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ETF Landscape: European STOXX 600 Sector ETF Net Flows, week ending 14-May-10
May 19, 2010--Last week saw US$12.8 Mn net inflows to STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Banks with US$50.6 Mn and Basic Resources with US$34.2 Mn while Utilities experienced net outflows of US$38.2 Mn.
Year-to-date, Media has had the largest net inflows with US$350.8 Mn net new assets, followed by Oil & Gas with US$71.0 Mn YTD. Banks sector ETFs have had the largest net outflows with US$252.7 Mn YTD. In total, STOXX 600 sector ETFs have seen US$327.9 Mn net outflows YTD.
The assets invested in the ETFs are greater than the open interest in the corresponding futures contract in 18 out of 19 sectors.
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Source: Global ETF Research & Implementation Strategy Team, BlackRock
CESR updates the list of measures recently taken by Members regarding short-selling
May 18, 2010--EU securities regulators are closely monitoring the functioning of the markets under the current circumstances and are considering together possible actions which might be taken to contribute to orderly functioning markets. Any such actions will be taken with a view to strengthening confidence in financial markets and protecting investors.
Particularly, CESR, in its role as a network bringing together EU securities regulators, has been co-ordinating actions by its Members regarding the short selling practices, in particular in financial companies. Some EU securities regulators have adopted measures in their respective markets either to limit, or to introduce stringent requirements or further reporting obligations by firms to supervisory authorities on short-selling.
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Source: CESR
Bourses drop sharply after Berlin regulatory move
May 19, 2010--Bourses across Europe fell sharply on Wednesday as investors were unnerved by Germany’s decision to ban naked short selling. The move stoked concerns that further regulations would be adopted across Europe, drying up liquidity in equity markets.
BaFin, the German regulator, temporarily banned naked short selling of a number of German financial instruments in a move aimed at bolstering confidence in Europe’s financial system.
Analysts said the move failed to reassure investors and BaFin’s decision was greeted negatively by global financial markets.
Shares in Portugal Telecom lost 3.1 per cent to €7.32. .Copyright The Financial Times Limited 2010. You
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Source: FT.com
Turkey to urge purchase of European companies
May 19, 2010--The declining population in most European countries opens up new opportunities for Turkey.
The government is now working on an incentive program to encourage people to own or become partners in European companies, one-third of which will change hands within the next six years according to European Union predictions.
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Source: Todays Zaman
Turkish banks rake in profits as other sectors struggle
May 19, 2010--Despite the lingering impact of the global financial crisis, the Turkish banking industry was highly profitable in the three months of the year, with the combined profits of the 12 banks that have disclosed their first quarter figures amounting to an impressive TL 4.8 billion.
Private banks led the list of those with the highest profits in the first quarter. Garanti Bankas? had the highest first quarter earnings, posting TL 1.08 billion in consolidated net profits. Akbank followed Garanti with TL 1.03 billion, a 76 percent increase over the same quarter of last year. ?? Bankas? came third with TL 955 million, representing a 47 percent jump in consolidated net profits in first three months compared to first quarter of 2009. Yap? Kredi enjoyed a 20 percent rise and increased its first quarter net profits to TL 564 million while the state-owned Halkbank made TL 515 million in net profits, a 41.3 percent increase in the given period. Vak?fbank, another state-owned bank, followed Halk with TL 305 million.
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Source: Todays Zaman
Lyxor launches S&P 500 ETF in London
May 18, 2010--Lyxor Asset Management has launched its S&P 500 ETF on the London Stock Exchange, along with two other funds tracking Australian and Canadian benchmarks.
The issuer is one of several to launch an ETF on the S&P 500 index, following the end of a 10 year exclusive licensing agreement, whereby iShares was the sole provider in Europe to have an ETF on the US benchmark.
Lyxor's S&P 500 ETF, which can be traded in US dollars and British sterling, has an annual management fee of 0.20%.
The Lyxor ETF S&P ASX 200 and the S&P TSX 60, reflecting the Australian and Canadian stock markets respectively, have annual management fees of 0.30%. These funds can also be traded in US dollars and British sterling.
The S&P ASX 200 covers around 78% of the Australian equity market capitalisation. The index was down 6.67% month to date and down 6.7% year to date, as of May 18.
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Source: IFI Online
Merkel says will lobby G20 for financial markets tax
May 18, 2010--German Chancellor Angela Merkel said Tuesday she would push for an international tax on financial markets during a summit of G20 leaders next month.
