before last week to be creating a floor to these markets. Indeed, over the period from July 9 th, the market s low, to July 23 rd, the Shanghai market rallied about 20%. These measures included a ban on short-selling, a ban on sales by major shareholders and on new listings, massive coordinated buying by large state-controlled institutions (collectively called in China the national team ), and very substantial direct credit support from the central bank. Also, during the peak of the selloff in early July, trading was suspended in 52% of the listed companies, accounting for 35% of market cap. Today almost 20% of Chinese stocks still are not trading. Following last Monday s market swoon, the authorities stressed that their support would continue, and the national team stepped up their buying. Friday the government took the additional action of cracking down on automated trading. The Shanghai Stock Exchange Composite Index ended the week losing 10% over the week and more than 14% for the month. There appear to be a number of reasons for last week s decline. An unexpected weak flash estimate of the July Purchasing Managers Index, PMI, for July, along with a reported 0.7% decline in industrial corporate profits in the first half of the year, implied further softness in the Chinese economy. But we would note that Chinese mainland equity markets are not very highly correlated with macroeconomic developments. Rumors in the market that the government might be ending its market support and recognition of the large supply overhang from the
2 government s equity purchases to date probably had a greater effect. Also the government s heavy intervention has seriously impacted foreign institutional investor sentiment towards the Shanghai and Shenzhen markets. This may prove to be the most significant and long-lasting cost of the government s actions. The government s efforts to prop up its equity markets have had damaging effects that will be difficult to correct. Burton Malkiel in a Wall Street Journal commentary titled China s Market-Intervention Folly notes that China needs more professional participants in equities markets. But why should institutions buy when governments can control if and when they can sell? And ordering stateowned enterprises and brokerages to buy stock with borrowed money to shore up prices only reinforces the notion that the market is rigged. We agree. The authorities disrespect for the market contributed earlier to creating the bubble by its encouragement for margin buying of stocks. And its current interventions have seriously impeded price discovery and market liquidity. Rigged capital markets cannot allocate capital to its most efficient and productive use. In recent days investors in these markets appear to be focusing heavily on actions of the above-mentioned national team, jumping in when those institutions are seen to be buying and withdrawing when further government support is not evident. We conclude that the Shanghai and Shenzhen markets have been made more volatile and less effective in their fundamental market-allocation role. They are indeed rigged, although the authorities ability to manipulate prices is proving to be far from exact. In a July 28 th editorial, the Financial Times said the government s actions suggest the market is dictated more by the whims of the state than by anything objectively economic. The state is now faced with the problem of how it can exit the market without causing a market decline that could well dwarf the drop it has sought to avoid. We consider the China mainland markets now to be broken, not suitable for our investments. These markets already suffered from a number of structural problems that are reflected in the markets high volatility. In the past 25 years the Shanghai market has experienced 27 bull markets and the same number of bear markets. The swings have been wide. In the record bear market of , the decline was 67%. Shares are now about 40% below their all-time peak. Government and state-
3 owned enterprise are estimated to account for almost 85% of the market. Institutional investors account for only about 10% of equity ownership; and foreign investors, due to government restrictions, own only 1% of China s A-shares. Individual retail (and generally unsophisticated) investors account for 90 percent of the equity ownership. In the US, institutional investors account for more than half of equity ownership. The near-term harm to the Chinese economy from the recent market developments will likely stem from the effects on market sentiment and the government s credibility. The actual wealth effects from the losses to the gains on paper that had accumulated during the preceding boom will be modest. The share of equities in Chinese household financial assets is only about 12%. Moreover the market is still up around 100% since June The effect on capital-raising by Chinese firms looks even more limited, as only about 5% of that funding is via the equity markets. The chances of China mainland shares being included in the MSCI benchmarks have probably has been reduced, perhaps significantly. Government intervention in equity markets does occur in other countries. A current example is found in Japan where significant purchases of equity