Global ETF News Older than One Year
Short-Term Energy Outlook-EIA
August 18, 2010--On August 10, 2010 the US Energy Information Administration (EIA) published the Short-Term Energy Outlook report
Highlights
EIA projects that the West Texas Intermediate (WTI) spot price, which ended July at more than $78 per barrel, will average $81 per barrel in the fourth quarter of 2010 and $84 per barrel in 2011, slightly above the forecasts in last month's Outlook.
EIA expects that regular-grade motor gasoline retail prices, which averaged $2.35 per gallon last year, will average $2.77 per gallon over the second half of 2010, up one cent per gallon from the average for the first half of the year.
The projected Henry Hub natural gas spot price averages $4.69 per million Btu (MMBtu) this year, a $0.74-per-MMBtu increase over the 2009 average, but virtually unchanged from the forecast in last month's Outlook. EIA expects the Henry Hub spot price will average $4.98 per MMBtu in 2011, down $0.19 per MMBtu from last month's Outlook.
The annual average residential electricity price increases only moderately over the forecast period, averaging 11.6 cents per kilowatthour (kWh) in 2010, up slightly from 11.5 cents per kWh in 2009, and rising to 11.9 cents per kWh in 2011.
Estimated U.S. carbon dioxide (CO2) emissions from fossil fuels, which declined by 7.0 percent in 2009, are expected to increase by 3.4 percent and 0.8 percent in 2010 and 2011, respectively, as economic growth spurs higher energy consumption. However, even with these increases, projected emissions remain below their level in any year from 1999 through 2008.
Global Crude Oil and Liquid Fuels
Crude Oil and Liquid Fuels Overview. EIA's view of the world oil market is largely unchanged from last month's Outlook. EIA expects world oil prices will rise slowly as world oil demand increases because of projected global economic growth, slower growth in non-OPEC oil supply, and continued production restraint by members of the Organization of the Petroleum Exporting Countries (OPEC). A gradual reduction in global oil inventories expected over the forecast period also should lend support to firming oil prices.
Source: US Energy Information Administration (EIA)
Germany and the United Kingdom drive stronger GDP growth in the European Union but, growth slows in Japan and the United States
GDP growth - Second quarter of 2010
August 18, 2010--Gross domestic product (GDP) in the OECD area rose by 0.7% in the second quarter of 2010, the same rate as in the previous quarter. Real GDP grew by 1% in both the euro area and the European Union driven by record growth of 2.2% in Germany; its highest rate since reunification.
GDP growth was 1.1% in the United Kingdom, up from 0.3% in the previous quarter; 0.6% in France, up from 0.2%; and 0.4% in Italy, unchanged from the previous quarter. By contrast, GDP growth in Japan and the United States slowed to 0.1% and 0.6% respectively, compared with 1.1% and 0.9% in the previous quarter.
Relative to a year earlier, GDP in the OECD area expanded by 2.8%, up from 2.4% in the previous quarter. Germany at 3.7% had the highest rate and Italy (1.1%) the lowest.
Source: OECD
Oil hovers above $75 amid economic fears
August 17, 2010--Oil prices edged up in Asia for the first time in five days on Tuesday with gains tempered by signs of a slowing global economic recovery that could dent demand for fuel.
Benchmark crude for September delivery was up 14c to $75.38 a barrel at afternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract fell 15c to settle at $75.24 a barrel on Monday.
Source: FIN24
Barclays forecasts continued strong fundamental support for copper, tin and lead
August 17, 2010--In a recently published analysis, Barclays Commodities Research analysts say they "continue to see strong fundamental support for metals like copper, tin and lead."
Meanwhile after the seasonally slow summer, Barclays continues to predict that gold prices "will gain traction later on in the year."
Barclays analysts observed, "PGMs have diverged from gold and silver prices and have instead mapped a separate path that better mirrors that of their base metal counterparts over recent weeks. Constrained mine output and recovering demand, albeit from a weak base, is still set to provide support for PGM prices..."
