Global ETF News Older than One Year
Dow Jones-UBS Commodity Indices: November 2012 Performance Report
December 6, 2012--The Dow Jones-UBS Commodity Index was up 0.04% for the month of November.
The Dow Jones-UBS Single Commodity Indices for orange juice, tin and aluminum had the strongest gains with month-end returns of 15.73%, 9.69% and 9.62%, respectively. The three most significant downside performing single commodity indices were soybean meal, soybean and natural gas, which ended the month down 8.48%, 7.10% and 6.78%, respectively.
Source: Mondovisione
ETF and ETP assets reach all-time high of 1.9 trillion US dollars at end November 2012
December 5, 2012--Global Exchange Traded Fund (ETF) and Exchange Traded Product (ETP) assets reached an all-time high of US$1.9 trillion at the end of November 2012, according to figures from ETFGI's monthly global ETF and ETP industry insights.
Assets in ETFs and ETPs reached all-time highs of US$1.3 trillion in the US, US$359 billion in Europe, US$78.7 billion in Asia Pacific (ex-Japan), US$46 2E9 billion in Japan and US$11.6 billion in Latin America. Year to date through end of November 2012, ETF and ETP assets have increased by 23.8% from US$1.5 trillion to US$1.9 trillion.
Over the past 10 years the global compounded annual growth rate (CAGR) of these products has been 30.2%. There are currently 4,726 ETFs and ETPs, with 9,719 listings, assets of US$1.9 trillion, from 208 providers on 56 exchanges.
With the outcomes of the US elections and super storm Sandy known, and a sense among investors that a solution to the looming fiscal cliff will be negotiated, US$9 billion was invested into ETFs and ETPs providing exposure to US equity indices, reversing nearly all of the outflows during October. Overall, US$ 21.3 billion of net new money went into ETFs and ETPs in the month of November. Looking year to date through end of November 2012, ETFs and ETPs saw net inflows of US$223 billion, US$69 billion above the level of net new assets at this time last year.
Equity ETFs and ETPs have gathered the largest net inflows accounting for US$127 billion followed by fixed income ETFs and ETPs with US$61 billion and commodity ETFs and ETPs capturing US$22 billion.
We are likely to end 2012 with a record level of assets in ETFs and ETPs and with a record level of net new assets invested into the products during the year according to Deborah Fuhr, Managing Partner at ETFGI.
Equity focused ETFs and ETPs have gathered US$127 billion which is US$36 billion more than all of last year. Products providing exposure to North American equity indices have been the most popular receiving US$62 billion, followed by emerging market equity with US$38 billion and Asia Pacific equity with US$9.6 billion.
Source: ETFGI
ETF Securities-Outlook 2013: At a Global Macro Turning Point?
December 5, 2012--Increasing signs of improving global growth and continued strong central bank commitment to highly accommodative monetary policy indicates that the first part of next year has the potential to be a good one for cyclical and risky assets.
In this environment, commodities could perform well as an asset class, with more growth-sensitive commodities such as base metals and the white precious metals having the potential to perform most strongly. Within equities, basic resources and mining companies could outperform. Commodity currencies such as the Australian, New Zealand and Canadian dollars may rise in this environment and, barring a major sovereign debt-related accident, the Euro should benefit. Conversely, funding currencies such as the Japanese yen and the US dollar may come under pressure. The three key risks to this benign global scenario are a sharp rebound in sovereign risk in Europe - Greece and Spain in particular; the US fiscal cliff issue and possible US sovereign downgrade; and further political and military deterioration in the Middle East. Long gold, oil and volatility positions are potential hedges against these risks.
Source: ETF Securities
ETFGI Global ETF And ETP Industry Insights, November 2012
December 5, 2012--Summary for ETFs listed globally
At the end of November 2012, the global ETF industry had 3,336 ETFs, with 7,610 listings, assets of US$1,688 Bn, from 180 providers on 54 exchanges.
Assets
ETF assets have increased by 2.0% from US$1,655 Bn in October 2012 to US$1,688 Bn in November 2012.
YTD through end of November 2012, ETF assets have increased by 24.6% from US$1,355 Bn to US$1,688 Bn.
Flows
In November 2012, ETFs saw net inflows of US$19 Bn. YTD through end of November 2012, ETFs saw net inflows of US$201 Bn.
Vanguard gathered the largest net ETF inflows in November with US$7,738 Mn, followed by iShares with US$7,136 Mn and SPDR ETFs with US$4,683 Mn net inflows.
iShares gathered the largest net ETF inflows YTD with US$65,851 Mn, followed by Vanguard with US$54,009 Mn and SPDR ETFs with US$20,570 Mn net inflows. Harvest FM experienced the largest net ETF outflows in November with US$3,738 Mn, followed by DB/x-trackers with US$521 Mn and Nikko AM with US$319 Mn net outflows.