ETFs are part of the Bank of Japan s quantitative easing program. Other central banks are also adding equities to their reserves. But the nature and extent of China s intervention in the markets price discovery is exceptional. There is less likely to be any negative effects on China s campaign to have its currency, the yuan, be recognized as a reserve currency and be included in the IMF s Special Drawing Rights (SDR). The two criteria for inclusion are the currency s share in global exports and that the currency should be freely useable. The recently developments in China s Shanghai and Shenzhen equity markets are not likely to enter into the decision. In contrast to the equity market interventions, China does appear to be continuing with capital market reforms. It recently widened foreign access to its large onshore bond market. Regulations were loosened to provide access by central banks, supranational institutions, and sovereign wealth funds, dropping requirements for pre-approval and quota
4 allocations. In this instance China is clearly seeking more long-term institutional investors. While the Shanghai and Shenzhen markets do not seem to us to provide attractive risk-reward profiles, the separately regulated Hong Kong market is not broken, although it is clearly affected by mainland developments. The Hong Kong market has been doing relatively well. The ishares MSCI Hong Kong ETF, EWH, which is one of our current preferred national market ETFs, is up 9.65% year-to-date, more than twice the 4.01% performance of our benchmark ishares MSCI ACWI ex US Index Fund, ACWX. Until recently, US investors have been very limited in their ability to invest in domestic mainland China shares. They (including Cumberland Advisors) have mainly used ETFs that invest in the shares of Chinese companies that list in Hong Kong, the US, or Taiwan. These markets are well-regulated and have high listing standards, and as a result they have been less volatile than Shanghai and Shenzhen. They provide a less risky way to participate in the still-strong growth of the globe s second largest economy. Cumberland Advisors uses the SPDR S&P China ETF, GXC, which holds all investable Chinese shares (excluding A-shares that are traded in Shanghai and Shenzhen) across all market-cap sizes. The website ETF.com considers that GXC is about as good as it gets for broad exposure to the Chinese market. Investors in GXC are about where they were at the beginning of the year, with a year-to-date performance of +0.22%, despite a % drop over the past month. Investors in Deutsch X-trackers Harvest CSI 300 China A-Shares ETF, ASHR, which invests in A-shares, suffered a decline of 10.63% over the past month, but they are still up 6.15% year-to-date. Over the past 12 months ASHR is up 60.83% while GXC has registered essentially no change over that period. The index that measures price differences between dual-listed companies in Shanghai and Hong Kong is at Any reading above 100 indicates companies are priced at a premium in Shanghai. The current premium suggests the potential decline that could occur without continued government intervention. A final comment about the Chinese economy, which appeared to be strengthening in June: In July new signs of weakness appeared that suggest a moderation in
5 sequential growth. The July manufacturing PMI, published Saturday, stood at 50.0, moderated slightly from June s 50.2 reading. Also, the indexes for production and new orders were both lower than in June. The index for new export orders was the lowest since June Corporate profits fell in June from a year earlier. Housing starts in the first half were 16% below the same period in Passenger car sales flattened in Q2. And exports are being hurt by the stronger currency. The financial sector will become a drag on GDP in the second half, following its strong contributions in the first half. We expect the government will need to announce a number of supportive policy measures in the coming months as it seeks to meet its 7% growth target for the year. As an example, Prime Minister Li announced last Thursday a plan to modernize urban underground pipe systems. Additional public works programs for railways, other infrastructure, and affordable housing are expected. Moreover, further loosening of monetary policy is likely since overall liquidity conditions remain restrictive and capital outflows are continuing. Improving consumer and business confidence may be difficult to achieve, since credibility in the government s ability to control the economy has probably suffered. With the expected additional policy stimulus, the Chinese economy may fall just a little short of the 7% growth objective for the year, perhaps registering 6.8%. While that is slower than last year s 7.4% advance, the world s second largest economy will still be expanding at a pace that is more than three times the 2% projected growth rate of the advanced economies.
The Risks Facing European Banks
The Risks Facing European Banks February 29, 2016 This commentary was written by Bill Witherell, Cumberland s Chief Global Economist. He joined Cumberland after years of experience at the OECD in Paris.
More informationChina: Double, Double Toil and Trouble/Fire Burn, and Cauldron Bubble?
