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DB Global Equity Index & ETF Research: : European Weekly ETP Review: Slowly but steadily, investors return to the market
September 3, 2010--Weekly European ETP Market Roundup
Net Cash flows
The market temperature remained the same as that of the prior week with downward pressure continuing to persist over most of the major European equity indices. The Euro Stoxx 50 index was down 0.6%, the CAC 40 index was down by 1.5%, the DAX index fell by:0.9% and the FTSE 100 was slightly up, by 0.1%. The Euro was up against the US Dollar by 0.4% while the price of gold (USD/oz) continued to rise, up 0.8% for the week that finished on August 27th 2010
Weekly total European ETP inflows totaled €359 million (vs. €509 million inflow in previous week).
Trading remained fairly subdued with no significant change in market mood – as compared to last week - occurring this week. Current weekly cash flows appear elevated from mid-summer lows but they are still well below the weekly averages in more active months.
Equity ETPs experienced inflows of €354 million (vs. €168 million inflow last week). Fixed Income saw net outflows of €299 million (vs. €80 million inflow last week). Commodity ETPs registered inflows of €322 million inflow (vs. €244 million inflow during previous week).
Equity ETF inflows were driven by investment in broad European equity indices (€430 million), while short ETFs (€80 million) and non European developed market benchmarked ETFs (€64 million) experienced outflows.
Fixed income outflows were very concentrated, both in terms of exposure as well as origin. Most of it (€377 million) occurred in government bond benchmarked ETFs in the French market. Outside this outflow, the European fixed income ETF market was very quiet with largely flat flows.
The majority of commodity inflows were received by ETPs tracking the price of gold (€300 million this week vs €265 million last week). No other commodity ETP sectors received any significant flows for the current week.
New Listings
New product launch activity picked up as Credit Suisse Asset Management listed thirteen new ETF on the Swiss Stock Exchange. The majority of these ETFs track the performance of various MSCI emerging market and Asian indices.
Turnover
On-exchange daily average ETP turnover for this week rose by 2.4%, to €1.73 billion. The rise is the second in as many weeks and is consistent with the moderately elevated cash flow patterns.
Average daily equity ETF turnover rose by 2.3%, reaching €1.25 billion. Fixed Income ETF turnover rose by 7.1%, reaching €218 million. Commodity turnover was down by 0.4%, to €247 million.
Assets Under Management (AUM)
European ETP assets were down 0.5%, finishing the week at €197.8 billion. As flows were positive, the slight AUM fall is mainly attributable to price declines of major equity indices. Year to date, European ETP AUM are up by 16.3%.
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Source: DB Global Equity Index & ETF Research
Deutsche Börse: Changes in MDAX, SDAX and TecDAX
September 3, 2010--On Friday, Deutsche Börse has decided on changes in its equity indices
Axel Springer AG replaces Bauer AG in MDAX. The Bauer AG share will be
included
in SDAX and replaces Loewe AG.
Moreover, Ströer AG will be included in
SDAX.
ADVA AG Optical Networking will replace MediGene AG in TecDAX.
All changes will take effect on 20 September 2010.
The next equity indices review will be on 3 December 2010.
Source: Deutsche Boerse
Consensus achieved on EU financial supervisory framework
September 3, 2010--The Commission, Parliament and Council of Ministers reached political consensus to create new financial authorities to oversee the EU’s banking, insurance and investment sectors.
The creation of a financial framework at the EU level is a means of preventing a future economic crisis like the one that erupted in late 2008, explains internal market commissioner Michel Barnier.
“Financial companies and markets operate mostly at a European level, and we'll now have four solid authorities to monitor macroeconomic financial risks and to supervise financial markets, banks, and insurance companies,” he says.