Commerzbank experienced the largest net ETF outflows YTD with US$1,454 Mn, followed by Direxion with US$887 Mn and EasyETF with US$831 Mn net outflows.
Summary for ETFs and ETPs listed globally
Including other Exchange Traded Products (ETPs), at the end of November 2012, the global ETF/ETP industry had 4,726 ETFs/ETPs, with 9,719 listings, assets of US$1,890 Bn, from 208 providers on 56 exchanges.
Assets
ETF/ETP assets have increased by 2.0% from US$1,853 Bn in October 2012 to US$1,890 Bn in November 2012.
YTD through end of November 2012, ETF/ETP assets have increased by 23.8% from US$1,526 Bn to US$1,890 Bn.
Flows
In November 2012, ETFs/ETPs saw net inflows of US$21 Bn. YTD through end of November 2012, ETFs/ETPs saw net inflows of US$223 Bn.
Vanguard gathered the largest net ETF/ETP inflows in November with US$7,738 Mn, followed by iShares with US$7,215 Mn and SPDR ETFs with US$5,402 Mn net inflows.
iShares gathered the largest net ETF/ETP inflows YTD with US$68,389 Mn, followed by Vanguard with US$54,009 Mn and SPDR ETFs with US$26,184 Mn net inflows.
Harvest FM experienced the largest net ETF/ETP outflows in November with US$3,738 Mn, followed by DB/x-trackers with US$682 Mn and Nikko AM with US$319 Mn net outflows.
Commerzbank experienced the largest net ETF/ETP outflows YTD with US$1,454 Mn, followed by Direxion with US$887 Mn and EasyETF with US$831 Mn net outflows.
Summary for United States ETFs and ETPs
At the end of November 2012, the US ETF industry had 1,157 ETFs, assets of US$1,175 Bn, from 35 providers on 3 exchanges. Including other Exchange Traded Products (ETPs), at the end of November 2012, the US ETF/ETP industry had 1,445 ETFs/ETPs, with assets of US$1,316 Bn, from 53 providers on 3 exchanges.
Summary for European listed ETFs and ETPs
At the end of November 2012, the European ETF industry had 1,331 ETFs, with 4,877 listings, assets of US$318 Bn, from 40 providers on 22 exchanges. Including other Exchange Traded Products (ETPs), at the end of November 2012, the European ETF/ETP industry had 1,934 ETFs/ETPs, with 6,113 listings, assets of US$359 Bn, from 45 providers on 23 exchanges.
Summary for Asia Pacific (ex-Japan) listed ETFs and ETPs
At the end of November 2012, the Asia Pacific (ex-Japan) ETF industry had 409 ETFs, with 528 listings, assets of US$78 Bn, from 92 providers on 14 exchanges. Including other Exchange Traded Products (ETPs), at the end of November 2012, the Asia Pacific (ex-Japan) ETF/ETP industry had 428 ETFs/ETPs, with 550 listings, assets of US$79 Bn, from 93 providers on 14 exchanges.
Summary for Japanese listed ETFs and ETPs
At the end of November 2012, the Japanese ETF industry had 97 ETFs, with 101 listings, assets of US$46 Bn, from 11 providers on 3 exchanges. Including other Exchange Traded Products (ETPs), at the end of November 2012, the Japanese ETF/ETP industry had 106 ETFs/ETPs, with 140 listings, assets of US$47 Bn, from 15 providers on 3 exchanges.
Summary for Canadian listed ETFs and ETPs
At the end of November 2012, the Canadian ETF industry had 264 ETFs, with 352 listings, assets of US$55 Bn, from 7 providers on 1 exchange. Including other Exchange Traded Products (ETPs), at the end of November 2012, the Canadian ETF/ETP industry had 267 ETFs/ETPs, with 379 listings, assets of US$55 Bn, from 9 providers on 1 exchange.
Summary for Latin America listed ETFs and ETPs
At the end of November 2012, the Latin American ETF industry had 36 ETFs, with 549 listings, assets of US$12 Bn, from 17 providers on 5 exchanges. Including other Exchange Traded Products (ETPs), at the end of November 2012, the Latin American ETF/ETP industry had 36 ETFs/ETPs, with 578 listings, assets of US$12 Bn, from 20 providers on 5 exchanges.
Source: ETFGI
Dow Jones Islamic Market Titans 100 Index Finished Up 0.37% in November-Index Measures Performance of 100 of World's Leading Shari'ah-Compliant Stocks
Dow Jones Islamic Market Asia/Pacific Titans 25 Index, Dow Jones Islamic Market Europe Titans 25 Index End November in Positive Territory-Dow Jones Islamic Market U.S. Titans 50 Index Lose 0.43%
December 5, 2012--The Dow Jones Islamic Market Titans 100 Index finished November up 0.37%, according to data compiled by S&P Dow Jones Indices. The index measures the performance of 100 of the world's leading Shari'ah-compliant stocks.