"Germany will defend (the idea of) a tax on financial markets at the G20," she said during a joint press conference with her Austrian counterpart Werner Faymann.
"The important thing is to reach an international agreement. Germany is to use all of its strength. If that does not work then a solution will have to be found at the European level," she said.
European Commission chief Jose Manuel Barroso urged EU leaders in a letter last week to take up the cause of an international tax on financial institutions at a G20 summit on June 26 and 27 in Toronto.
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Source: EuBusiness
April 2010 Euro area annual inflation up to 1.5% EU up to 2.0%
May 18, 2010--Euro area1 annual inflation was 1.5% in April 20102, up from 1.4% in March. A year earlier the rate was 0.6%. Monthly inflation was 0.5% in April 2010.
EU3 annual inflation was 2.0% in April 2010, up from 1.9% in March. A year earlier the rate was 1.3%. Monthly inflation was 0.4% in April 2010.
These figures come from Eurostat, the statistical office of the European Union.
Inflation in the EU Member States
In April 2010, the lowest annual rates were observed in Latvia (-2.8%), Ireland (-2.5%) and Lithuania (0.2%), and the highest in Hungary (5.7%), Greece (4.7%) and Romania (4.2%). Compared with March 2010, annual inflation fell in six Member States, remained stable in three and rose in seventeen.
The lowest 12-month averages4 up to April 2010 were registered in Ireland (-2.5%), Portugal (-0.7%), Estonia and Latvia (both -0.6%), and the highest in Hungary (5.0%), Romania (4.9%) and Poland (3.8%).
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Source: Eurostat
March 2010-Euro area external trade surplus 4.5 bn euro-7.1 bn euro deficit for EU27
May 18, 2010--The first estimate for the euro area1 (EA16) trade balance with the rest of the world in March 2010 gave a 4.5 billion euro surplus, compared with +1.6 bn in March 2009. The February 20102 balance was +2.4 bn, compared with
-1.2 bn in February 2009. In March 2010 compared with February 2010, seasonally adjusted exports rose by 7.5% and imports by 10.3%.
The first estimate for the March 2010 extra-EU271 trade balance was a 7.1 bn euro deficit, compared with
-9.2 bn in March 2009. In February 20102 the balance was -6.5 bn, compared with -10.8 bn in February 2009. In March 2010 compared with February 2010, seasonally adjusted exports rose by 7.0% and imports by 10.4%.
These data3 are released by Eurostat, the statistical office of the European Union.
EU27 January-February 2010 detailed results
The EU27 deficit rose for energy (-43.1 bn euro in January-February 2010 compared with -38.9 bn in January-February 2009), while the surplus for manufactured goods has increased (+18.0 bn compared with +7.9 bn).
EU27 exports to its major partners grew in January-February 2010 compared with January-February 2009, except for the USA and Russia (both -1%). The most notable increases were recorded for exports to China (+47%), Turkey (+37%) and India (+36%). For imports, the largest increases were recorded with Russia (+30%), India (+14%) and Turkey (+12%), and the largest falls with the USA (-14%), Japan and Brazil (both -5%).
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Source: Europa
European Parliament - Hedge Funds: MEPs Call For Less Speculation And More Transparency
May 18, 2010--The EP Economic and Monetary Affairs Committee on Monday adopted its position on the draft EU law regulating managers of alternative investment funds, including hedge funds. MEPs voted for new ways to deal with managers and funds located outside the EU, a proportionality system to regulate less risky funds more lightly, and rules on remuneration policies and short selling. They also made improvements to the directive's transparency and risk reduction rules.
"This position will ensure better transparency and better investor protection while at the same time being on the side of the financial industry when it is working for the real economy", rapporteur Jean-Paul Gauzès (EPP, FR) said minutes after the vote.
Under the legislation as amended by the committee, alternative investment fund managers (AIFMs) in third countries would have to comply with the directive in order to market funds around the EU. Funds such as private equity and investment trusts would be more lightly regulated than hedge funds and some other types of alternative investment funds (AIFs) would be completely exempted.
The main changes put forward by MEPs to the Commission's initial draft are intended to increase investor protection and transparency while at the same time reducing the potentially protectionist dimension of the rules on access to the EU market from the outside.
Negotiations are now expected to take place between MEPs and the Council of Ministers ahead of the first-reading vote by the full Parliament, scheduled for July.
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Source: European Parliment
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