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Second estimates for the fourth quarter of 2011-Euro area and EU27 GDP down by 0.3%
+0.7% and +0.9% respectively compared with the fourth quarter of 2010
March 6, 2012--GDP decreased by 0.3% in both the euro area1 (EA17) and the EU271 during the fourth quarter of 2011, compared with the previous quarter, according to second estimates released by Eurostat, the statistical office of the European Union. In the third quarter of 2011, growth rates were +0.1% in the euro area and +0.3% in the EU27.
Compared with the fourth quarter of 2010, seasonally adjusted GDP rose by 0.7% in the euro area and by 0.9% in the EU27, after +1.3% and +1.4% respectively in the previous quarter.
Variation in components of GDP During the fourth quarter of 2011, household2 final consumption expenditure decreased by 0.4% in the euro area and by 0.2% in the EU27 (after +0.3% and +0.2% respectively in the previous quarter). Gross fixed capital formation fell by 0.7% in both zones (after -0.3% in both zones). Exports dropped by 0.4% in the euro area and by 0.1% in the EU27 (after +1.4% and +1.3%). Imports decreased by 1.2% in the euro area and by 0.8% in the EU27 (after +0.7% in both zones).
US and Japanese GDP
In the United States GDP increased by 0.7% during the fourth quarter of 2011, after +0.5% in the third quarter of 2011. In Japan GDP dropped by 0.6% in the fourth quarter of 2011, after +1.7% in the previous quarter.
Compared with the fourth quarter of 2010, GDP gained 1.6% in the United States (after +1.5% in the previous quarter) and fell by 1.0% in Japan (after -0.6%).
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Source: Eurostat
Eurozone in 'mild recession': EU commissioner
March 6, 2012--The eurozone is currently going through a mild recession, the European Union's Economic Affairs Commissioner Olli Rehn said on Tuesday.
"The euro area is currently in a mild recession," he said.
Rehn had said in January that he expected eurozone activity to contract in the first half of this year.
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Source: EUbusiness
Greek euro exit would be 'a disaster', says Barroso
March 6, 2012--A Greek exit from the eurozone would be "a disaster" for the Greek people, European Commission head Jose Manuel Barroso told Tuesday's edition of Austria's Die Presse newspaper.
"For the Greek people, it would be a disaster. We know what happened to the people of Latin America when they went bust," he said.
It would also have dire consequences for other eurozone members, "it would provoke a domino effect," he added.
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Source: EUbusiness
SPDR ETFs, the exchange traded funds (ETF) platform of State Street Global Advisors (SSgA), has cross-listed new ETFs on the London Stock Exchange (LSE)
March 5, 2012--SPDR ETFs, the exchange traded funds (ETF) platform of State Street Global Advisors (SSgA), has cross-listed new ETFs on the London Stock Exchange (LSE) including SPDR S&P Euro Dividend Aristocrats ETF (EUDC (GBP), EUDI (EUR), SPDR S&P UK Dividend Aristocrats ETF (UKDV) and SPDR FTSE UK All Share ETF (FTAL).
Like all SPDR ETFs globally, these new products are physically replicated.
With the increasing need for income in a low interest rate environment, dividend ETFs are potentially an attractive option for investors looking for diversified access to dividend-paying stocks. The two new dividend ETFs join the recently launched SPDR S&P US Dividend Aristocrats ETF, which gained over $350 million* in assets since its launch last October.
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Source: Wealth Advisor
iShares launches two ETFs to expand fixed income range and enhance emerging market equity exposure
March 5, 2012--iShares, the Exchange Traded Funds (ETF) platform of BlackRock, Inc, has launched two funds on the London Stock Exchange (LSE), expanding its range of emerging market products across fixed income and equities.
These products meet the needs of investors searching for a steady stream of income available via the iShares Barclays Capital EM Asia Local Govt Capped Bond fund, and those looking for single country emerging market exposure through the iShares MSCI Mexico IMI Capped fund.
The iShares Barclays Capital EM Asia Local Govt Capped Bond fund is the first ETF in Europe to offer exposure to fixed rate government bonds that are issued by emerging market countries in Asia and denominated in their local currencies. It offers cost efficient and diversified access to a basket of bonds from countries including Thailand, South Korea, Philippines, Malaysia and Indonesia in a single trade. The fund is physically-replicating, with full transparency into the underlying bonds and has a total expense ratio (TER) of 0.50%.