The Dow Jones Global Titans 50 Index, which measures the world’s 50 largest companies, posted a November gain of 0.07%.
Regionally, the Dow Jones Islamic Market Asia/Pacific Titans 25 Index, which measures the performance of 25 of the leading Shari’ah-compliant stocks in the Asia/Pacific region, advanced 3.58% in November; the Dow Jones Asian Titans 50 Index increased 3.06%.
In Europe, the Dow Jones Islamic Market Europe Titans 25 Index, which measures the performance of the 25 the leading Shari’ah-compliant stocks in Europe, rose 1.14% in November; the Dow Jones Europe Titans 80 Index, which measures the performance of 80 blue-chip stocks traded in the developed markets of Europe, increased 2.07%.
Source: Mondovisione
ETP flows swing in favour of equities
December 5, 2012--Investors in exchange-traded products shifted their focus from fixed income to equities in November, according to new research, mirroring a trend in the wider investment market.
Equity exchange-traded funds and ETPs attracted $13.23bn last month, while fixed-income products drew in $5.1bn, figures from consultancy ETFGI show.
Source: Financial News
IMF Working paper-Fiscal Multipliers and the State of the Economy
December 5, 2012--Summary: Only a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the G7 economies (excluding Italy).
Our results show that fiscal multipliers differ across countries, calling for a tailored use of fiscal policy. Moreover, the position in the business cycle affects the impact of fiscal policy on output: on average, government spending, and revenue multipliers tend to be larger in downturns than in expansions. This asymmetry has implications for the choice between an upfront fiscal adjustment versus a more gradual approach.
view the IMF Working paper-Fiscal Multipliers and the State of the Economy
Source: IMF
Annual Energy Outlook 2013 Early Release Report
December 5, 2012--This release is an abridged version of the Annual Energy Outlook that highlights changes in the AEO Reference case projections for key energy topics.
The Early Release includes data tables for the Reference case only. The full AEO2013 will be released Spring of 2013.
Key updates made for the AEO2013 Reference case include the following:
Extension of the projection period through 2040, an additional five years beyond AEO2012.
Adoption of a new Liquid Fuels Market Module (LFMM) in place of the Petroleum Market Module used in earlier AEOs provides for more granular and integrated modeling of petroleum refineries and all other types of current and potential future liquid fuels production technologies. This allows more direct analysis and modeling of the regional supply and demand effects involving crude oil and other feedstocks, current and future processes, and marketing to consumers.
A shift to the use of Brent spot price as the reference oil price. AEO2013 also presents the average West Texas Intermediate (WTI) spot price of light, low-sulfur crude oil delivered in Cushing, Oklahoma, and includes the U.S. annual average refiners' acquisition cost of imported crude oil, which is more representative of the average cost of all crude oils used by domestic refiners.
view the Annual Energy Outlook 2013 Early Release Report
Source: EIA
Macro Matters-Euro Zone Agrees on Greece Debt Deal
December 5, 2012--China-Worries on markets lingers.
Both Hong Kong and China markets dropped on concern of: 1) stricter capital rules for banks that may hurt lending; 2) lingering concerns of weak corporate earnings and supply glut;
and 3) anticipated year-end liquidity crunch.
Last week, Shanghai composite dropped below the supporting level of 2,000points, renewing a 4-year record low.
India-Markets rally on hopes of further reforms.
Indian markets rallied last week on hopes of further reforms by the government. Also investor sentiment was boosted by Goldman Sachs’ upgrade.
Amid positive global cues, as EU finalized talks with Greece and the U.S. talked of optimism over the fiscal cliff, Indian markets hit a 19-month high.
Brazil-No rate cut in November.
Brazilian equities rallied in the week ending November 29th. Progress within the Eurozone and improving Chinese macro data offset lingering concerns over the US fiscal cliff and downward revisions to Brazilian domestic growth at least temporarily.
The Brazilian Central Bank maintained the Selic Rate flat at 7.25% during its November Copom Meeting in line with expectations. There were no surprises in the post meeting communiqué.
Russia-Agreement on Greece debt deal relieves uncertainties.
Euro zone finance ministers and the IMF agreed a deal to release the next tranche of aid for Greece, dependent upon the implementation of further reforms, repayment terms eased with lower rates charged.
A definitive resolution to the Euro zone crisis is beyond the reach of policymakers, though recent announcements represent gradual progress as the region continues its structural deleveraging process.
Source: Mirae Asset Financial Group
IMF-Shadow Banking: Economics and Policy
December 4, 2012--Summary: This note outlines the basic economics of the shadow banking system, highlights (systemic) risks related to it, and suggests implications for measurement and regulatory approaches.
view the IMF paper-Shadow Banking: Economics and Policy
Source: IMF