China: Double, Double Toil and Trouble/Fire Burn, and Cauldron Bubble? September 15, 2015 by Andy Rothman of Matthews Asia September 10, 2015 China s economy is seemingly in turmoil. Markets are down,
More informationMonthly Outlook. June Summary
Monthly Outlook June 2015 Summary Yields of US Treasuries (USTs) rallied in May, with the 2-year and 10-year yields up 4 and 9 basis points (bps) respectively as compared to end-april levels. During the
More informationMARKET COMMENTARY. Horizon Asia Opportunity Third Quarter Commentary. October Horizon Kinetics LLC
Horizon Asia Opportunity Third Quarter Commentary October 2015 2015 Horizon Kinetics LLC In the third quarter of 2015, the Horizon Asia Opportunity Composite ( Strategy ) declined 9.8%, net of fees, compared
More informationOn Our Radar September 2015
On Our Radar September 2015 The Dow Jones Industrial Average (DJIA), S&P 500 and NASDAQ Composite fell 6.56 percent, 6.25 percent, and 6.85 percent, respectively, in August, which was highlighted by a
More informationXtrackers Harvest CSI 300 China A-Shares ETF
Summary Prospectus September 28, 2018 Ticker: ASHR Stock Exchange: NYSE Arca, Inc. Before you invest, you may wish to review the Fund s prospectus, which contains more information about the Fund and its
More informationSummary. The RMB will be added to the IMF s SDR basket of currencies starting October 1 st, which will be
Summary Editor: Tristan Zhuo Senior Economist Phone: +852 2826 6193 Email: tristanzhuo@bochk.com China s economic momentum strengthened somewhat in the month of August. Industrial production has largely
More informationA-SHARES TANKED. WHAT S NEXT?
Chi Time FOR WHOLESALE INVESTORS 11 July 2018 A-SHARES TANKED. WHAT S NEXT? Panic causes tunnel vision. Calm acceptance of danger allows us to more easily assess the situation and see the options. Simon
More informationExclusive Analysis: Indonesia Market Update
February 15, 2013 Exclusive Analysis: Indonesia Market Update Research Team Ryan Hakim Economist rhakim@cascadeasia.com Manuel Pakpahan Director, Investment Strategy manuel@cascadeasia.com Bank Indonesia
More informationLazard Insights. China A-Shares: A New Chapter for EM Investors. Summary. John Burge, Director, Product Manager
Lazard Insights China A-Shares: A New Chapter for EM Investors John Burge, Director, Product Manager Summary MSCI s recent announcement regarding A-share inclusion in the Emerging Markets Index opens a
More informationAnnual Returns: S&P 500 vs. ACWI ex-u.s. (Global Equities outside U.S.)
2015 Strategy Review Tactical Growth (Managed ETFs) December 31, 2015 The following report provides in-depth analysis into the successes and challenges of Tactical Growth throughout 2015, important research
More informationThe Economic Outlook of Taiwan
The Economic Outlook of Taiwan by Ray Yeutien Chou and An-Chi Wu The Institute of Economics, Academia Sinica, Taipei October 2017 1 Prepared for Project LINK 2017 Fall Meeting, Geneva, Oct. 3-5, 2017 2
More informationSIP Aggressive Portfolio
SIP LIFESTYLE PORTFOLIOS FACT SHEET (NOV 2015) SIP Aggressive Portfolio SIP Aggressive Portfolio is a unitized fund, which is designed to provide long term capital growth. It is designed for those who
More informationfile:///c:/users/cathy/appdata/local/microsoft/windows/temporary Int...
1 of 5 9/25/17, 8:57 AM A Publication of the National Association of Manufacturers September 25, 2017 As expected, the Federal Reserve opted to not raise short-term interest rates at its September 19 20
More informationFive key investment themes for 2015
Five key investment themes for 2015 Exiting QE in the US was always going to be a path of uncertainty for central bankers, globally and for markets and investors. There is simply no exact precedent for
More informationCESC Annual Index Report 2016
CESC Annual Index Report 2016 China Exchanges Services Co., Ltd. (CESC) Highlights Hong Kong stocks outperformed Mainland A shares in 2016. CES A80 and CES SCHK100 were down 6.1 per cent and 1 per cent
More informationASF Hong Kong Market Report
HONG KONG ECONOMY ASF 2016 - Hong Kong Market Report Background As everyone knows, Hong Kong has a very good geographic location, it is surround by sea and backup by a huge China market. HK has taken a
More informationAsian Insights What to watch closely in Asia in 2016
Asian Insights What to watch closely in Asia in 2016 Q1 2016 The past year turned out to be a year where one of the oldest investment adages came true: Sell in May and go away, don t come back until St.
More informationInvestment. Insights. Emerging Markets. Invesco Global Equity. A 2012 outlook
Investment Insights Invesco Global Equity Emerging Markets A 2012 outlook Ingrid Baker Portfolio Manager Invesco Global Equity Many investors have watched from the sidelines as emerging market equities
More informationSGX China Equity Index Derivatives Monthly Commentary
5:: PM 5:3: PM 6:: PM 6:3: PM 7:: PM 7:3: PM 8:: PM 8:3: PM 9:: PM 9:3: PM 1:: PM 1:3: PM 11:: PM 11:3: PM 12:: AM 12:3: AM 1:: AM 1:3: AM Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name Public China Access Equity Fund (PCASEF) Fund Category Equity Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a portfolio
More informationHong Kong & Mainland China News January-2018
Hong Kong & Mainland China News January-2018 China services PMI shows solid growth By www.thestandard.com.hk Friday, January 5, 2018 China's services sector activity expanded at its fastest pace in over
More informationUNITED STATES U.S. jobless claims fall 5,000 to 348,000. Applications for benefits at lowest level since February 2008.
