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Monday, Nov 411:20 AMChina A-shares ETF set to launch
Monday, Nov 411:20 AM| Comment!
- Deutsche on Wednesday is launching what would be U.S. ETF investors' first shot at owning so-called Chinese A shares - stocks trading in Shanghai and Shenzhen. The db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) will track the CSI 300 Index.
- Invesco last month launched the PowerShares China A-Share portfolio (CHNA), but until the company gets approval to own A-shares, it's trying to replicate the action with futures and other ETFs. There's also the Market Vectors China ETF (PEK) which attempts to approximate Shanghai and Shenzhen with swaps linked to those stocks, but it's failed to gain much traction with just $34M in AUM after three years in business.
- Then there's a closed-end fund, the Morgan Stanley China A Share Fund (CAF), currently trading at a 8.2% discount to NAV, and on the market since 2006.
- China A-shares is "the last big market access product," says Deutsche exec Martin Kremenstein, drawing a comparison to 2004's launch of the SPDR Gold Trust (GLD). MSCI estimates opening A shares completely to foreign ownership would boost China's weight in the MSCI Emerging Markets Index (EEM) to 30% from 18%.
- Related ETFs: FXI, GXC, PGJ, FXP, HAO, CYB, YINN, CNY, TAO, CHIQ, CHIX, YANG, PEK, MCHI, XPP, CQQQ, QQQC, YAO, CHXX, CHII, CHXF, FXCH, ECNS, CHIE, YXI, CHIM, KFYP, TCHI, KWEB, FCA, CHNA.
Monday, Nov 48:07 AMHoward Marks is a buyer in China
Monday, Nov 48:07 AM| Comment!
- "Investors have lost all confidence in China," says Howard Marks (OAK), who is scooping up what he calls "tremendous bargains" in common stocks there. "We are investing in Chinese equities along with emerging markets."
- He notes the Shanghai Composite's price-to-book ratio is about half of 2010's level and the P/E multiple is 42% lower. "The swings of the pendulum were excessive."
- As for the U.S., stock valuations have moved from cheap to fair. "It's not overpriced in the context of history."
- China equity ETFs: FXI, GXC, PGJ, FXP, HAO, YINN, TAO, CHIQ, CHIX, YANG, PEK, MCHI, CQQQ, XPP, QQQC, YAO, CHXX, CHII, CHXF, ECNS, CHIE, YXI, CHIM, KFYP, TCHI, KWEB, FCA, CHNA.
Monday, Aug 127:11 AMChinese stocks jump to 2-month high
Monday, Aug 127:11 AM| Comment!
- The 2.4% gain in the Shanghai Composite was led by a 5.7% jump in energy producers (CHIE) and a 3.8% move in financial stocks (CHIX).
- Ag Bank will provide a $40.5B loan to Shanghai to support infrastructure projects, according to a local report, and word is other banks may quickly follow suit in other regions of the country.
- Also having a good day are real estate developers (TAO) as the country's securities regulator may soon lift a ban on these firms being able to raise money through share sales.
- China equity ETFs: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF, KFYP.
Wednesday, Aug 82012, 8:15 AMChina bears like to point to flatlining electricity output as proof of the country's sharp growth slowdown, but what if it's just signaling a shift to a more services-based economy? Suggesting China has gone from Indonesia last year to Switzerland this year is "a little bit of a reach," says Michael Parker, not buying the argument. |Wednesday, Aug 82012, 8:15 AM| 3 Comments
Monday, Jul 92012, 8:49 AMChina plans another cut in pump prices - the 3rd in 3 months - according to a report on state-run TV. The reduction is expected to be 6.6-7.2%. Great for consumers, the news will not be welcome at the nation's beleaguered refiners (PTR, SNP), already producing fuel at a loss. |Monday, Jul 92012, 8:49 AM| 1 Comment
Friday, Jun 82012, 11:08 AMChina slashes gasoline and diesel prices by the most since 2008 to try and match the recent drop in world crude. The trouble for the nation's refiners is product prices were never allowed to rise commensurately with oil when it was moving higher. Sinopec (SNP) had a Q1 refining loss 16X greater than a year ago. PetroChina (PTR), a near doubling. |Friday, Jun 82012, 11:08 AM| Comment!
