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New Irish index shows extent of property crash
May 13, 2011--The collapse of an Irish property price bubble that has blitzed the country's banks has seen values plunge by up to 52 percent since a 2007 peak, a new government index showed on Friday.
The first results from a new Central Statistics Office (CSO) index show that, countrywide, prices of all residential property are down almost 40 percent on 2007 -- and they are still falling.
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Source: EUBusiness
Euro growth eclipses rivals despite north-south divergences
May 13, 2011--Eurozone growth topped US and pre-crisis levels in powerhouse Germany, EU figures showed Friday, but divergences between accelerating northern output and the debt-laden southern nations increased.
Economic expansion across the 17-country currency bloc almost trebled to 0.8 percent in the first quarter of 2011, from 0.3 percent in the last three months of 2010 -- compared to US growth of 0.4 percent quarter-on-quarter.
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Source: EUbusiness
Europe- Shares set to rise, helped by German GDP
May 13, 2011-European stocks were set to rise on Friday, helped
by forecast-beating German GDP figures as well as strong results from EADS
(EAD.PA) and Credit Agricole (CAGR.PA), eclipsing lingering concerns over
Greece's debt burden.
By 0630 GMT, futures for Euro STOXX 50 STXEc1, for Germany's DAX FDXc1
and for France's CAC FCEc1 were up between 0.6 percent and 0.7 percent. Germany's first-quarter GDP rose by 1.5 percent in seasonally adjusted
terms, growing faster than all expectations given in a Reuters poll of 38 economists. Unadjusted figures from the Federal Statistics Office also showed that growth hit 5.2 percent on an annual basis, compared to the same quarter a year earlier.
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Source: Reuters
London Stock Exchange Group Makes Filings For Regulatory Approval With Canadian Provincial Securities Commissions
May 13, 2011--London Stock Exchange Group, together with TMX Group Inc, today announced that applications have been filed with the Canadian provincial securities regulatory authorities in Ontario, Quebec, Alberta and British Columbia.
Those securities regulatory authorities will publish the applications according to their individual processes. London Stock Exchange Group and TMX Group look forward to working with provincial authorities and to advancing the approval process.
For further information, please contact:
Press Office +44 (0)20 7797 1222
newsroom@londonstockexchange.com
Source: London Stock Exchange
IMF Calls for Strengthened Policy Response, Stronger Financial Integration To Bolster Europe’s Recovery
May 12, 2011--Europe’s recovery is expected to solidify but comprehensive and bold policy action will be needed to restore fiscal health, address remaining weaknesses in the financial sector, and implement reforms to restore competiveness and growth, the International Monetary Fund (IMF) said today.
“The main message of the outlook is one of quiet confidence. Europe is doing well overall -- both western Europe and eastern Europe -- and our projections for the coming months are actually quite positive,” Antonio Borges, Director of the European Department, said.
“One of the most surprising elements of the outlook for Europe is the export performance of some of the core countries, which has been remarkable. Europe is of course benefiting from the general recovery that is underway. But it also proves an important point: European integration is delivering efficiency gains, which some countries are taking advantage of to become more competitive.”
view the Regional Economic Outlook: Europe Strengthening the Recovery-May 2011
Source: IMF
Istanbul bourse slightly recovers from CAD losses
May 12, 2011--One day after the Central Bank of Turkey announced the current account deficit (CAD) for March, a fall in the Istanbul Stock Exchange (İMKB) was partly reversed.
The MKB started the day with an immediate loss in the early morning, falling to as low as 65,200 levels right at the get go. However, Thursday’s second trading session kept the bourse from a further fall. The industrial index and the financial index rose separately by 1.06 percent and 1.52 percent.
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Source: Todays Zaman
Changes To The Composition Of The Oslo Børs Benchmark Index (OSEBX) From 1 June
May 12, 2011--Oslo Børs has done its semiannual revision of the composition of the Oslo Børs Benchmark Index (OSEBX). With effect from 1 June, shares in five companies will be removed from the index, while 3 companies will be added. The number of companies included in the index from 1 June 2011 will be 59.
The Oslo Børs Benchmark Index is intended to be an investable index that comprises a representative selection of all the shares listed on Oslo Børs. Since the index is meant to be investable, shares included in the index must be relatively easy to buy and sell in the market at any time.
With effect from 1 June 2011, shares in five companies will be removed from the index, while three companies will be added to the index.
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Source: Oslo Børs
DB Global Equity Index & ETF Research : European ETF Market Weekly Review : Equity market cloud and no silver shining keep ETF investors at bay
May 12, 2011--Investment Outlook: Flat flows beyond the € 2.5 billion DAX inflows
Overall equity ETFs received €2.8 billion in cash inflows in the past week, €2.5 billon of which went to the iShares DAX (DE) ETF. Discounting for the €2.5 billion – highly unlikely long term - inflow into a single ETF, total weekly flows of €247 million into other equity ETFs can be best termed as modest. The only exception to this trend were emerging market ETFs which collected close to €0.5 billion in the last week extending their YTD cash flow figures to over €1.4 billion.
ETFs tracking broad European developed and European sector benchmarks registered outflows of close to €250 million each. The bearish market sentiments were also reflected in the cash outflows from leveraged long ETFs and inflows into short and leveraged short ETFs.
