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2010 eurozone growth to lag well behind Asian rivals
February 25, 2010--Economic growth across Europe will be uncertain, fragile and dwarfed by emerging Asian rivals throughout 2010, according to new Brussels forecasts released on Thursday.
As nervous euro countries anxiously study developments in debt-saddled Greece, the European Commission acknowledged that "uncertainty" surrounding even these projections "remains rife, as recent developments in financial markets illustrate well."
Brussels predicts just 0.7 percent expansion for both the eurozone and the full 27-nation European Union, the world's biggest open trading bloc, in disappointing forecasts unchanged from November.
read more
Source: EU Business
EU interim forecast: Fragile recovery in progress
The European Commission expects GDP in the EU to recover gradually, while still facing strong headwinds.
February 25, 2010--The Commission published its latest interim economic forecasts on 25 February 2010. The underlying message of this update of GDP and inflation variables is that the EU economy is recovering, but still facing headwinds. The updated projections include France, Germany, Italy, the Netherlands, Poland, Spain and the United Kingdom, accounting for 80% of EU GDP.
The Commission has revised slightly upward the growth projections for the first half of 2010. However, the projected growth rate for the whole of 2010 remains mainly unchanged at 0.7% in both the EU and euro area.
This update is based on a global recovery in the second part of 2009 that proved stronger than expected. This is due especially to an uptake in Asia. World GDP excluding the EU did not shrink in 2009 and is expected to grow by some 4¼% in 2010. However, what impact the world uptake will have on EU growth remains to be seen.
The EU is benefitting from improved sentiment indicators, but industrial production and retail sales figures amongst others have been less promising, and investments remain weak. Equally, financial markets have recovered in 2009 but uncertainties remain. Adding a probable weak labour market outlook dampening demand, and many of the growth sources being of temporary nature, the robustness of the EU recovery is yet to be tested.
read more view the Interim Forecast February 2010
ETF Securities to launch ten euro-based currency ETCs on Xetra
The 10 new Currency ETCs will track Morgan Stanley Foreign Exchange Indices (MSFXSM Indices) and are designed to replicate a fully collateralised long or short investment in EUR versus CHF, GBP, JPY, NOK, or SEK and also provide exposure to local interest rates.
The 10 new Currency ETCs will complement the existing platform of 18 Currency ETCs listed on the London Stock Exchange (LSE) on the 12th November 2009 providing long or short passive exposure to G10 currencies versus the US Dollar and include AUD, CAD, CHF, EUR, GBP, JPY, NOK, NZK and SEK. Since the launch of the Currency ETC platform, assets have grown to approximately $50 million and weekly trading volumes have risen strongly, up over 200% since start of 2010.
Currency ETCs which are Long USD and short G10 currencies have seen the most interest from investors, making up 81% of assets. ETFS Short EUR Long USD (LSE: SEUR) has been the most popular trade in 2010, capturing 50% of new assets, while the Australian dollar held the most net long positions.
All Currency ETCs are fully collateralised in order to mitigate counter-party risk and listed in the ETC segment of the Deutsche Börse or the LSE. The 10 new securities to be listed on the Deutsche Börse are:
read more UK DC contributions increase ahead of 2012 read more Investors continue to finance climate-friendly projects read more Investors are regaining their trust in equities and many pension funds plan to increase their holding in listed stocks over the course of the year, a study supported by IPE has revealed. read more Blackrock-ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 19-Feb-10 visit Blackrock for more information Coup plans, political tension lead to significant losses in markets read more More powerful EU financial supervisory bodies and less national interest, demand MEPs
All four EP rapporteurs questioned the Council compromise that emerged from December's Ecofin meeting. The safeguard clause protecting Member States' fiscal powers, which the rapporteurs consider over-restrictive, was the major bone of contention. Another concern was the possibility of geographical fragmentation, as the Commission is currently proposing different cities for each authority. The watchdog system being proposed by the Commission is made up of three separate micro-supervisory bodies for the monitoring of banking, insurance and market institutions respectively and another macro-supervisory body for the monitoring of systemic risk. Although willing to preserve these four bodies, the rapporteurs suggest grouping them together under the European System of Financial Supervision proposed in the de Larosière report on financial supervision in the EU. Consequently they also argue - unlike the initial proposal - that a common location should be chosen, with the European Systemic Risk Board report proposing that this be Frankfurt. This would not only reduce operating costs but could also be very useful in the event of a crisis necessitating emergency action. Safeguard or wildcard? As it currently stands the safeguard clause found in the proposed texts establishing the three micro-supervisory authorities offers a quasi-veto for Member States regarding the decisions of these authorities. The rapporteurs therefore propose that the opportunity to invoke such a safeguard be limited and that the Member State concerned be required to provide an impact assessment detailing the extent to which the decision impinges on its fiscal sovereignty. Stronger micro-supervisory authorities
Apart from the very important question of the safeguard clause, the three rapporteurs for the micro-supervisory authorities proposed a number of other improvements to the Commission's proposals, mostly to increase the role of supervision at EU level. The reports propose that these authorities also be tasked with preventing regulatory arbitrage and that they should have a power of initiative to undertake stress tests. They should also represent the EU during international dialogues of supervisors. To varying degrees the rapporteurs would confer mediating powers on the authorities with regard to conflicts between national supervisors, with the report on the banking authority going furthest by suggesting a binding mediating role.