The EU institutions reached consensus on the creation of a new European Systemic Risk Board (ESRB) and three European Supervision Authorities (ESAs). The ESRB will develop a standard set of indicators to allow uniform ratings of the risk of specific cross-border financial institutions.
read more
Source: Europa
UK official holdings of international reserves, August 2010
September 3, 2010--This monthly press notice shows details of movements in August in the UK’s official holdings of
international reserves, which consist of gold, foreign currency assets and International Monetary
Fund assets. These reserves are maintained primarily so that the UK Government’s reserves could
be used to intervene to support Sterling, or the Bank of England’s reserves could be used to
support the Bank’s monetary policy objectives. If such interventions were to occur, then they
would be shown and explained in this release. The Background note at the end of this release
explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in August 2010:
No intervention operations were undertaken.
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Source: HM Treasury
EU finance regulation shake-up welcomed
September 3, 2010--European governments gave their approval on Friday to an overhaul of the way banks and markets in the region are supervised, which was agreed in principle on Thursday night. However, they warned that new pan-European Union watchdogs would need to exercise their powers cautiously.
In Germany, Leo Dautzenberg, a member of Chancellor Angela Merkel’s ruling Christian Democratic Union, and one of its finance policy experts in parliament, hailed Thursday night’s agreement on the EU financial supervision package as “closing an important gap in financial market regulation”.
read more
Source: FT.com
Swiss franc benefits from haven status as doubts spread
September 3, 2010--The Swiss franc hit a record high against the euro and approached parity against the dollar for the first time in nine months this week as worries about the global economic recovery drove haven demand.
The Swiss franc has risen more than 15 per cent against the euro to date this year, with those gains accentuating after the Swiss National Bank in June halted its policy of intervening to stem gains in its currency, saying that the risk of deflation in the Swiss economy had all but disappeared.
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Source: FT.com
Euro recovery takes divergent paths
September 3, 2010--Continental Europe's main economies took increasingly divergent paths towards recovery in August, with Germany and France indicating growth but Spain's services sector tipping into contraction.
According to the purchasing managers' index (PMI), a survey of 4,500 euro area companies compiled by London-based data and research group Markit, the services sector reported improvement, albeit uneven, but fears over southern Mediterranean performance deepened.
A combined manufacturing and services index for the 16-nation eurozone fell to a slightly upwardly-revised 56.2 points from 56.7 points in July, when it had accelerated for the first time in three months. Any score above 50 indicates a trend towards growth.
The services-only index rose slightly to 55.9 in August, with Ireland -- on tenterhooks over the health of its banking sector -- also reporting growth alongside Italy.
read more
Source: EUbusiness
Swedish krona hits high against euro
August 2, 2010--The Swedish krona rose to a two-year high against the euro on Thursday after the Riksbank, Sweden’s central bank, raised interest rates and delivered an upbeat assessment of the country’s economy.
The Riksbank raised rates by 25 basis points to 0.75 per cent, saying it needed to tighten monetary policy gradually towards “more normal levels”. It added that the economy was expected to show strong growth, with inflationary pressures increasing.
The central bank downplayed the risks to the Swedish economy posed by fears over a slowdown in the US and the eurozone, and the increased risk aversion in financial markets.
read more
Source: AME Info
CESR Updates The List Of Measures Recently Taken By Members Regarding Short-Selling
September 2, 2010--ESR published on 22 September 2008 a statement that facilitates an overview of actions taken by CESR Members in relation to short-selling. The statement paper includes either the statements or links to the statements published by CESR Members explaining the measures taken. This paper is not a comparison of the measures taken.
CESR updates the list of measures recently taken by Members regarding short-selling. The documents will be updated on a continuous basis; the latest update has been provided by the Greek CMC.
Further information can be found in the statement published today.
view Measures adopted by CESR Members on short selling-Updated
Source: CESR
New issuer to list exchange traded fund (ETF) on SIX Swiss Exchange
September 2, 2010--SIX Swiss Exchange is pleased to welcome a new issuer to its Exchange Traded Funds segment: HSBC ETF PLC.
With the HSBC FTSE 100 ETF, a new product has been listed in this segment, which now comprises a total of 475 ETFs (91 of which are also listed in an additional trading currency).
The market maker for this new issue is HSBC Bank plc.
Source: SIX Swiss Exchange
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