26 Mar 2012 UNITED STATES U.S. jobless claims fall 5,000 to 348,000. Applications for benefits at lowest level since February 2008. U.S. home sales fell in February, but upward revisions to January's pace
More informationThe Economic Outlook of Taiwan
The Economic Outlook of Taiwan by Ray Yeutien Chou and Shou-Yung Yin The Institute of Economics, Academia Sinica, Taipei October 2016 Prepared for Project LINK 2016 Fall Meeting, Toronto City, Oct. 19-21,
More informationUnderstanding RQFII The Great Door Opener for China Access
Markets and Securities Services Investor Services Understanding RQFII The Great Door Opener for China Access By: Stewart Aldcroft, Citi Investor Services Since China first started opening up its capital
More informationNavigator Global Equity ETF
CCM-17-12-3 As of 12/31/2017 Navigator Global Equity ETF Navigate Global Equity with a Dynamic Approach The world s financial markets offer a variety of growth opportunities, but identifying the right
More informationEmerging Markets: Broader opportunities and declining systematic risk
June 2013 Emerging Markets: Broader opportunities and declining systematic risk Favorable outlook for emerging markets equity and debt Alexander Muromcew, Portfolio Manager, Emerging Markets Equity Strategy
More informationGlobal Markets. CHINA AND GLOBAL MARKET VOLATILITY.
PRICE POINT August 015 Timely intelligence and analysis for our clients. Global Markets. CHINA AND GLOBAL MARKET VOLATILITY. EXECUTIVE SUMMARY Eric Moffett Portfolio Manager, Asia Opportunities Strategy
More informationChina Stocks' Precarious Start to 2016 Brings Valuation Changes Analysts: Tim Craighead & Elaine Tung Jan 8, 2016
Themes > Chapter: Growth and Value Consequences of China's Market Slump >> Exhibit 1 of 13 China Stocks' Precarious Start to 2016 Brings Valuation Changes Analysts: Tim Craighead & Elaine Tung China's
More informationweekly digest Passive: Less aggressive? Alex Harvey, CFA 21 January 2019
weekly digest Passive: Less aggressive? Alex Harvey, CFA Warren Buffett described Jack Bogle, the founder of Vanguard who died last week, as the man who had the largest impact on investors wealth yet charged
More informationEmerging Markets Q3 Recap: Sentiment Remains Strong
Emerging Markets Q3 Recap: Sentiment Remains Strong October 18, 2016 by Mark Mobius of Franklin Templeton Investments Templeton Emerging Markets Group has a wide investment universe to cover tens of thousands
More informationBank of China Investment Management Co., Ltd. (the Manager ) Industrial and Commercial Bank of China Limited
PRODUCT KEY FACTS * (*The name of the fund is not indicative of the fund s performance and return.) Issuer: Bank of China Investment Management Co., Ltd. Quick facts Fund Manager: Custodian: This is a
More informationMarket volatility to continue
How much more? Renewed speculation that financial institutions may report increased US subprime-related losses has sent equity markets tumbling. How much more bad news can investors expect going forward?
More informationMarkit economic overview
Markit Economics Markit economic overview PMI data highlight growing variations in likely policy paths 9 June 2015 Global growth slows for second month running in May Global economic growth edged lower
More informationMarket Watch. July Review Global economic outlook. Australia
Market Watch Latest monthly commentary from the Investment Markets Research team at BT. Global economic outlook Australia Available data for the June quarter is consistent with a moderation in GDP growth
More informationFed described the economy as "slow" and said employers remained reluctant to create jobs and Inflation "somewhat low.
