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There are no Transcripts on PGJ.
Tue, Aug. 26, 7:51 AM
- Making a convenient excuse for Shanghai's biggest decline in two weeks is a heavy slate of IPOs (10) set to begin marketing this week. "IPO share sales will put pressure on market liquidity," says a money manager. "The market may need a breather and consolidation here before finding a direction."
- Chinese IPOs have been popular this year, sporting an average 94% gain from their issue price.
- ETFs: FXI, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, CN, FCA
Fri, Aug. 22, 11:57 AM
- An estimated $1.4B, or 45% of portfolio inflow into emerging markets went into China - which represents only 20% of the MSCI Emerging Markets Index (ETF: EEM) - according to EPFR Global.
- It's the 4th straight week of inflows for the country, and comes amid a 3rd quarter bull market, with FXI up 9%, MCHI up 8.4%, and EWH ahead 6.8%. The EEM rose just 2.8% and the iShares MSCI Asia ex-Japan ETF (NASDAQ:AAXJ) gained only 3.7%.
- ETFs: FXI, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, CN, FCA, ASHR, PEK, CHNA, KBA
Wed, Aug. 13, 7:28 AM
- Hong Kong extended its winning streak to three overnight, the Hang Seng rising 0.8% to 24,890 - a level last seen nearly 4 years ago.
- Economic data released ahead of last night's session showed further slowing in China's economy, with industrial production slumping to 9% growth from 9.2% previously, and retail sales growing 12.2% vs. June's 12.4% and expectations for 12.4%.
- Shanghai closed with marginal gains.
- ETFs: FXI, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, CN, FCA
Mon, Jul. 28, 8:04 AM
- "Sentiment has turned in favor of growth and cheap valuations in the Chinese market," says a Hong Kong-based fund manager. Shanghai "has been lagging for a long time so [it's catching] up with world markets. The policy changes in China are favorable.”
- Among the more recent measures are the cutting of reserve requirements, accelerated infrastructure spending, and loosened property curbs.
- In Hong Kong, the Hang Seng rose for a fifth straight session, up 0.9% amid reports the so-called "through train" scheme - which would allow direct stock trading between Hong Kong and Shanghai - will launch in October.
- ETFs: FXI, EWH, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXF, EWHS, CN, FCHI, FCA, CHNA, FHK, KBA, ASHS, CNXT
Thu, Jul. 24, 12:46 PM
- The big mover in Asia overnight was China up 1.3% after the flash PMI read for July from HSBC showed a rise to 52 from June's final read of 50.7. Expectations had been for a slight gain to 51.
- “The cumulative impact of mini-stimulus measures introduced earlier is still filtering through,” says Qu Hongbin, HSBC’s chief China economist. “We expect policy makers to maintain their accommodative stance over the next few months to consolidate the recovery.”
- FXI +1.6%
- ETFs: FXI, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXX, CHXF, CHII, CHIM, CN, FCA, KFYP, CHNA, KBA
Wed, Jul. 16, 11:06 AM
- GDP rose 7.5% in Q2 from a year earlier, according to China's statistics bureau. Estimates were for 7.4% growth. On a sequential basis, GDP grew 2% vs. 1.8% forecast, and 1.5% in Q1. Industrial production grew 9.2% vs. forecasts for 9%, and retail sales increased 12.4% vs. 12.5% estimates. Fixed-asset investment increased 17.3% vs. forecasts for 17.2%.
- ANZ Banking Group boosts their 2014 GDP estimate to 7.5% from 7.2%, but calls for continued monetary easing to help hit that number.
- The statistics bureau also reported the value of June home sales as rising 33% from May, though the value for the year's first half fell 9.2% from the same period in 2013.
- Stocks in Shanghai slipped 0.15% overnight, their first decline in four sessions.
- ETFs: FXI, EWH, PGJ, GXC, KWEB, FXP, YINN, HAO, ASHR, CHIQ, YANG, TAO, CQQQ, CHIX, MCHI, QQQC, PEK, XPP, YAO, YXI, CHXX, CHXF, CHII, ECNS, CHIE, CHIM, EWHS, FCHI, CN, FCA, KFYP, CHNA, FHK, ASHS, KBA
Thu, Jun. 26, 11:00 AM
- The Shanghai Composite rose 0.7% overnight, with the ChiNext Index of small company stocks popping 2% after the first IPOs to hit the mainland in four months jumped an average 44%. Trading volume in Shanghai was 9.2% above the 30-day average.
- China's securities watchdog recently lifted a ban on IPOs and it expects to allow about 100 between June and year-end.
- The Hang Seng (EWH) climbed 1.5%.
- China ETFs: FXI, EWH, PGJ, GXC, FXP, KWEB, YINN, ASHR, YANG, CQQQ, MCHI, QQQC, PEK, XPP, YAO, YXI, CHXF, EWHS, FCHI, CN, FCA, CHNA, FHK, KBA
- China small-cap ETFs: HAO, ECNS, EWHS, ASHS
Mon, Jun. 23, 7:37 AM
- The HSBC flash PMI for June rises to 50.8 from May's final read of 49.4. Expectations for the print were 49.7.
- Both JPMorgan and Barclays boosted estimates for Q2 GDP growth after the number, JPMorgan to 7.2% from 6.8% and Barclays to 7.4% from 7.2%.
- “It is a very good number,” says Credit Suisse's Dong Tao. “It is a surprise, too, as most people are focusing on infrastructure investment and the property market.” He nevertheless leaves his Q2 GDP growth forecast at 7.3%
- Stocks were not buoyed by the news as Shanghai slipped 0.1% and Hong Kong 1.7%.
