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Emerging Markets Week in Review -1/25/2010 - 1/29/2010
February 2, 2010--The Dow Jones Emerging Markets Composite Index fell by 2.31% last week on concerns that several key countries such as China have become overheated and central banks will take further steps to slow economic by raising interest rates. Health Care and Telecom, down 0.82% and 1.24% respectively, were the least negative of the sectors. Technology and Materials, two of the best performing groups in 2009, were the worst performing last week, down 4.91% and 4.26% respectively.
As the global debate about how central banks should handle monetary policy continues, the spotlight will be on the U.S. this week when the Obama administration announces a plan to control the booming fiscal deficit.
for more info
Source: Emerging Global Advisors
U.S. International Reserve Position
February 1, 2010--The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $130,296 million as of the end of that week, compared to $131,261 million as of the end of the prior week.
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January 29, 2010 |
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A. Official reserve assets (in US millions unless otherwise specified) 1 |
Euro |
Yen |
Total |
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(1) Foreign currency reserves (in convertible foreign currencies) |
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130,296 |
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(a) Securities |
9,750 |
14,374 |
24,124 |
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of which: issuer headquartered in reporting country but located abroad |
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0 |
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(b) total currency and deposits with: |
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(i) other national central banks, BIS and IMF |
14,440 |
7,036 |
21,476 |
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ii) banks headquartered in the reporting country |
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0 |
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of which: located abroad |
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0 |
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(iii) banks headquartered outside the reporting country |
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0 |
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of which: located in the reporting country |
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0 |
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(2) IMF reserve position 2 |
11,287 |
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(3) SDRs 2 |
57,316 |
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(4) gold (including gold deposits and, if appropriate, gold swapped) 3 |
11,041 |
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--volume in millions of fine troy ounces |
261.499 |
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(5) other reserve assets (specify) |
5,052 |
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--financial derivatives |
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--loans to nonbank nonresidents |
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--other (foreign currency assets invested through reverse repurchase agreements) |
5,052 |
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B. Other foreign currency assets (specify) |
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--securities not included in official reserve assets |
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--deposits not included in official reserve assets |
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--loans not included in official reserve assets |
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--financial derivatives not included in official reserve assets |
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--gold not included in official reserve assets |
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--other |
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Source: U.S. Department of the Treasury
Treasury Budget Focused on Building New Foundation for Economic Growth, Reform of the Financial System
Projected TARP Costs Down $224 Billion from August Mid-Session Review
February 1, 2010--As a part of the Administration's commitment to making tough choices and streamlining programs that work in order to lay the foundation for long-term economic growth, Treasury Secretary Tim Geithner today highlighted key components of the President's FY 2011 Budget intended to continue our nation down the path to economic prosperity.
After stabilizing our economy and steering it back from the brink this past year, this Budget reflects the President's commitment to invest in innovation and reform our financial system," said Secretary Geithner. "We must make investments to put our country back on a path to economic prosperity, but do so in a way that is efficient and constrained. This Budget supports the critical work that Treasury is doing to encourage economic growth and ensure that the financial industry plays by new, safer rules."
Already, Treasury has taken steps to dramatically bring down the costs of the Troubled Asset Relief Program (TARP) and shift the focus of the program to small business and housing. As a result of careful stewardship of the program and improved financial conditions, the projected cost of TARP has fallen from $341 billion in the Mid-Session Review to $117 billion in this Budget, and the additional $250 billion reserve in place in the event additional financial stabilization efforts were necessary has been removed. Going forward, the program will focus on the challenges of helping families avoid foreclosure and bringing down the high unemployment rate. Treasury will continue to assist responsible homeowners to avoid foreclosure, and will transfer, through legislation, $30 billion from TARP to a new program to help community and smaller banks give small businesses the credit they need.
Treasury is also leading the broader effort to reform the financial system. Treasury is working closely with Congress to enact legislation that will promote more robust supervision and regulation of financial firms, establish comprehensive regulation of financial markets, protect consumers and investors, ensure the financial system works for our communities, provide the government with more powerful tools to manage financial crises, and improve international cooperation.
