Global ETF News Older than One Year
ETFS Precious Metals Weekly-Precious Metals Sell-Off Excessive as Markets Yet Again Speculate on Early Fed Tapering
November 25, 2013--Fed tapering speculation knocks metals prices down to long-term attractive accumulation levels. Precious metals prices fell across-the-board last week as markets focused on the possibility that Fed tapering of bond buying may occur sooner than expected. Minutes released last week from the recent
FOMC meeting noted that they may reduce the $85 billion in monthly bond
purchases "in coming months" if the economy continues to improve.
James Bullard, the Federal Reserve Bank of St. Louis' President said that a cut in bond buying is "on the table" for as soon as next month. Silver dipped back below US$20/oz. as gold flirted with $1,200/oz. support. Even platinum and palladium prices fell. In our view the sell-off has been excessive as we expect that a Yellen led Fed will continue to err towards caution on reeling back stimulus given her continued stated concerns that the weak labour market participation rate (and its falsely positive influence on the headline unemployment rate) and the focus she shares with Ben Bernanke about avoiding a debt-deflation cycle at all costs.
Platinum and palladium prices are trading well below their estimated marginal costs of production and both gold and silver and now back near their all-in production costs. Tactically gold and silver prices will likely continue to move on growth data and perceptions of Fed policy. For longer term investors wishing to hedge against inflation, currency debasement and financial instability risks, we believe precious metals prices are now back at attractive accumulation levels.
Source: ETF Securities
Terrapin Asset Management LLC Announces Acquisition of Hennessee Group's Hedge Fund Advisory Business
November 25, 2013--Terrapin Asset Management, LLC ("Terrapin") publicly announced today that it acquired the hedge fund and private equity fund advisory business of Hennessee Group LLC ("Hennessee").
The transaction was initiated at the end of 2012, but was not fully consummated until mid-year 2013 as the firms provided clients with the flexibility and time necessary to transfer their accounts. Terrapin achieved 100% client retention. Terms of the deal have not been disclosed. Terrapin and Hennessee maintain independent operations and will remain unaffiliated.
Source: Terrapin Asset Management
EPFR Global News Release-Fund flows and Fed both sending mixed signals about taper timeline for QE3
November 22, 2013--The third week in November kicked off with Janet Yellen, who is on course to succeed Ben Bernanke as heads of the US Federal Reserve, telling a Senate committee that the benefits of the Fed's current quantitative easing program (QE3) still outweigh the costs.
It ended with investors digesting minutes from the Fed's October meeting that suggest the decision to 'taper' QE3 could be made in "the next few meetings."
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Source: EPFR
DECPG Weekly Global Economic Brief
November 22, 2013--Growth in the developing world was on balance stronger in the third quarter of 2013, despite financial market
tensions and slightly weaker momentum in high income countries. The share of developing countries in global
bond markets has increased steadily since 2009. This may reflect the very loose monetary policy during this
period and opens up the possibility of a reversal when global financing conditions tighten.
Crude oil prices continue to retreat from their September peak on ample supplies,with the gap between international and US prices-which had narrowed over the summer-widening again.
Growth in developing countries is estimated to have firmed to 5.9 percent in 2013Q3. A rebound in manufacturing activity and resilient consumer spending in a number of large middle income countries help explain the pick-up,despite weaker third quarter growth in high-income Europe and Japan. At the regional level,strengthening was most visible in East Asia but also present in South Asia,thanks to a pick-up in exports and a rebound in industrial activity. A sharp recession in Ukraine and a slowdown in Turkey tempered a broader improvement in industrial activity in Eastern Europe and Central Asia. Growth in Latin America was negatively affected by headwinds in Brazil, only partially compensated by a rebound in Mexico. Looking forward, rising business sentiment in most regions points towards further strengthening in economic activity at the start of the fourth quarter.
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Source: World Bank
Money funds at risk of big drop in assets
Incoming rules from regulators in the US and Europe could trigger outflows of at least 30 per cent, according to Moody’s, the credit rating agency, with medium and small funds hit worst as spooked investors pull their money.
Source: FT.com
Global investors say it's too soon to buy emerging markets
But instead of abandoning the asset class, participants at the Reuters Global Investment Outlook Summit say they will hunt for companies in specific sectors such as consumer goods and technology that they believe will outperform overall markets.
Source: Reuters
SWIFT Index anticipates a strong start to 2014 for the UK and US economies
Based on an average of 2 million SWIFT payments messages per day, the SWIFT Index produces quarterly GDP growth nowcasts and forecasts for the UK, EU27, Germany, US and OECD economies and is available on a monthly basis for download at swift.com.
Source: SWIFT
ICE to Buy Singapore Mercantile Exchange for $150 Million
Atlanta-based ICE will buy the exchange operator and Singapore Mercantile Clearing Corp. from Financial Technologies (FTECH) India Ltd., the Mumbai-based company said today in a statement.
Source: Bloomberg
US investors find their way back to Europe
The French banks in particular were nearly brought to their knees by the withdrawal of short-term money-market funding as conservative investors returned to home turf, while long-only money also pulled back with a vengeance.
Source: FT.com
Exclusive: Barclays weighs index unit sale after MSCI approach-sources
MSCI's interest has spurred early-stage discussions at Barclays, the sources said, and the bank has not yet decided whether it should sell the Barclays Indices platform, which includes well-known products like the Barclays U.S. Aggregate Bond Index, which tracks assets with a market value of $16.7 trillion (£10.36 trillion).
Source: Reuters
November 21, 2013--Global money market funds are projected to lose around a third of their assets under management next year as the combined forces of record low interest rates and new regulations batter the multi-trillion dollar industry.
November 20, 2013--Leading fund managers are reluctant to invest broadly in emerging markets next year as many major developing economies suffer from sluggish growth and weak corporate earnings.
November 20, 2013--SWIFT, the financial messaging provider for more than 10,000 financial institutions and corporations in 212 countries and territories, today forecasts continued momentum in the growth of the UK and US economies.
November 19, 2013-IntercontinentalExchange Group Inc. (ICE) agreed to buy Singapore Mercantile Exchange Pte for $150 million to add commodity futures trading in Asia, where China reigns as the biggest user of everything from energy to metals.
November 19, 2013-Two years ago in the midst of the eurozone sovereign debt crisis, US investors were fleeing from the region's financial sector in droves, plagued by fears that some lenders were on the brink of disaster and the economy was in tatters.
November 19, 2013--Barclays Plc is exploring options for its index business after equity index provider MSCI Inc approached the British bank recently about buying the unit, according to several people familiar with the situation.
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