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PowerShares Golden Dragon China Portfolio ETF (PGJ)

  • Jul. 25, 2012, 12:45 PM
    Goldman's bullish call on China may be premature, writes Sober Look. The economically sensitive Shibor continues to fall, as do stocks and the yuan. Also, an ISI survey of company sales in China shows no sign of bottoming, and CAT today nixed thoughts of a share buyback, in part over concern about Chinese growth.
    | Jul. 25, 2012, 12:45 PM | Comment!
  • Jul. 25, 2012, 7:01 AM
    The Shanghai Composite outperformed other major markets, but, -0.5%, still fell to its lowest level since March 2009. Real estate firms led the decline as Beijing says it will send teams out across the nation to make sure property curbs are being implemented. Major liquor firms were higher across the board. Coincidence?
    | Jul. 25, 2012, 7:01 AM | 1 Comment
  • Jul. 25, 2012, 2:57 AM
    China’s slowing economy faces significant downside risks and relies too much on investment, says the IMF in its annual review (.pdf), and the yuan is still "moderately" undervalued. The report urges China to boost consumption and to direct savings away from housing.
    | Jul. 25, 2012, 2:57 AM | 1 Comment
  • Jul. 19, 2012, 8:02 AM
    Shangahi +0.7%, the biggest gain in a month as traders price in another cut in bank reserve requirements. The cost to lock in 90-day Shibor (no manipulation there, we hope) has fallen 28 bps this month to 3.16%, a 2-year low and 63 bps lower than the current benchmark rate. FXI +1.4% premarket.
    | Jul. 19, 2012, 8:02 AM | Comment!
  • Jul. 17, 2012, 3:28 AM
    Profits at Chinese state-owned enterprises fell 11.6% in H1 to 1.02T yuan ($160B), the Ministry of Finance said late yesterday. Private companies are likely to follow suit. Analysts warn investors should be bracing for a hard landing for Chinese stocks, with a big fall likely in H1 corporate profits and outright losses possible for companies in the materials sector (ETF: CHIM), including steel and petrochemical producers.
    | Jul. 17, 2012, 3:28 AM | Comment!
  • Jul. 16, 2012, 3:06 AM
    Despite hopes of additional stimulus, Chinese stocks fell heavily on earnings concerns; benchmark index -1.8%. In particular, ZTE Corp., China's second-largest telecom maker, fell by the daily trading limit of 10% after warning H1 profits may have declined as much as 80%.
    | Jul. 16, 2012, 3:06 AM | 1 Comment
  • Jul. 12, 2012, 6:59 AM
    Chinese banks extended ¥919B in new loans in June, up from ¥793.2B in May and against expectations for ¥880B. Slowdown over, according to Credit Agricole's Dariusz Kowalczyk. "The data confirms our view that further rate cuts are not needed and thus are unlikely." Shanghai rises 0.5% amidst a big sell-off worldwide.
    | Jul. 12, 2012, 6:59 AM | Comment!
  • Jul. 11, 2012, 7:17 AM
    China goes its own way again, Shanghai rallying (+0.5%) off a 6-month low as most other markets sank amid slowing economic growth worries. Chatter about fiscal stimulus was the excuse for buying, but the market has been through a rough patch and was set for a turn. China Southern Airlines (ZNH) tumbled as the slowdown threatens its entire H1 profit.
    | Jul. 11, 2012, 7:17 AM | 1 Comment
  • Jul. 10, 2012, 6:58 AM
    Chinese stocks fell to a 6-month low after a smaller-than-expected rise in June imports combined with slowing export growth to feed concerns of a hard landing. "There's something bad for everyone in this," says ING's Tim Condon. Shanghai -0.3%. FXI -8% for the last 6 months.
    | Jul. 10, 2012, 6:58 AM | 2 Comments
  • Jul. 9, 2012, 7:16 AM
    Chinese shares had their worst day in a month, -2.4% as the sharp slowdown in inflation may portend something less than healthy about the economy. In addition to the CPI rate falling to 2.2%, producer prices fell 2.1% Y/Y. "A low inflation figure implies the economy is slowing down more than expected," says an analyst.
    | Jul. 9, 2012, 7:16 AM | Comment!
  • Jul. 6, 2012, 7:29 AM
    Shanghai bucks yesterday's worldwide sell-off, rising 1% following the (somewhat of a) surprise PBOC rate cut. Industrial companies and developers led the gains, but banks tumbled as part of the PBOC move included allowing lenders more room to compete with one another, likely cutting into the cozy relationships that allowed for easy banking profits.
    | Jul. 6, 2012, 7:29 AM | Comment!
  • Jul. 5, 2012, 7:24 AM
    More on the PBOC: The bank's official statement (translated by Google). The PBOC also lowered the floor for lending to 70% of the benchmark rate from 80% before. The move is another slight lessening in state control over what banks may lend at. Maybe a welcome opening, but not necessarily great for bank profits in the short run. If you own most Chinese ETFs, you own the banks.
    | Jul. 5, 2012, 7:24 AM | Comment!
  • Jul. 3, 2012, 2:54 PM
    The most popular China ETF, FXI, is a play on a handful of the country's mega-cap state-owned businesses, with the big 4 banks making up 25% of the weighting. Still top-heavy with mega-caps, GXC and YAO hold a wider variety of stocks. Want to get completely away from the biggest firms? Try the small cap (HAO) or Consumer (CHIQ) ETFs.
    | Jul. 3, 2012, 2:54 PM | Comment!
  • Jun. 29, 2012, 7:32 AM
    Chinese industrial profits fell 5.3% Y/Y in May vs. a 2.2% drop in April. For the year's first 5 months profits declined 2.4% from the same period in 2011 (is it okay now to drop the canard that weak Chinese numbers are the result of the New Year holiday). Shanghai last night rallied with the rest of the world, +1.4%.
    | Jun. 29, 2012, 7:32 AM | Comment!
  • Jun. 28, 2012, 6:50 AM
    Shanghai declines 1%, the 7th consecutive loss, and erasing the Index's gains for 2012. Along with the decline seems to be a lack of interest. Volume at the Shanghai exchange today was just 41% of the 2012 average, and investors opened the fewest trading accounts over the past 30 days on record, according to Bloomberg (data goes back to 2007).
    | Jun. 28, 2012, 6:50 AM | 1 Comment
  • Jun. 27, 2012, 4:54 PM
    The collapse of a property developer in Hangzhou causes a mini-financial meltdown in the city and shines more light on so-called "credit guarantees," reminiscent, says Patrick Chovanec, of the circular arrangements common on Wall Street prior to 2007. Chovanec may be doing disservice to China, which appears to have outdone anything concocted in the U.S. during its credit bubble.
    | Jun. 27, 2012, 4:54 PM | Comment!
PGJ Description
The PowerShares Golden Dragon China Portfolio (Fund) is based on the Halter USX China Index (Index). The Fund will normally invest at least 90% of its total assets in equity securities that comprise the Index. The Index is comprised of the U.S.-listed securities of companies that derive a majority of their revenue from the People's Republic of China. The Index is designed to provide insight and access to the unique economic opportunities taking place in China while still providing investors with the transparency offered with U.S.-listed securities. The Fund is rebalanced and reconstituted quarterly.
See more details on sponsor's website
Country: China
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