To support the President's goal to reduce the deficit and be more efficient and targeted in federal spending, the Treasury Department's FY 2011 Budget includes nearly $500 million in efficiency savings, user fees and program reductions across the Department's 13 bureaus. The Treasury Department is committed to moving to "paperless" processing throughout its bureaus and programs, including increasing the number of benefit payments and tax collections made electronically. This will cut down on waste, save money and enhance service to the general public.
"Across the country families and businesses are tightening their belts, and the federal government should be no exception," Secretary Geithner added. "By increasing efficiency and eliminating waste, we're helping to put our country on a more sustainable fiscal path."
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Source: U.S. Department of the Treasury.
ISE Reports Monthly Volume for January 2010
February 1, 2010 – The International Securities Exchange (ISE) today reported
average daily volume of 3.7 million contracts in January 2010.
Average daily trading volume for all options contracts increased 2.4% to 3.7 million contracts in
January 2010 compared to the same period in 2009.
Total options volume for the month
decreased 2.7% to 71.2 million contracts from 73.2 million contracts in the same year-ago period.
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Source: International Securities Exchange (ISE)
CBOE January 2010 Trading Up 16% Over A Year Ago
February 1, 2010--The Chicago Board Options Exchange (CBOE) today reported that daily volume in January averaged nearly 4.9 million contracts, a 16-percent increase over January 2009 average daily volume (ADV) of 4.2 million contracts.
During the month, 92.2 million contracts changed hands at CBOE versus 83.5 million contracts traded a year earlier.
January average daily volume for index options, equity options and options on exchange traded funds (ETFs) rose 35 percent, 13 percent and seven percent, respectively, over January 2009 ADV.
CBOE's ADV 4.9 million contracts in January eclipsed ADV of 4.2 million for December 2009, the busiest of any month of December in CBOE's history.
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Source: Chicago Board Options Exchange (CBOE)
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
February 1, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Monday, February 1, 2010:
Svit Gold Corp. (TSXVN:SDP) will trade under the new name Catalyst Copper Corp.
The new ticker symbol will be CCY and the new CUSIP number will be 14888C 10 1. There is no consolidation of capital.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poors
Special Inspector General for the Troubled Asset Relief Program issues its January 2010 Quarterly Report
January 31, 2010--The Special Inspector General for the Troubled Asset Relief Program has issued its January 2010 Quarterly Report to Congress.
view the report
Source: Special Inspector General for the Troubled Asset Relief Program (SIGTARP)
Grail Advisors LLC Lists Two McDonnell Bond ETFs on NYSE Arca
January 29, 2010--NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading theGrail McDonnell Intermediate Municipal Bond ETF(Ticker: GMMB),and theGrail McDonnell Core Taxable Bond ETF(Ticker: GMTB).For each of these actively managed ETFs, theinvestment manager is Grail Advisors LLC, and the sub-advisor is McDonnell Investment Management, LLC.
Grail McDonnell Intermediate Municipal Bond ETF
The ETF seeks a high level of current tax-exempt income and higher risk-adjusted returns relative to its benchmark by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in debt securities with interest payments exempt from federal income taxes. The ETF will typically invest in municipal securities and will invest, under normal market conditions, primarily in tax exempt general obligation, revenue and private activity bonds and notes, which are issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies and instrumentalities (including Puerto Rico, the Virgin Islands and Guam).
Grail McDonnell Core Taxable Bond ETF
The ETF seeks a high level of current tax-exempt income and higher risk-adjusted returns relative to its benchmark by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in debt securities. The ETF will invest primarily in investment-grade securities, including securities issued by the U.S. Government, its agencies and instrumentalities, municipal securities, mortgage-backed and other asset-backed securities, and corporate and bank obligations, including commercial paper, corporate notes and bonds.
Please refer to the prospectus covering these two ETFs at www.grailadvisors.com for more information.
Source: NYSE Euronext
iShares files with SEC-iShares MSCI USA Index Fund
January 29, 2010--iShares has filed an amended registration statement for
iShares MSCI USA Index Fund
view filing
Source: SEC.gov
iShares files with SEC-iShares MSCI Russia Capped Index Fund
January 29, 2010--iShares has filed an amended registration statement for
iShares MSCI Russia Capped Index Fund
view filing
Source: SEC.gov