All reports give a more important role to the European Parliament, particularly by entrusting it with the task of overseeing the activities of the authorities. Specifically for the banking authority, the rapporteur proposes that the authority takes over from national supervisors the direct supervision of cross-border 'too big to fail' financial institutions and puts forward the idea of setting up a European guarantee fund which could be used to bail out banks in difficulty. As for the markets authority, the draft report proposes that the authority be granted the right to prohibit the trading of certain products to protect investors and ensure stability. read more New Issuer Amundi ETF Launched on Xetra-Offering in Deutsche Börse XTF segment expanded by 17 ETFs
Deutsche Börse: Since Tuesday, 16 equity index funds and one money market index fund from the new issuer Amundi ETF have been tradable on Xetra®.
“We welcome new issuer Amundi ETF to Xetra and are pleased that this provider has chosen to be listed on Europe’s leading platform for exchange-traded index funds. Investors across Europe are now able to benefit from the offering via our Xetra network, which was today expanded to include 17 cost-effective and innovative products from Amundi ETF,” said Rainer Riess, Managing Director of Xetra Market Development at Deutsche Börse.
Valérie Baudson, Managing Director of Amundi ETF, said: “The listing on the pan-European trading platform Xetra is part of our European growth strategy. We offer investors in Germany and across Europe a comprehensive range of products that is mainly characterized by the following three features: very competitive prices, high product quality and continuous innovation.”
Six of these indices are tradable on Xetra for the first time. The MSCI China H Index tracks the performance of 30 Chinese companies listed in Hong Kong. The MSCI Germany Index tracks the performance of the 60 largest German stock corporations. The MSCI World ex EMU Index contains 1,400 international companies outside the euro area. The MSCI World ex Europe comprises 1,200 international companies outside Europe. The Leveraged MSCI Europe and Leveraged MSCI USA indices track the performance of European and US companies respectively with a leverage factor of two.
An additional ETF measures the price of the Short DAX® 30 Index calculated by Deutsche Börse. This enables investors to participate in the inverse performance of the 30 (by market capitalization) largest and best-performing German companies listed on the FWB® Frankfurt Stock Exchange’s Prime Standard.
Three ETFs are based on the Dow Jones EURO STOXX 50®, Leveraged Dow Jones EURO STOXX 50® and Short Dow Jones EURO STOXX 50® indices. Investors can participate in the performance of the 50 largest companies in 12 euro area countries with a single or double leverage factor or track their inverse performance.
A further six ETFs mirror the performance of the MSCI index family, offering investors the opportunity to participate in the development of the MSCI Europe, EMU, Pacific ex Japan, USA, Japan and India indices.
The money market index fund tracks the performance of the EuroMTS EONIA Index, which reflects the performance of the euro area's unsecured interbank loans denominated in euros.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 573 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of €11 billion, makes Xetra Europe’s leading trading venue for ETFs.
Management fee Amundi ETF Dow Jones EURO STOXX 50 FR0010654913 0,15% Amundi ETF EONIA FR0010718841 0,14% Amundi ETF Leveraged Dow Jones EURO STOXX 50 FR0010756072 0,30% Amundi ETF Leveraged MSCI Europe Daily FR0010756080 0,35% Amundi ETF Leveraged MSCI USA Daily FR0010755611 0,35% Amundi ETF MSCI China FR0010713784 0,55% Amundi ETF MSCI EMU FR0010655688 0,25% Amundi ETF MSCI Europe FR0010655696 0,28% Amundi ETF MSCI Germany FR0010655712 0,25% Amundi ETF MSCI India FR0010713727 0,80% Amundi ETF MSCI Japan FR0010688242 0,45% Amundi ETF MSCI Pacific ex Japan FR0010713669 0,45% Amundi ETF MSCI USA FR0010688275 0,28% Amundi ETF MSCI World ex EMU FR0010756114 0,35% Amundi ETF MSCI World ex Europe FR0010756122 0,35% Amundi ETF Short DAX 30 FR0010791178 0,35% Amundi ETF Short Dow Jones EURO STOXX 50 FR0010757781 0,30% If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
Source: European Commission
February 25, 2010--ETF Securities (ETFS), the global pioneer in Exchange Traded Commodities (Commodity ETCs) and 3rd generation Exchange Traded Funds (ETFs) is planning to expand the world’s largest and Europe’s first Exchange Traded Currency (Currency ETCs) platform with the launch of 10 new Euro-based Currency ETCs on the Deutsche Börse (Xetra) in the coming weeks.
