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iShares FTSE China 25 Index ETF

5/25/2013, 12:16 AM ET

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Thursday, May 23, 3:17 AM China PMI shrinks for the first time in seven months, dropping to 49.6 from 50.4 in April, missing expectations. HSBC, who collect the data, didn't mince words in an appeal to Beijing: "The cooling manufacturing activities in May reflected slower domestic demand and ongoing external headwinds. A sequential slowdown is likely in the middle of Q2, casting downside risk to China's fragile growth recovery. Moreover, the further signs of labor market slackness call for more policy support. Beijing still has fiscal ammunition to do so." ETFs: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF; BONDS: RMB, DSUM, CHLC, CNY, CYB, FXCH 1 Comment [Global & FX]
Friday, May 17, 7:16 AM Shanghai (FXI, CAF) completes its biggest week in 4 months, up 1.4% overnight as the government slashes red tape for certain investment projects. A total of 117 "approval items" - including gas fields, airports, and paper pulp - can now move forward without getting an "Ok" from Beijing. Comment! [Global & FX]
Tuesday, May 14, 10:42 AM "Contrarians should start buying emerging markets (EEM, DEM, VWO) and think about global energy (XLE) and material companies (XLB) and commodities (DBC)," says BAML's John Bilton, noting a "marked uptick" in concern about China (FXI, CAF) in his firm's latest fund manger survey. One-in-four now consider a Chinese hard landing as the biggest risk to their investment. Where respondents are not fearful? Japan (EWJ, DXJ). (previous) 4 Comments [Global & FX, Commodities]
Tuesday, May 14, 7:39 AM China's Q2 GDP growth forecast is cut to 7.8% from 8% at JPMorgan, which also reduces its full-year estimate to 7.6% from 7.8%. There's no indication the government's policy stance will be shifted quickly to support near-term growth, says the bank. Slash rates? Can't do it, says a state economist, thanks to an already abundant pool of global liquidity. Shanghai (FXI, CAF) fell 1.1% overnight. 1 Comment [Global & FX]
Monday, May 13, 7:11 AM With new property curbs taking effect, China's home sales transaction value fell 13% in April. The fall, however, is from a very high level as the same metric though the first 4 months of 2013 is up 65% from a year ago. Shanghai (FXI, CAF) fell 0.2% overnight. The China Real Estate ETF (TAO) +37.5% Y/Y. Comment! [Global & FX]
Tuesday, May 7, 10:16 PM What global slowdown? Chinese April exports rose 14.7% Y/Y vs. 8.6% expected. Imports gained 16.8% vs. 11.6% expected. The trade surplus clocked in at $18.16B. Bloomberg's Adam Johnson: "Imports AND exports better than forecast; 18 hours ago German factory orders better and U.S. job postings up ... Connect the dots." Shanghai (FXI, CAF) +0.7%, Hong Kong (EWH) +0.8%. 6 Comments [Global & FX]
Monday, April 29, 8:00 AM Chinese industrial company profit growth slowed to 5.3% Y/Y in March, down from a 17.2% pace in the year's first two months. For the quarter as a whole, profits rose 12.1% - roughly inline with sales, meaning flat margins. "With problems of overcapacity and the sluggish global picture, it doesn't bode well," says RBS' chief China economist Louis Kuijs. Shanghai (FXI, CAF) closed overnight. 2 Comments [Global & FX]
Tuesday, April 23, 5:32 AM Shares in China lead Asian stocks lower after HSBC's PMI survey for the country falls more than expected. Japan -0.3%, Hong Kong -1.1%, China -2.6%, India -0.3% to 19107. Comment! [Global & FX, Top Stories, On the Move]
Monday, April 22, 11:08 PM China's flash HSBC PMI for April slides to 50.5, missing expectations by a full point and against March's read of 51.6. "New export orders contracted after a temporary rebound in March, suggesting external demand for China's exporters remain weak," says HSBC. "Weaker overall demand has also started to weigh on employment in the manufacturing sector." Shanghai (FXI, CAF) is off 1.5 in early trade. Hong Kong (EWH) -0.9%. 6 Comments [Global & FX]
Monday, April 22, 4:35 PM Jim Chanos isn't backing off, laying out his bearish case on China in a new presentation entitled, China: The Edifice Complex. The arguments aren't new to anyone who's been following along: Property bubble, diminishing returns on the capital investment boom, and massive corruption at both the government and corporate levels. Priced in? China A Shares (CAF) fell years ago and they haven't gotten up. 4 Comments [Global & FX]
Friday, April 19, 9:18 AM Shanghai posted its biggest gain in a month, +2.1% as regulators look to lure more money into stocks, mulling plans to allow A shares to be added to well-known international indexes, including the MSCI Emerging Markets Index (EEM, VWO). FXI +2.9%, Morgan Stanley China A Share Fund (CAF) +5% premarket. 1 Comment [Global & FX, On the Move]
Tuesday, April 16, 1:05 PM China's local government debt is "out of control," says Zhang Ke, head of a top Chinese accounting firm, and it could spark a bigger crisis than the U.S. property crash. He says his firm has mostly exited from the business of underwriting local government bond issues as the municipalities cannot service the debt they are taking on. "Things could become very serious." 8 Comments [Global & FX]
Tuesday, April 16, 11:36 AM China's big miss on Q1 GDP might show the country nearing its "Pettis Moment" in which the country's growth must slow as the economy shifts reliance from investment to consumption. JPMorgan's Jing Ulrich says over-investment is responsible for the "sub-par economic expansion" and likely a key factor in the poor performance of Chinese stocks. A chart of CAF vs. the S&P since the 2009 bottom. Comment! [Global & FX]
Sunday, April 14, 11:01 PM Chinese Q1 GDP growth disappoints, rising 7.7% Y/Y vs. 8% expected, and slowing from 7.9% in Q4. March industrial production misses expectations of 10% growth, rising just 8.9%. Retail sales, however, beats forecasts, rising 12.6% vs. 12.3% expected. Asia's taking a bit of a tumble, Shanghai -0.6%, and the Hang Seng -1.6%. The aussie (FXA) slides 0.6% to $1.0463. 13 Comments [Global & FX]
Monday, April 8, 7:40 AM Shanghai carves out a new 2013 low, sliding 0.6% overnight with property developers leading the way as Beijing increases to 70% the minimum downpayment for 2nd homes. Airlines slumped and one pharmaceutical company soared in response to the bird flu outbreak. FXI -0.7% premarket, now -11.9% YTD. 3 Comments [Global & FX]
Friday, April 5, 9:46 AM The iShares FTSE China 25 Index (FXI) gets an upgrade, if you ask Dennis Hudachek, making changes allowing it to own sectors to which it previously had no exposure - fairly significant for a fund owning just 25 names. Though maybe the most popular China ETF, FXI has been notable for its underperformance vs. the Shanghai Composite. Also affected wil be sister fund FCHI. 1 Comment [Global & FX]

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