08 Nov 2010 UNITED STATES The ISM manufacturing index rose to 56.9 in October from 54.4 in September, led by growth in autos, computers and exported goods. The ISM non-manufacturing index rose to 54.3
More informationPriming the Pump for Growth in Emerging Markets Now
Priming the Pump for Growth in Emerging Markets Now Frank Holmes, CEO and Chief Investment Officer John Derrick, CFA, Director of Research Xian Liang, CFA, Portfolio Manager 1.800.US.FUNDS February 2015
More informationJUNE NIKKEI 225 FUTURES 22,120
Friday, June 1, 2018 The Nikkei Is Expected to Surrender Overnight Gains JUNE NIKKEI 225 FUTURES 22,120-50.0 (-0.23%) Day High: 22,270.0 Day Low: 22,010.0 Japanese equities bounced yesterday, lifted by
More informationDevelopment of Asian ETF Market
Development of Asian ETF Market July 2015 Material prepared by CSOP Asset Management Limited. Global Overview Number of ETFs Source: AUM Deutsche Bank, Bloomberg, Reuters, as of 17 Apr 2015 Turnover World
More informationPortfolio Select Series. Portfolio Review First Quarter 2017
Portfolio Select Series Portfolio Review First Quarter 2017 Q1 Q4 3 Select Income Managed Portfolio 6 Select 80i20e Managed Portfolio 10 Select 70i30e Managed Portfolio 14 Select 60i40e Managed Portfolio
More informationTable 1: Economic Growth Measures
US Equities continued to advance in the second quarter, with the S&P 500 returning 5.2% for the quarter and 7.1% for the first half. Energy was by far the best performing sector in the quarter, returning
More informationWeekly Economic Commentary
LPL FINANCIAL RESEARCH Weekly Economic Commentary May 28, 2013 Gauging Global Growth in 2013: An Update John Canally, CFA Economist LPL Financial Highlights Our long-held forecast for real GDP growth for
More informationWeekly Market Commentary
LPL FINANCIAL RESEARCH Weekly Market Commentary November 18, 2014 Emerging Markets Opportunity Still Emerging Burt White Chief Investment Officer LPL Financial Jeffrey Buchbinder, CFA Market Strategist
More informationGreater China Week in Review
Highlights: The Chinese economy decelerated in August with all three key economic indicators missed forecast. We think the recent slowdown was mainly self-engineered as a result of tighter policy in local
More informationThis is your presentation title
This is your presentation title Hong Kong in the New Sino-U.S. Relations Alexa Lam Professor of Legal Practice, The University of Hong Kong 1 China s Domestic Economy Economic rebalancing and structural
More informationJanuary market performance. Equity Markets Price Indices Index
Global Central Banks continue to lower interest rates. The RBA cuts the cash rate by 25bp to 2.25% (February 2015). The ECB finally announces Quantitative Easing 60b per month. Oil prices declined again
More informationChina s Central Bank Moves to Spur Economic Growth - WSJ
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. http://www.wsj.com/articles/chinas-central-bank-cuts-rates-1445601495
More informationTotal
The following report provides in-depth analysis into the successes and challenges of the Northcoast Tactical Growth managed ETF strategy throughout 2017, important research into the mechanics of the strategy,
More informationAPW Partners: Insight Greece & China: Investment Portfolio Implications
APW Partners: Insight Greece & China: Investment Portfolio Implications Lessons learned from Greece The recent volatility in global financial markets sparked by the Greek debt negotiations is a reminder
More informationFund Information. Fund Name. Fund Category. Fund Investment Objective. Fund Performance Benchmark. Fund Distribution Policy
Fund Information Fund Name (PCSF) Fund Category Equity Fund Investment Objective To achieve capital growth over the medium to long-term period by investing in a portfolio of investments in the greater
More informationMARKET COMMENTARY. Horizon Asia Opportunity Q Commentary. July Horizon Kinetics LLC
Horizon Asia Opportunity Q2 2016 Commentary July 2016 2016 Horizon Kinetics LLC In the second quarter of 2016, the Horizon Asia Opportunity Institutional Composite ( Strategy ) rose 1.1%, net of fees,
More informationCESC Index Report for September
CESC Index Report for September China Exchanges Services Co Ltd (CESC) Highlights CES SCHK100, which represents large cap stocks eligible for Southbound trading under Stock Connect, rose 1.4 per cent and
More informationMonthly Market Snapshot
ly Market Snapshot OCTOBER 2016 The ly Market Snapshot publication provides commentary on the global economy and the performance of financial markets Key insights Domestic and international equities (unhedged)
More informationOctober 2016 Market Update
Market Update (10/2016) Allianz Investment Management LLC October 2016 Market Update Key Points The lack of further easing measures from both the Bank of Japan and the European Central Bank are causing
More informationAsset Allocation Monthly
