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June 2010 “Market’s Measure” Preliminary Report - A Monthly Report From Dow Jones Indexes On The Performance Of U.S., European, Asia And Other Global Stock Market Indexes
June 22, 2010-- Dow Jones Industrial Average Posts 3.02% Gain in JUNE, European Stocks Gain 6.28%, Asia Rises 4.67% and World Equities Rise by 2.63%
Basic Materials Sector Posts Biggest Gain for June in Europe
Retail Sector Takes the Hardest Hit for June in Worldwide
As of June 21 the Dow Jones Industrial Average rose 3.02% in June, closing at 10442.41. Stock market indexes in Europe, Asia and globally were up in June, according to preliminary monthly figures from global index providers, Dow Jones Indexes.
The Dow Jones Industrial Average rose 3.02% in June, closing at 10442.41. Year-to-date, the index is up 0.14%.
The Dow Jones Europe Index rose 6.28% in June to 232.44. So far this year, the index is down -12.04%.
The Dow Jones Asian Titans 50 Index rose 4.67% in June to 128.90. So far this year, the index is down -4.00%.
The Dow Jones Global Titans 50 Index rose 2.63% in June, closing at 157.67. Year-to-date, the index is down -9.20%.
JUNE 2010 Sector Winners and Losers
In the U.S., the Dow Jones U.S. Oil & Gas Index was the biggest winner in June, posting a 4.99% gain. The Dow Jones U.S. Consumer Services Index posted the biggest loss, dropping -0.61%.
In Europe, the Dow Jones Europe Basic Materials Index posted the biggest gain, climbing 8.65%. The Dow Jones Europe Oil & Gas Index had the sharpest decline, falling -0.05%.
In Asia, the Dow Jones Asia/Pacific Telecommunications Index posted the biggest gain, rising 6.96%. The Dow Jones Asia/Pacific Health Care Index posted the narrowest gain, up 4.07%.
Globally, the Dow Jones World Basic Resources Titans Index had the best performance, climbing 5.78%. The Dow Jones World Retail Titans Index posted the biggest loss, dropping -0.94%.
NASDAQ OMX Introduces Two Sharia-Compliant Indexes
New Indexes are Based on the NASDAQ-100 Index and the OMX Stockholm Benchmark Index
June 22, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announced the introduction today of two new Sharia-compliant indexes based on two of the world's most widely-followed benchmarks: The NASDAQ-100 Index® (Nasdaq:NDX) and the OMX Stockholm Benchmark Index (OMXSB). The new NASDAQ-100 Sharia IndexSM (N100SI) and the OMX Stockholm Benchmark Sharia IndexSM (OMXSBSHARIA) are the first of a new family of indexes launched by NASDAQ OMX Global Index Group that are designed to serve investors who wish to develop and maintain an Islamic investment portfolio.
The NASDAQ-100 Sharia Index and the OMX Stockholm Benchmark Sharia Index are designed to track the performance of securities in their underlying indexes that meet the Sharia requirements as prescribed by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and adopted by NASDAQ OMX with the guidance of the Sharia advisor, BMB Islamic UK Ltd.
The NASDAQ-100 Sharia Index is a modified market-capitalization weighted index designed to track the performance of the Sharia-compliant securities of the NASDAQ-100 Index. The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market® based on market capitalization. The index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.
The OMX Stockholm Benchmark Sharia Index is designed to track the performance of the Sharia-compliant securities in the OMX Stockholm Benchmark Index. The OMX Stockholm Benchmark Index consists of the 80 to 100 largest and most traded stocks on NASDAQ OMX Stockholm, representing all sectors.
"The NASDAQ-100 Sharia Index and the OMX Stockholm Benchmark Sharia Index were developed to meet increasing demand for a wider variety of Islamic investment opportunities," said NASDAQ OMX Executive Vice President John Jacobs. "These new Sharia-compliant indexes are a continuation of NASDAQ OMX's commitment to designing and calculating world-class indexes and to providing investors with relevant, objective indexes."
According to BMB Islamic's CEO Dr. Humayon Dar, who heads the Sharia monitoring process for the indices, "The new Sharia indices by NASDAQ OMX herald a new era of Islamic investing, especially for those who are looking for sophisticated Sharia compliant solutions beyond plain vanilla Islamic equity funds."
The NASDAQ-100 Sharia Index began calculating on June 22, 2010 at a base value of 1000.00, while the OMX Stockholm Benchmark Sharia Index began calculating on May 31, 2010 – also at a base value of 1000.00.
Exchange-Traded Funds International Equity: EM Allocation Update
June 21, 2010--Morgan Stanley's Global Emerging Market (EM) Strategy team, led by Jonathan Garner, maintains an EM-based country allocation model. The model is adjusted monthly and seeks to outperform the MSCI EM Index on a 6- to 12-month time horizon.