Thursday, May 312012, 1:25 AMChinese stocks will keep rising, with the benchmark Shanghai Composite Index poised to add 15% by year-end as slowing inflation gives the government room to loosen monetary policy and allows for bank lending to pick up, according to Beijing Gao Hua Securities Co, Goldman Sachs' China partner. |Thursday, May 312012, 1:25 AM| 3 Comments
Wednesday, May 92012, 7:04 AMChina cuts retail fuel prices for the first time since October, catching up to the recent fall in crude oil. The move promises to put more pressure on the country's refiners - Sinopec (SNP) and PetroChina (PTR) - already losing money thanks to negative margins. |Wednesday, May 92012, 7:04 AM| Comment!
Wednesday, Mar 282012, 8:01 AMProfit estimates for Chinese firms remain "far too optimistic," says SocGen, seizing on the report that Y/Y industrial profits shrank in the year's first 2 months. Among the losers in Shanghai's 2.7% plunge last night: Alum. Corp. of China (ACH) -5.8% and Jiangxi Copper JIXAY.PK) -5.5%. FXI -0.3% premarket. |Wednesday, Mar 282012, 8:01 AM| Comment!
Monday, Mar 192012, 9:39 AMChina will allow a retail gasoline price rise of 6-7% on Tuesday, higher than expectations for about half that amount, and the largest increase in nearly 3 years. The hike should take some pressure off refiners who are getting squeezed between high oil prices and artificially low refined product prices. SNP +1.3%. |Monday, Mar 192012, 9:39 AM| 1 Comment
Thursday, Mar 152012, 7:18 AMChinese oil giant Sinopec (SNP) will acquire the overseas oil and gas assets of its parent company, a step in the company's continuing restructuring. PetroChina (PTR) has made a similar move with its parent, and gives both companies more "upstream exposure" to the energy markets. |Thursday, Mar 152012, 7:18 AM| Comment!
Monday, Mar 52012, 1:06 PMChina's 2012 inflation target of 4% (ahead of expectations for 3-3.5%) suggests Beijing is considering more stimulus as well as an easing of price controls on energy which artificially hold down inflation prints (and destroy refining and electric production profitability). |Monday, Mar 52012, 1:06 PM| Comment!
Thursday, Nov 172011, 1:25 PMMinyanville sees the case of Heineken's (HINKY.PK) foray into China as a cautionary tale for firms thinking about betting big in the nation. The brewer entered the beer market 1988 by buying into the dominant player. Trouble is: Chinese consumers don't like bitter beer, so Heineken's market share fell flat. Could the same consumer peaking process happen to MCD, KO, Pizza Hut/KFC, and other U.S. firms as they pour investments into expansion in China? |Thursday, Nov 172011, 1:25 PM| 3 Comments
Sunday, Oct 92011, 9:27 PM"The world revolves around money, and it makes its own rules," says the CEO of China's Noah Holdings (NOAH). The company is a seller of wealth-management products, including trusts, which are exploding across the country as capital seeks better returns and businesses in need of credit seem willing to pay anything. The action reminds one professor of the conditions that led to the 1907 panic in the states. A great read about what sounds like a house of cards. |Sunday, Oct 92011, 9:27 PM| 2 Comments
Tuesday, Oct 42011, 11:53 AMStandard Chartered's Stephen Green brushes off concerns of a hard-landing in China, saying authorities have plenty of room to ease policy. Green disagrees with the China-is-overbuilt meme, saying infrastructure projects are still necessary across the country. "China today is Japan circa 1970, not 1989." |Tuesday, Oct 42011, 11:53 AM| 1 Comment
Tuesday, Sep 202011, 3:41 PM"This is happening now," says Jim Chanos of the property collapse in China. He relates a story from the chairman of Komatsu (KMTUY.PK), who says he is having trouble getting paid for machinery sales there. With the focus on Europe, the story people are missing is the reversal in the world growth machine. |Tuesday, Sep 202011, 3:41 PM| 5 Comments