For professional investors Asset Allocation Monthly October 2015 Joost van Leenders, CFA Chief Economist, Multi Asset Solutions joost.vanleenders@bnpparibas.com +31 20 527 5126 Uncertainty about US monetary
More informationFlash Comment China holiday wrap-up: sentiment improving
Investment Research General Market Conditions 9 August 2016 Flash Comment China holiday wrap-up: sentiment improving Below is a brief summary of developments in China over the summer Chinese offshore stocks
More informationMoney and Banking. Lecture XII: Financial Risks in the Chinese Economy. Guoxiong ZHANG, Ph.D. December 5th, Shanghai Jiao Tong University, Antai
Money and Banking Lecture XII: Financial Risks in the Chinese Economy Guoxiong ZHANG, Ph.D. Shanghai Jiao Tong University, Antai December 5th, 2017 Source: http://editorialcartoonists.com Road Map Foundations
More informationGavekal June Investor Call
June 2015 Gavekal June Investor Call By Louis-Vincent Gave Emerging market is outperforming, even adjusting for US$ strength 2 Behind the outperformance of EM, and especially Asian, bonds Higher yields
More informationMarket outlook for 2H
Market outlook for 2H July 26, 2018 Abstract: During the first half of 2018, the market experienced significant adjustments in February and June [1]. As of June 29, 2018, the Shanghai Composite Index plunged
More informationBaseline U.S. Economic Outlook, Summary Table*
July 218 Gus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist Executive Summary Economy Continues to Expand in Mid-218, But Trade Remains
More informationAugust 2015 Investment Research Report
Athena Wealth Management August 2015 Investment Research Report Summary In August, general markets experienced a significant drawback amid concern higher U.S. interest rates and China s economic slowdown
More informationTransamerica Tactical Rotation. Monthly Dashboard February 2014
TRANSAMERICA TACTICAL ROTATION Transamerica Tactical Rotation Monthly Dashboard February 2014 Class A: ATTRX Class C: CTTRX Class I: ITTOX Expectations Indicators Actual Allocations Positioning Risk Portfolio
More informationORSO 職業退休計劃. Fidelity Advantage Portfolio Fund
ORSO 職業退休計劃 Fidelity Advantage Portfolio Fund Semi-Annual Report and Accounts For the period ended 30 June 2018 SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 Contents Pages Management
More informationCESC Index Report for August
CESC Index Report for August China Exchanges Services Co Ltd (CESC) Highlights Trading under Shanghai Connect increased after approval was given for Shenzhen Connect. Northbound trading had a single-day
More informationSummary. Chinese equities remained mired in a bear market, with the Shanghai composite losing nearly
Summary Editor: Tristan Zhuo Senior Economist Phone: +852 2826 6193 Email: tristanzhuo@bochk.com In spite of fixed asset investment, industrial production, and exports all missing their targets, China
More informationEconomic Outlook. DMS Economic Outlook for next 12 months
Economic Outlook DMS Economic Outlook for next 12 months GDP growth will be modest at approximately 2.5%, but the economy will experience periods of unstable growth. Consumer confidence will improve as
More informationTwenty-First Meeting April 24, 2010
International Monetary and Financial Committee Twenty-First Meeting April 24, 2010 Statement by ZHOU Xiaochuan Governor, People s Bank of China On behalf of the People s Republic of China Statement by
More informationSummary. The RMB continues to depreciate against the dollar. While there are a number of factors
Summary Editor: Tristan Zhuo Senior Economist Phone: +852 2826 6193 Email: tristanzhuo@bochk.com The protectionist rhetoric of U.S. President-elect Trump during his campaign has prompted fears of escalation
More informationChina s Bear Market Lures Foreign Bids as Locals Pull Funds
China s Bear Market Lures Foreign Bids as Locals Pull Funds International money managers are lining up to buy stocks in mainland China at a record pace, even as a third year of equity losses spurs local
More informationCHINA S DIRECTION IN What is the Risk of a Debt Crisis?
Sinology by Andy Rothman January 18, 2018 a In 2018, I expect China s economy to return to the long-term trend of gradual deceleration, while remaining one of the world s fastestgrowing economies. a China
More informationHong Kong & Mainland China News January-2017
Hong Kong & Mainland China News January-2017 Mainland manufacturing expands at faster pace Tuesday, January 3, 2017 The mainland s manufacturing activity expanded at its quickest pace in nearly four years
More informationNationwide Funds. A Nationwide Financial White Paper. Executive summary
Nationwide Funds A Nationwide Financial White Paper Emerging Markets Executive summary Emerging market economies have experienced faster population and economic growth than developed markets; a trend that
More informationCHNB. Chinese Onshore Bonds: CHNB provides direct access to Chinese onshore bonds that are among the highest quality in the credit spectrum.