Fixed Income ETFs registered cash outflows of €217 million in the past week. Sovereigns and money market ETFs saw outflows of €215 million and €85 million respectively. With YTD cash outflows of €261 million, it has been a weak year so far for fixed income ETFs with commodities and equities sharing the bulk of cash flows between them.
Commodities witnessed cash outflows of €77 in the past week taking the YTD flow figures to €2.3 billion. Broad commodity benchmarked ETFs and Gold ETPs received €82 million and €71 million in cash flows in the past week. The fortunes of silver benchmarked ETPs declined as falling silver spot prices contributed to outflows of €234 million.
Assets Under Management (AUM): Assets remain Flat
Total European ETP assets decreased by 0.2% and ended the previous week at €242.5 billion. Equities gained €2 billion in assets, to end the week at €158 billion. Most of the European equity benchmarks ended lower than the previous week’s close: Stoxx 50, FTSE 100, CAC, & the DAX lost 1.94%, 1.53%, 1.19% and 0.3% respectively. ETFs tracking European and Eurozone benchmark indices lost €327 million & €273 million week on week respectively. European sector ETFs also witnessed a decrease in assets by €336 million to end the week at €10 billion.
The last week witnessed a broad based correction in spot prices of most of the traded commodities. As a result, overall commodity ETP assets decreased by close to €2.5 billion in the past week. Silver witnessed a decline of 22.9% price ($/oz) decline which translated into a similar decline of 31 %( €1.2 billion) in assets of silver ETPs to end the week €2.8 billion. Gold ETP assets declined by €355 million to end the week at €23.5 billion. ETFs tracking broad commodity benchmarks also declined by €404 million but still maintained a healthy growth of 20.6% over 2010 year end figures.
Fixed Income AUM remained flat in the last week at €41.9 billion
On-Exchange Total Weekly Turnover: Robust weekly gains led by equity & commodities
Weekly on exchange European ETP total turnover increased by a massive 49% to end the past week at € 13.4 billion. Aided by increased trading activity in equity and commodity ETPs and 5 complete trading sessions, overall ETP exchange turnover gained by over €4 billion & now is at 35% higher levels than 2010 levels. Equities and commodities added close to €2.5 billion and €2 billion in on-exchange trades week on week. Fixed Income ETF turnover went down by 10% to end the week at €952 million.
New ETP Product Launch Calendar: 10 new launches, 23 listings.
Amundi launched two Equity ETFs in the last week offering exposure to the Asian and Latin American emerging markets. Two fixed Income ETFs were introduced which track the iBoxx Euro Corporates Financials and ex Financials indices respectively. All the 4 offerings were listed on the NYSE Euronext Paris.
Lyxor launched 3 Fixed Income ETFs that offer leveraged exposure to Italian and German Sovereign bonds respectively. These ETFs were listed on the NYSE Euronext Paris.
UBS introduced 3 equity ETFs which track a range of developed market benchmarks offering exposure to Japan, Canada and the EMU. These ETFs were listed on the Swiss Stock Exchange. Overall there were 17 equity and 6 alternative ETFs that were cross-listed in the European exchanges over the last week.
To request a copy of the report
Source: Deutsche Bank Global Equity Index & ETF Research
NYSE Euronext European ETF activity highlights for April 2011
May 11, 2011--Listings
April 2011 saw 19 cross-listings from Lyxor on Euronext Brussels and 8 new ETF listings including:
2 from RBS Market Access on Euronext Amsterdam,
1 from EasyETF on Euronext Amsterdam,
4 from ThinkCapital ETFs on Euronext Amsterdam and
1 from Lyxor on Euronext Paris.
At the end of April, NYSE Euronext had 642 listings of 546 ETFs from 17 issuers. So far this year, there were a total of 101 new listings on the NYSE Euronext European market including 75 new primary listings and 26 cross listings.
These ETFs cover more than 360 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc.).
Trading activity
In April 2011, both the average daily number of trades and the Average Daily Turnover (ADT) figures decreased compared to the same period last year:
On average, there were 7 937 trades on a daily basis, representing a decrease of 12.8% versus April 2010.
ADT of €348.7 million, representing a decrease of 16% from the €415.3 million in April 2010.
Assets under Management (AUM)
At the end of April 2011, the combined AUM of all ETFs listed on the NYSE Euronext European markets totalled €142.3 billion, an increase of 18.6% from the €120.0 billion at the end of April 2010.
Market Quality
The combination of the flow of 22 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 26.5 bps of all listed ETFs.
view the April 2011 edition of the ETF Monthly Flash
Source: NYSE Euronext
BlackRock ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending 06-May-2011
May 11, 2011--For the week ending 06 May 2011, there were US$220.2 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in utilities with US$75.6 Mn followed by insurance with US$75.4 Mn net outflows while chemicals experienced net inflows of US$108.6 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$557.3 Mn net inflows. Oil and gas has seen the largest net inflows with US$467.2 Mn, followed by banks with US$294.5 Mn net inflows while basic resources experienced the largest net outflows with US$181.5 Mn.
As of 06 May 2011, there is US$11.1 Bn AUM invested in the STOXX sector ETFs which is almost double the US$6.4 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 15 out of 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
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