China Wrestles With Hot Money - From Locals
Marc Chandler
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Wed, May 8
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China Wrestles With Hot Money - From LocalsMarc Chandler • Wed, May 8 -
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There are no Transcripts on PGJ.
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at MarketWatch.com (Apr 21, 2011)
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at MarketWatch.com (Feb 16, 2011)
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at MarketWatch.com (Jun 22, 2010)
PGJ vs. ETF Alternatives
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.
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Country: China
Key Info
- In Your Portfolio: A Guide to International Equity ETFs
- Asset Class Performance: Countries, Emerging Markets
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- | Earnings
- | Dividends
- | M&A
- | On the move
- 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, 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, 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, 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]
- 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]
- Thursday, March 28, 7:46 AM The China 25 Index ETF (FXI) falls 1.5% premarket as Beijing moves to break up the opacity of the shadow banking system with regulators demanding non-traditional wealth-management products be clearly linked to specific assets. Seems prudent. Citic Bank -6.8%, Minsheng Banking -7.9%. Banking ETF (CHIX) -6.1% YTD. 6 Comments [Global & FX, Financials]
- Tuesday, March 26, 8:23 AM Bank of China and Ag Bank last night joined Construction Bank in reporting a slowing profit increase in 2012, with Ag Bank President Zhang Yun warning growth may slow further this year. "Chinese banks' high-growth rates of the past aren't sustainable," says an analyst, expecting a small rebound in earnings, but only if markets improve. Shanghai fell 1.2% overnight, but FXI - which often goes its own way - gains 0.8% premarket. Comment! [Financials]
- Wednesday, March 20, 7:09 AM Shanghai rises 2.6% with Tom DeMark predicting shares are about to pull out of their slump and resume the rally that began late last year. The famed technician - who correctly called the current correction - describes the current level as a "low-risk entry zone," and says shares could rise 28% by summer's end. FXI +2.2% premarket. 1 Comment [Global & FX]
- Tuesday, March 19, 11:01 AM More on the BAML survey: Just 14% of respondents expect the Chinese economy to be stronger a year from now, representing "one of the sharpest falls in this reading in the survey's history." The thinking is behind a shift out of emerging equity markets (EEM. DEM, VWO) and into developed - notably the U.S. and Japan. It also coincides with a sharp correction in Chinese stocks (FXI, CAF) over the last month. 1 Comment [Global & FX]
- Monday, March 18, 7:50 AM Also shaking Chinese markets is the departure of Guo Shuqing as head of the China's markets regulator, the Securities Regulatory Commission. Guo was seen as a reformer and one who pushed to open up the brokerage sector. He's succeeded by the Bank of China's Xiao Gang, who it's hoped will continue with reforms. Citic Securities fell 2.1% overnight. Comment! [Global & FX]
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Michael A. Gayed
China FXI PGJ lowered growth target gives cover for more stimulus from fiscal and PBoC side. - View all 1 replies
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Michael A. Gayed
Investors in China FXI and PGJ are ultimately betting on Europe not failing. Smart money is betting on a positive surprise. - View all 1 replies
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Thomas Pan
China experienced 22% drop for orders from Europe in October, compared with September. FXI FXP PGJ - View all 0 replies
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Thomas Pan
Hong Kong's economy contracted 0.5% in q2 with export dropped 11.1% from the first quarter FXI FXP PGJ EWH - View all 0 replies
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Thomas Pan
Local Chinese governments have sold more than ¥400 billion of bonds since 2008 FXI FXP PGJ - View all 0 replies
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Thomas Pan
Local Chinese governments have set up more than 10,000 financing vehicles to get loans and 1/3 of them don't have cash flow FXI FXP PGJ - View all 0 replies
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Thomas Pan
Standard Chartered estimates that 4~6trillion RMB of local government loans will not be repaid. FXI FXP PGJ - View all 0 replies
LATEST REPLIES
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Michael A. Gayed
China FXI PGJ lowered growth target gives cover for more stimulus from fiscal and PBoC side. - View all 1 replies
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Michael A. Gayed
Investors in China FXI and PGJ are ultimately betting on Europe not failing. Smart money is betting on a positive surprise. - View all 1 replies
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