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DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review

October 31, 2012--Attached is the most recent issue of the European Weekly ETF Market Review. The report includes key statistics on the European ETF market as well as global ETF market highlights.

For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.

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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe-ETF Research

Flash estimate-October 2012 Euro area inflation estimated at 2.5% Euro

October 31, 2012--Euro area1 annual inflation2 is expected to be 2.5% in October 2012, down from 2.6% in September3, according to a flash estimate from Eurostat, the statistical office of the European Union.

Looking at the main components of euro area inflation, energy (7.8% compared with 9.1% in September) is expected to have the highest annual rate in October, followed by food, alcohol & tobacco (3.2% compared with 2.9%), services (1.8% compared with 1.7%) and non-energy industrial goods (1.1% compared with 1.2%).

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Source: EUbusiness

Greek recession worse than forecast next year

The Greek recession will be even worse than expected next year, according to a draft budget tabled in parliament on Wednesday. October 31, 2012--The country--which risks running out of money in two weeks--will run a bigger public deficit than forecast a month ago in a previous draft and the economy is expected to shrink by 4.5 percent in 2013, compared with the previous forecast of 3.8 percent.

The new forecast nonetheless predicted that Greece's recession would ease next year, with the forecast for 2012 being that the economy will shrink by 6.6 percent.

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Source: EUbusiness

Lyxor cuts fees as ETF price war spreads

October 30, 2012--Lyxor has dismissed the suggestion that it could spark a price war among exchange trade fund providers in Europe after announcing fee cuts for seven of its largest ETFs.

“There is no price war in Europe,” said Simon Klein, global head of business development in ETFs and indexing at Lyxor, the third largest player in the European ETF market.

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Source: FT.com

Professional ETF buyers look to diversify among product providers, reveals HSBC survey

October 30, 2012--More than a quarter, at 27%, of professional buyers of exchange-traded funds (ETFs) expect to widen the range of ETF providers they use over the coming three years, as professional asset allocators and investment advisers look to reduce exposure to any one provider going forward, according to a survey commissioned by HSBC Global Asset Management.

The report, which focused on the four largest ETF markets in Europe (the UK, Switzerland, France and Germany) further supports the assertion that the European ETF buying community wants to diversify across a wider range of providers, with 74% of respondents asserting they would not allocate any more than 20% to one provider, with the average allocation being 15.5%.

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Source: ETF Strategy

Lyxor joins Vanguard in dropping MSCI

October 30, 2012--French exchange-traded funds provider Lyxor has followed Vanguard and dropped MSCI as the index-provider for two of its funds, amid a battle between providers to cut fees.

Lyxor announced the change in an email, seen by Financial News, sent yesterday morning by a member of the Lyxor ETF sales team called Grégoire Blanc.

The email said: "Lyxor is changing the benchmark index for two equity ETFs in order to tailor the product offering to changes in market standards and improve our response to investor expectations. These switches will be effective after the close on 30 October 2012. The first trading day based on the new benchmark will be 31 October 2012."

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Source: Financial News

Deutsche Bank tops European ETF broker list

October 30, 2012--Deutsche Bank, Morgan Stanley, JP Morgan and SG Equity Derivatives have been named Europe's top exchange-traded fund brokers, according to new research by Greenwich Associates.

The study, entitled '2012 Greenwich Leaders: European Equity Derivatives', was published earlier this month and based on an evaluation of ETF brokers’ market penetration and franchise quality.

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Source: Financial News

Turkish stock market breaks record

October 30, 2012--The main 100 index of the İstanbul Stock Exchange (ÎMKB) hit a historic record high on Tuesday with 71,716.91 points.

The index rose 1,008.50 points, or 1.43 percent, to close at 71,716.91 points, breaking the previous record set in 2010.

The record came after an extended national holiday. A positive report by an international agency made a profound impact on the rise as the value of listed companies reached TL 506 billion.

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Source: Todays Zaman

ECB and Bank of Russia sign a Memorandum of Understanding

October 30, 2012--Mario Draghi, President of the European Central Bank (ECB), and Sergey M. Ignatiev, Chairman of the Bank of Russia, have signed a Memorandum of Understanding laying the groundwork for continued cooperation between the two institutions in the field of central banking.

The partnership is to consist in regular dialogue at the technical and policy levels, an information exchange on economic and financial developments, and a joint programme of cooperation activities. The parties agreed to focus on monetary policy, financial stability and banking supervision in the initial cooperation phase. The ECB will implement the programme of cooperation activities together with Eurosystem national central banks.

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Source: ECB