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Source: Canadian ETF Watch
Moody's downgrades Greece to C from Ca
March 5, 2012--On March 2, 2012, Moody's Investors Service downgraded Greece's local-and foreign-currency bond ratings to C from Ca and has not assigned an outlook to the ratings.
Today's rating decision was prompted by the recently announced debt exchange proposals for Greece, which imply expected losses to investors in excess of 70%, which is consistent with Moody's criteria for a C rating.
RATINGS RATIONALE
The announced debt exchange proposal implies that private creditors that participate will incur substantial economic losses on their holdings of Greek government debt. Moody's estimates that the percentage difference between the value of the coupon and principal promised by existing Greek government bonds and the value of the package investors will receive in the exchange exceeds 70%, which is consistent with a C rating. After the Eurogroup's assessment of Greece's adherence to bailout conditions has been finalised, debt exchanges have been completed and a new Memorandum of Understanding between the EU and the Greek government has been finalized and published, Moody's will re-assess the credit risk profile and ratings of any outstanding or new securities issued by the Greek government.
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Source: Moody's
The Europe Dow Rose 6.04% In February, According To Dow Jones Indexes
Novo Nordisk Topped All 30 Europe Dow Components With 18.99% Gain For The Month
March 5, 2012--The Europe Dow, an equal-weighted index that measures 30 of the region's leading blue-chip stocks, gained 6.04% in February, according to data compiled by Dow Jones Indexes, a leading global index provider.
The index’s top component performer for February was Novo Nordisk A/S Series B of Denmark, which closed up 18.99%. Shares of BNP Paribas S.A. (France) and BASF SE (Germany), up 15.65% and 14.57%, respectively, were the second- and third-leading stocks on The Europe Dow. Rio Tinto PLC (Great Britain), which fell 4.65%, was The Europe Dow’s worst-performing stock in February.
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Source: Dow Jones Indexes
ETF Securities launches sterling-hedged commodities solution for UK investors-14 new exchange-traded commodities listed on the London Stock Exchange
March 5, 2012--The new ETCs track the performance of the Dow Jones-UBS Commodity Index Pound Sterling Hedged Daily Total ReturnSM and its sub-indexes.
The indexes are designed to reflect, as closely as possible, returns that would be generated if the underlying commodities were purchased in US dollars.
Foreign exchange exposure is hedged on a daily rather than monthly basis, in order to improve tracking performance. A convenient, efficient solution to help mitigate unwanted currency exposure.
visit
http://www.etfsecurities.com for more info.
Source: ETF Securities
Durr AG to be included in MDAX
Deutsche Börse reviews index composition/ Changes are effective on 19 March 2012
March 5, 2012-- On Monday Deutsche Börse decided on changes in its selection indices MDAX, SDAX and TecDAX. The share of Dürr AG will be included in MDAX and will replace the share of Heidelberger Druckmaschinen AG.
The exclusion of Heidelberger Druckmaschinen was based on the regular exit rule; the share no longer fulfills the market capitalization requirements to remain in the MDAX index. The share of Heidelberger Druckmaschinen AG will replace the share of Dürr in SDAX.
In TecDAX Euromicron will be included, while Q-Cells will leave the index.
The changes will be effective as of 19 March 2012. The next regular index review will be held on 5 June 2012.
Please go to www.dax-indices.com for further information.
Source: Deutsche Börse
EUROPEAN COUNCIL -CONCLUSIONS Brussels, 112 MARCH 2012
March 2, 2012--The European Council discussed the implementation of the EU's economic strategy. This strategy pursues both continued fiscal consolidation and determined action to boost growth and jobs; sustainable growth and jobs cannot be built on deficits and excessive debt levels. The measures taken to stabilize the situation in the euro area are bearing fruit.
The European Council endorsed the five priorities for 2012 set out in the Commission's Annual Growth Survey. It looked at action that has to be taken at national level. Member States must make faster progress towards the targets of the Europe 2020 Strategy and step up efforts on the reforms taken up in the 2011 Country-Specific Recommendations. They are expected to indicate the measures they intend to take to that effect in their National Reform Programmes and their Stability of Convergence Programmes. The European Council also discussed action required at the EU level, pushing ahead with completing the Single Market in all its aspects, both internal and external, and boosting innovation and research.
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Source: EUROPEAN COUNCIL
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