The team made three relative rating changes to the model this month. Relative to the MSCI EM Index, Malaysia moves to an overweight recommendation while Colombia and Thailand are both downgraded to underweight recommendations. At the same time, Garner increases his overweight recommendation to Russia by 100 basis points funded by an equivalent reduction in China's overweight recommendation.
ETFs are available for most countries in Garner's model. Currently, US-listed ETFs are available for approximately 99% of the market cap of the MSCI EM Index and 99% of the recommended Morgan Stanley weights. ETFs may offer an efficient way to access Ems and the costs associated with them may be lower than the costs traditionally associated with other EM investments. Moreover, ETFs trade on exchanges, provide intra-day liquidity, many have options available, and most ETFs can be easily shorted.
Gold at record after Saudi reserves double
June 21, 2010--Gold prices hit on Monday a fresh record high of almost $1,265 a troy ounce following the revelation that Saudi Arabia, the world’s largest oil exporter, is sitting on more than twice as much gold as previously thought, according to new estimates.
The disclosure points to the revival of bullion as part of emerging economies’ official reserves and comes as investors pour money into the yellow metal.
The weakness of the dollar following China’s decision to make the yuan more flexible, gave bullion further momentum, analysts said. A stronger yuan makes the cost of gold for Chinese buyer cheaper, potentially increasing demand. China is the world’s second largest gold consumer, after India. It is also the largest producer
Gold hits new record high
June 18, 2010--The price of gold surged to an all-time high point above $1 258 an ounce on Friday, on the back of the weaker dollar and downbeat US economic data, traders said.
In afternoon trading on the London Bullion Market, gold hit a record $1 258.38 an ounce.
"This could open the door to further appreciation towards the $1 300-level in the coming weeks," said Rajesh Patel, head trader at financial betting firm Spread Co.
ASIC and FINRA Sign Cooperation Agreement
MOU Aimed at Expediting, Strengthening Cross-Border Supervision, Investigations
June 18, 2010--The Australian Securities and Investments Commission (ASIC) and the Financial Industry Regulatory Authority (FINRA) entered into a Memorandum of Understanding (MOU) today to promote and support greater cooperation between the two regulators
The MOU establishes a strong framework for mutual assistance and the exchange of information between ASIC and FINRA, to help ensure that high standards of market integrity and consumer protection are maintained in both jurisdictions. Among other things, the agreement will help the regulators to investigate possible instances of cross-border market abuse in a timely manner, exchange information on firms under common supervision of both regulators, and allow more robust collaboration on approaches to risk-based supervision of firms.
The agreement was signed by ASIC Chairman Tony D'Aloisio and FINRA Chairman and CEO Richard Ketchum. ASIC and FINRA have a long history of cooperation in cross-border cases affecting both markets.
"Because the US and Australian financial markets are highly globalized, it is crucial to both agencies that we have effective cooperation agreements with key partner jurisdictions," Mr D'Aloisio said. "This MOU will enhance the supervision of financial markets in both Australia and the U.S. This is particularly important in light of ASIC's new market supervision responsibilities."
Mr Ketchum added, "Today's agreement is a true indication of the global reach of the capital markets. ASIC and FINRA will be able to share information more freely on firms we both oversee and collaborate more closely in dealing with cross-border fraud to better protect investors in the U.S. and Australia."
NASDAQ OMX Hosts 24th Investor Program In London In Association With Piper Jaffray - Europe's Largest Investor Conference For U.S. Equities Will Spotlight Telecom, Media, Technology, Industrials, Material, Consumer And Healthcare Sectors
June 18, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) will host its 24th Investor Program in London on June 23, 2010, in association with Piper Jaffray, a leading international investment bank. Presentations will be made by the senior management of 29 companies from the Telecom, Media, Technology, Healthcare, Consumer, Industrials and Material sectors. These presentations will be webcast live at http://www.nasdaqomx.com/investorprogram
NASDAQ OMX has been hosting investor programs in Europe for more than 15 years. The investor conferences have primarily been held in London, Europe's largest financial centre, and have grown to become the largest institutional investors programs for U.S. equities in Europe. Edward S. Knight, Executive Vice President, General Counsel and Chief Regulatory Officer, will be the NASDAQ OMX host on site.
"It is always a pleasure to come to London and facilitate what we are confident will be fruitful meetings between interesting companies and new investors," says Bruce Aust, Executive Vice President, Corporate Client Group at NASDAQ OMX. "We look forward to an exciting day in London and are pleased to be working with Piper Jaffray in connecting growth capital with investment opportunities."