Chinese Onshore Bonds: CHNB provides direct access to Chinese onshore bonds that are among the highest quality in the credit spectrum. KEY FEATURES Attractive Yield Onshore bonds typically have offered
More informationReform of Global Reserve System and China s Choice 1
Reform of Global Reserve System and China s Choice 1 Liqing Zhang Professor and Dean, School of Finance, Central University of Finance and Economics, Beijing Email: zhlq@cufe.edu.cn 1. Why the Regime should
More informationDiversification Opportunities From Capturing China as an Asset Class An Overview of the KraneShares MSCI All China Index ETF (Ticker: KALL)
KALL 9/30/2018 Diversification Opportunities From Capturing as an Asset Class An Overview of the KraneShares MSCI All Index ETF (Ticker: KALL) Info@kraneshares.com Diversification may not protect against
More information2013 OVERVIEW: There are mainly 3 reasons for the rebound;
2013 OVERVIEW: The China market has rebounded since end of June; the upward move has been about 15% from the bottom and it is the first significant move for China Markets, which have been in a range since
More informationECONOMIC PROSPECTS FOR HONG KONG IN Win Lin Chou, ACE Centre for Business and Economic Research, Hong Kong
ECONOMIC PROSPECTS FOR HONG KONG IN 2014-15 Win Lin Chou, ACE Centre for Business and Economic Research, Hong Kong I. The Current Trends Real gross domestic product (GDP) in Hong Kong slowed to 1.8 percent
More informationECONOMIC PROSPECTS FOR HONG KONG IN Win Lin Chou, ACE Centre for Business and Economic Research, Hong Kong
ECONOMIC PROSPECTS FOR HONG KONG IN 2015-16 Win Lin Chou, ACE Centre for Business and Economic Research, Hong Kong I. The Current Trends Real gross domestic product (GDP) in Hong Kong increased 2.8 percent
More informationEconomic and Financial Markets Monthly Review & Outlook Detailed Report October 2017
Economic and Financial Markets Monthly Review & Outlook Detailed Report October 17 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Overview of the Economy Business and economic confidence indicators
More informationWeekly Economic Commentary
LPL FINANCIAL RESEARCH Weekly Economic Commentary July 28, 2014 Midsummer Madness John Canally, CFA Economist LPL Financial Highlights Only nine times in over 14 years have the FOMC meeting, GDP report,
More informationInvesting in China with ETFs Choosing the Right Flavour and Avoiding Potential Pitfalls
Investing in China with ETFs Choosing the Right Flavour and Avoiding Potential Pitfalls Jackie Choy, ETF Strategist 2013 Morningstar, Inc. All rights reserved. Quotes on China The yuan's rise will
More informationPortfolio Select Series. Portfolio Review Second Quarter 2012
Portfolio Select Series Portfolio Review Second Quarter 2012 Q2 Q2 3 Select Income Advantage Managed Portfolio 6 Select 80i20e Managed Portfolio 10 Select 70i30e Managed Portfolio 14 Select 60i40e Managed
More informationFourth Quarter Market Outlook. Jason Bulinski, CFA Donald A. Powell, CFA Joseph Styrna, CFA
Fourth Quarter 2018 Market Outlook Jason Bulinski, CFA Donald A. Powell, CFA Joseph Styrna, CFA Economic Outlook Growth: Strong 2018, But Expecting Slowdown in 2019 Growth & Jobs 2018 2017 2016 2015 2014
More informationGundlach s Forecast for 2016
Gundlach s Forecast for 2016 January 19, 2016 by Robert Huebscher Jeffrey Gundlach is a prescient and accurate forecaster. Last week, as he does each January, he offered his market outlook. But unlike
More information2015 Outlook: China s Economy and Bond Markets
Special Comment 215 Outlook: China s Economy and Bond Markets January 215 Elle Hu +852-2868 317 elle_hu@ccxap.com Carter Liu +852-2868 377 carter_liu@ccxap.com Jolie Li +852-2868 319 jolie_li@ccxap.com
More informationCSOP ETF TRUST SUMMARY PROSPECTUS. January 30, 2017 CSOP FTSE CHINA A50 ETF. Principal Listing Exchange for the Fund: NYSE Arca, Inc.