The upcoming listing of 10 new Euro-based Currency ETCs on the Deutsche Borse adds to ETF Securities’ commitment to the German market. ETF Securities is already an established player in Germany with over 114 Commodity ETCs and 11 ETFs listed on Xetra, totaling approximately $1.5 billion of local investment and close to $200 million weekly trading volume on Xetra.
Security Name
ISIN
ETFS Long CHF Short EUR
DE000A1DFSA1
ETFS Long GBP Short EUR
DE000A1DFSC7
ETFS Long JPY Short EUR
DE000A1DFSE3
ETFS Long NOK Short EUR
DE000A1DFSG8
ETFS Long SEK Short EUR
DE000A1DFSJ2
Source: ETF Securities
February 25, 2010--Companies appear to be restructuring their defined contribution (DC) pension schemes ahead of the 2012 reforms to give higher contributions to employees who are engaged and contribute more themselves, according to Towers Watson.
In its annual survey of FTSE 100 DC pensions, the study revealed the average maximum contribution made by employers to their DC pension schemes has increased to 16.5%, up from 15.3% in 2009 and 13% in 2004.
Source: IP&E
February 24, 2010-- Investment in World Bank green bonds have now surpassed the $1bn (€736m) mark, reflecting a growing interest by investors in climate change adaptation and mitigation projects.
The latest issue, a World Bank green bond denominated in Swedish Kronor (SEK), attracted investors including WWF-Sweden, Church of Sweden, European private banks and life insurance companies, as well as the Swedish National Pension Fund AP3.
Source: IP&E
February 24, 2010-- Investors are regaining their trust in equities and many pension funds plan to increase their holding in listed stocks over the course of the year, a study supported by IPE has revealed.
A survey of 78 European pension funds in 16 countries found respondents expect to increase their equity holdings by almost five percentage points by the end of 2010.
Source: IP&E
February 24, 2010--Last week saw US$102.6 Mn net inflows to DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Basic Resources with US$153.8 Mn and Industrial Goods & Services with US$46.8 Mn while Telecoms experienced net outflows of US$87.6 Mn.
Year-to-date, Utilities has been the most popular sector with US$176.6 Mn net new assets, followed by Media with US$148.9 Mn net inflows. Telecommunications ETFs have been the least popular with US$256.9 Mn net outflows YTD.
Source: ETF Research and Implementation Strategy Blackrock
February 24, 2010--Turkey's capital markets are reacting wildly to recent internal developments regarding coup plans, the Ergenekon indictment and talk of another closure case against the Justice and Development Party (AK Party), while the lira lost value against the dollar due to this political tension.
The Ýstanbul Stock Exchange's (ÝMKB) ÝMKB-100 index was down nearly 1,000 points by the end of the first session of trading on Wednesday to 50,443.16, continuing this week's trend of continuing losses. The index closed last Friday at 53,318.97, a slight recovery from a two-week dip. This recovery was short-lived, however, as the index had dropped a staggering 5.4 percent, or nearly 2,900 points, from that figure by the end of the first session of trading on Wednesday.
Source: Todays Zaman
February 24, 2010--The need for more ambition and more Europe was the main message to emerge from debates on the EU financial supervisory package at Parliament's Economic Affairs Committee on Tuesday. Calls for tougher legislation and a bigger transfer of powers to the EU supervisory level were among the chief demands made by the four MEPs presenting their draft reports.
One supervisory system in one city
Source: European Parliment
February 23, 2010--Since Tuesday, 16 equity index funds and one money market index fund from the new issuer Amundi ETF have been tradable on Xetra®.
New Issuer Amundi ETF Launched on Xetra
Offering in Deutsche Börse XTF segment expanded by 17 ETFs
23. February 2010
ETF name ISIN
Source: Deutsche Börse