Companies participating are:
Align Technology, Inc. (ALGN), Applied Materials, Inc. (AMAT), Avago Technologies Limited (AVGO), Biovail Corporation (BVF), Brocade Communications Systems, Inc. (BRCD), Burger King Holdings, Inc. (BKC), Cephalon, Inc. (CEPH), Crucell NV (CRXL), Cypress Semiconductor Corporation (CY), Dendreon Corporation (DNDN), Equinix, Inc. (EQIX), Finisar Corporation (FNSR), Foster Wheeler AG. (FWLT), Garmin Ltd. (GRMN), Human Genome Sciences, Inc. (HGSI), Informatica Corporation (INFA), j2 Global Communications, Inc. (JCOM), Lam Research Corporation (LRCX), Marvell Technology Group Ltd (MRVL), Mattel, Inc. (MAT), Maxim Integrated Products, Inc. (MXIM), Net Entertainment NE AB (NET B), QIAGEN N.V. (QGEN), R.R. Donnelley (RRD), Salix Pharmaceuticals, Ltd. (SLXP), Sigma-Aldrich Corporation (SIAL), Synopsys, Inc. (SNPS), Tessera Technologies, Inc. (TSRA), and Vertex Pharmaceuticals Incorporated (VRTX)
Details of how to access the web casts live on these dates or afterwards in archived form can be found at the NASDAQ OMX website at http://www.nasdaqomx.com/investorprogram
Component Changes Made to Dow Jones Select Dividend Indexes
June 17, 2010--Dow Jones Indexes, a leading global index provider, today announced that BP PLC (United Kingdom, Oil & Gas, BP.LN ) will be removed from the Dow Jones U.K. Select Dividend 20, Dow Jones EPAC Select Dividend and Dow Jones Global Select Dividend indexes.
BP PLC is being removed due to the cancellation of its dividend payment.
In the Dow Jones U.K. Select Dividend 20 Index, BP PLC will be replaced by Catlin Group Ltd. (United Kingdom, Insurance, CGL.LN).
In the Dow Jones EPAC Select Dividend Index and Dow Jones Global Select Dividend Index, BP PLC will be replaced by Deutsche Telekom AG (Germany, Telecommunications, DTE.XE).
All changes in the Dow Jones U.K. Select Dividend 20 Index, Dow Jones EPAC Select Dividend Index and Dow Jones Global Select Dividend Index will be effective as of the open of trading on Tuesday, June 22, 2010.
Further information on the Dow Jones Select Dividend indexes can be found at http://www.djindexes.com.
Company additions to and deletions from the Dow Jones U.K. Select Dividend 20, Dow Jones EPAC Select Dividend and Dow Jones Global Select Dividend indexes do not in any way reflect an opinion on the investment merits of the company.
Risk on, as investors dive back into emerging markets: EPFR
June 18, 2010--Investors set aside sovereign debt fears and shifted their money to higher-returning assets in mid June, with emerging market assets and U.S. equities among the recipients of fresh cash, EPFR Global said in a report on Friday.
Of all the funds tracked by the firm, equity funds posted inflows of $15.4 billion and bond funds took in $3.2 billion for the week ended June 16.
A single, large-cap U.S. exchange traded fund accounted for $10.8 billion of the flows into stock funds, or 70 percent of the total, EPFR said.
The portfolio flow activity suggests the worst of the violent market selloff in riskier assets is over, and economic data, particularly out of China and the United States, were reasons enough for investors to buy back some of the assets they sold in the last few months.
Economy : Developing countries set to account for nearly 60% of world GDP by 2030, according to new estimates
June 16, 2010--The rapid growth of emerging economies has led to a shift in economic power: forecasts based on analysis by late economist Angus Maddison suggest that the aggregate economic weight of developing and emerging economies is about to surpass that of the countries that currently make up the advanced world.
According to Perspectives on Global Development: Shifting Wealth, a new publication from the OECD Development Centre, the economic and financial crisis is accelerating this longer-term structural transformation in the global economy. Longer-term forecasts suggest that today’s developing and emerging countries are likely to account for nearly 60% of world GDP by 2030.
While the 1990s was a lost decade for much of the developing world, growth rates picked up significantly in the 2000s, with the number of developing countries beginning to converge strongly with the affluent OECD countries leaping from 12 to 65 (Figure 2). The strong performance of China and India has had a significant impact on the rest of the developing world.
Responding to this trend, the OECD has set out to strengthen its relations with major emerging economies. It has strengthened its links with Brazil, China, India, Indonesia and South Africa and recently welcomed Chile as its 31st member and it has extended invitations to join to Estonia, Israel and Slovenia. Russia is also negotiating to become a member.