CSOP ETF TRUST SUMMARY PROSPECTUS January 30, 2017 CSOP FTSE CHINA A50 ETF Principal Listing Exchange for the Fund: NYSE Arca, Inc. Ticker Symbol: AFTY Before you invest in the Fund, as defined below,
More informationJuly 15, 2015 OUTLOOK
OUTLOOK July 15, 2015 Uncertainty over the outlook for Greece s place in the eurozone, along with significant volatility in Chinese markets, has been a major driver of asset prices during the last month
More informationOutlook and Strategy Income Funds
Q 3 Outlook and Strategy Income Funds Industry Recognitions for Asian Fixed Income Capabilities Organiser Award Asia Asset Management Best of the Best Performance Awards 2015: Asian Bonds (3 years) 1 Best
More informationAll the BRICs dampening world trade in 2015
Aug Weekly Economic Briefing Emerging Markets All the BRICs dampening world trade in World trade in has been hit by an unexpectedly sharp drag from the very largest emerging economies. The weakness in
More informationMARKET REPORT THE MONTHLY A SNAPSHOT OF THE KEY POINTS FOR SEPTEMBER. September was a tough month for nearly all major world markets
ISSUE 9 September 2014 THE MONTHLY MARKET REPORT A SNAPSHOT OF THE KEY POINTS FOR SEPTEMBER The RBA held the overnight cash rate steady at 2.50% for the 13th consecutive Month in September. The 3 Month
More informationEconomic and Portfolio Outlook 4th Quarter 2014 (Released October 2014)
Economic and Portfolio Outlook 4th Quarter 2014 (Released October 2014) Our economic outlook for the fourth quarter of 2014 for the U.S. is continued slow growth. We stated in our 3 rd quarter Economic
More informationHong Kong/China Market
Hong Kong/China Market Technical Strategy The H-Financial index suffered heavy selling pressure during the past week Indices Latest Chg. Pts HSI 29,339 43 HSI Future 29,397 62 DJIA 24,581 119 S&P 500 2,755
More informationWhat s Next for Investors in 2018?
MARKETS What s Next for Investors in 2018? The correction in global equities is stoking fears of a prolonged selloff putting an end to one of the longest, most profitable bull runs in history. While recent
More informationSummary. Editor: Tristan Zhuo Senior Economist Phone:
Summary Editor: Tristan Zhuo Senior Economist Phone: +852 2826 6193 Email: tristanzhuo@bochk.com China s macro economy stabilized in May, and growth in the second quarter appears to be similar with the
More informationOpinion of the Monetary Policy Council on the 2014 Draft Budget Act
Warsaw, November 19, 2013 Opinion of the Monetary Policy Council on the 2014 Draft Budget Act Fiscal policy is of prime importance to the Monetary Policy Council in terms of ensuring an appropriate coordination
More informationBANK OF RUSSIA FOREIGN EXCHANGE AND GOLD ASSET MANAGEMENT REPORT MOSCOW
3 2017 BANK OF RUSSIA FOREIGN EXCHANGE AND GOLD ASSET MANAGEMENT REPORT MOSCOW Bank of Russia Foreign Exchange and Gold Asset Management Report 3 (43) 2017 The reference to the Central Bank of the Russian
More informationGlobal. Market Review. November David Bassanese, Chief Economist
November 2014 David Bassanese, Chief Economist SUMMARY The major development over the month of November was the sharp drop in commodity prices which caused the A$ to fall and the local equity market to
More informationFINANCIAL REPORT NOVEMBER 30, ST HALF OF FISCAL YEAR 2018/2019
FINANCIAL REPORT NOVEMBER 30, 2018 1ST HALF OF FISCAL YEAR 2018/2019 H1 CONTENTS 03 KEY PERFORMANCE INDICATORS 04 HIGHLIGHTS 05 HELLA ON THE CAPITAL MARKET 07 INTERIM GROUP MANAGEMENT REPORT 07 Economic
More informationGlobal Macroeconomic Monthly Review
Global Macroeconomic Monthly Review August 14 th, 2018 Arie Tal, Research Economist Capital Markets Division, Economics Department 1 Please see disclaimer on the last page of this report Key Issues Global
More informationCHINA: SO BAD IT IS GOOD FOR EQUITIES
CHINA: SO BAD IT IS GOOD FOR EQUITIES Weak economic fundamentals and deflationary trends increase likelihood of accommodative monetary policy and further stimulus December 11, 214 Northern Trust Global
More information