- ETFs: FXI, EWH, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXX, CHXF, CHII, EWHS, FCHI, CN, FCA, KFYP, CHNA, FHK, KBA
Thu, Jun. 19, 10:44 AM
- Worries over a rush of IPOs make for a convenient excuse for a 1.6% decline in the Shanghai Composite overnight. Regulators have given the green light to new offerings after a four-month halt and at least four companies are coming public this week. "The secondary market is bleeding," says one strategist. "Investors want to speculate on new stocks."
- China's securities regulator says about 100 companies will list on the mainland by year-end.
- FXI -0.8%
- ETFs: FXI, EWH, PGJ, GXC, FXP, KWEB, YINN, HAO, ASHR, CHIQ, YANG, TAO, CHIX, CQQQ, MCHI, QQQC, PEK, XPP, YAO, YXI, CHXX, CHXF, CHII, ECNS, CHIE, CHIM, EWHS, FCHI, CN, FCA, KFYP, CHNA, FHK, KBA, ASHS
Mon, Jun. 16, 9:59 AM
- China's bank sector (CHIX) was boosted overnight after a number of midsize banks won inclusion into a PBOC move to cut reserve ratios - now a larger program than analysts expected when the central bank unveiled it last week.
- For the PBOC's part, it says the action isn't an expansion of the reserve ratio cut, but that any company is eligible for eased ratios as long as a significant portion of boosted lending goes to agricultural and smaller companies.
- Shanghai closed higher by 0.75%.
- ETFs: FXI, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXF, CN, FCA, CHNA, KBA
Mon, Jun. 9, 8:30 AM
- China's central bank on June 16 will cut the reserve ratio by 50 basis points for some banks focusing on lending to the rural sector and smaller companies, with the move also applying to financial leasing and auto financing firms.
- The action follows a promise two months ago by the State Council to take action to boost economic growth.
- In other news, land sales plunged in May, with 1,767 deals over 300 surveyed cities down 45% from a year ago and 19% from April. May is traditionally a big month for sales, but developers, says real estate website Soufun, are in "wait-and-see" mode.
- Property developer stocks (TAO) slipped in Hong Kong (EWH) overnight, including Poly Property off 7.7%, Shimao Property down 4.3%, and Fantasia Holdings off 2.3%.
- ETFs: FXI, PGJ, GXC, FXP, YINN, YANG, MCHI, XPP, YAO, YXI, CHXF, FCA, CN
Tue, Jun. 3, 8:12 AM
- The HSBC PMI for May rises to 49.4 from 48.1, a 4-month high, but below forecasts for 49.7. This print follows the weekend release of the official PMI gauge which rose to 50.8, a 5-month high.
- “The final PMI reading for May confirmed that the economy is stabilizing, but it is too early to say that it has bottomed out, particularly in light of a weaker property sector,” says HSBC's chief China economist Qu Hongbin. "We expect both monetary and fiscal policy to be loosened gradually over the coming months."
- Previously: China PMI rises to 5-month high
- ETFs: FXI, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXF, CHII, FCA, CN, CHNA, KBA
Mon, Jun. 2, 7:25 AM
- The May PMI (official read) of 50.8 was just ahead of estimates for 50.7 and rose from April's 50.4. The HSBC PMI report is due on June 3, but the flash read last week came in at 49.7, also a 5-month high.
- Shanghai closed marginally lower on the session, with Hong Kong (EWH) gaining 0.3%.
- ETFs: FXI, EWH, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXF, FCHI, FCA, CN, CHNA, FHK, KBA
Fri, May. 23, 12:58 PM
- Cnooc (CEO), the operator of the oil rig in disputed waters that’s stoking tension between Vietnam and China, says it is determined to finish drilling at the site.
- Drilling in the South China sea is a business decision, Chairman Wang Yilin said at Cnooc's annual shareholder meeting, but he expects the operation there to be protected by the Chinese government.
- The U.S. military commander in the Pacific is warning that the risk of a miscalculation that could trigger a wider conflict is high.
- ETFs: FXI, VNM, EPHE, PGJ, GXC, FXP, YINN, YANG, MCHI, ASEA, XPP, YAO, GMF, YXI, CHXF, CHIE, EEMA, FCA, CN
Thu, May. 22, 8:21 AM
- The preliminary May HSBC PMI of 49.7 rises from 48.1 at the end of April and stands against estimates for 48.3, though still remaining in contraction territory.
- “A few industries that are sensitive to the mini-stimulus may have started to benefit from the pro-growth policies,” says Everbright chief economist Xu Gao. “It’s still too early to conclude that a quick rebound is taking place in the Chinese economy."
- The Shanghai Composite fell 0.2% overnight, while Hong Kong (EWH) gained 0.5%.
- ETFs: FXI, EWH, PGJ, GXC, FXP, KWEB, YINN, HAO, ASHR, CHIQ, YANG, TAO, CHIX, CQQQ, MCHI, QQQC, PEK, XPP, YAO, CHXX, YXI, CHXF, CHII, ECNS, CHIM, CHIE, EWHS, FCHI, FCA, KFYP, CN, CHNA, FHK, KBA, ASHS
Wed, May. 21, 4:24 AM
- China will allow 10 local governments - including in Shanghai and Beijing - to sell bonds as part of a pilot scheme as the government looks to clean up an estimated $3T of public debt.
- Until now, municipalities weren't allowed to borrow, so the central government would do it for them, or they would use opaque vehicles that would take loans on their behalf. That has created uncertainty about the size of the debt and the soundness of municipal finances.
- ETFs: FXI, PGJ, GXC, FXP, YINN, CYB, CNY, DSUM, YANG, MCHI, XPP, YAO, YXI, FXCH, CHXF, FCA, CHLC, TCHI, CN
PGJ vs. ETF Alternatives
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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