The analysts expect further upside in the second half of this year with PGMs extending their gains into 2011. However, they warned "although we expect gold and silver to set new highs, and in the case of gold, all-time highs, next year, based on our macro outlook we expect the two metals to start plotting their bon voyage towards levels seen at the start of this year"
Source: Mineweb
BlackRock May Court Sovereign Wealth Funds as Banks Consider Selling Stake
August 16, 2010--BlackRock Inc. may court investors such as sovereign wealth funds as Bank of America Corp. considers a sale of its 34 percent stake in the asset manager, Credit Suisse Group AG’s Craig Siegenthaler said.
New regulatory requirements in the U.S. and Europe may also prompt two other top shareholders, PNC Financial Services Group Inc. and Barclays Plc., to reduce their stakes in the world’s largest money manager, New York-based Siegenthaler said today in a note to clients. BlackRock’s shares available for trading may increase, allowing the stock to be included in larger indexes and cutting volatility, Siegenthaler said.
Source: Bloomberg
Foreign Exchange Hedge Funds Increased 0.54% in July, Parker Index Shows
August 16, 2010--Parker Global Strategies LLC’s index tracking the performance of foreign-exchange hedge funds reported positive returns in July after every major European currency strengthened against the U.S. dollar.
The Parker FX Index returned 0.54 percent in July, compared with minus 0.05 percent during the past three months, according to a statement released today. The best-performing fund in the index returned 6.8 percent, while the worst returned minus 4.9 percent. The median return was 0.27 percent.
“In July, currency markets were defined by a significant decline in the U.S. dollar relative to most Group of 10 currencies,” the statement said.
Source: Bloomberg
IOSCO publishes Principles for Direct Electronic Access to Markets
August 13, 2010--The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a Final Report – Principles for Direct Electronic Access to Markets (DEA Principles) – containing principles designed to guide intermediaries, markets and regulators in relation to the areas of pre-conditions for direct electronic access (DEA), information flow and adequate systems and controls.
The Final Report is based on analyses of market and regulatory developments and of the responses received to the original Consultation Report – Policies on Direct Electronic Access – which identified and discussed the benefits, potential risk and concerns associated with DEA.
view the Principles for Direct Electronic Access to Markets Final Report
Source: IOSCO
Oil weighed down by Opec and IEA caution
August 13, 2010--Oil prices ended the week lower after the Opec oil cartel and the International Energy Agency highlighted their worries about global oil demand growth.
The Opec oil cartel on Friday said in its monthly report that, “given the projected slowdown in the world economy in the second half of this year”, it remained cautious about oil demand growth for 2010, forecasting a rise for the year of 1m barrels a day.
The IEA, the western countries’ energy watchdog, was more positive, forecasting this week that global oil demand would grow this year by 1.8m b/d.
Source: FT.com
Components in Dow Jones Select MicroCap Index to decrease to 217 from 258
August 13, 2010--Dow Jones Indexes has carried out its annual review of the Dow Jones Select MicroCap Index and its semi-annual review of the Dow Jones US Contrarian Opportunities Index.
All changes will be effective after the close of trading on 20 August 2010.
With 153 additions and 194 deletions, the number of components in the Dow Jones Select MicroCap Index will decrease to 217 from 258.
Source: ETF Express
BlackRock * New Report * ETF Landscape Industry Highlights End of July 2010
August 12, 2010--Highlights of the ETF Landscape industry highlights as at end July 2010.
United States ETF and ETP Industry end July 2010:
The US ETF industry had 866 ETFs, assets of US$741.3 Bn, from 30 providers on two exchanges.
In July US domiciled ETFs experienced net inflows totalling US$10.9 Bn. iShares gathered the largest inflows with US$6.6 Bn, followed by Vanguard with US$2.8 Bn net inflows, while Van Eck Associates Corp saw US$0.3 Bn net outflows in July 2010.
In July 2010 US domiciled ETFs/ETPs experienced net inflows totalling US$9.6 Bn. Equities saw US$7.3 Bn net inflows, of which US$4.2 Bn went to Emerging Markets equities and US$2.7 Bn to North American equities. Fixed Income ETFs/ETPs saw net inflows of US$4.6 Bn, of which US$1.4 Bn went to Government bond exposures and US$1.1 Bn to Corporates. Commodities experienced US$2.2 Bn net outflows, of which US$1.7 Bn went from Precious Metals in July 2010.
Global ETF and ETP Industry end July 2010:
The global ETF industry had 2,282 ETFs with 4,872 listings, assets of US$1,095.2 Bn, from 124 providers on 42 exchanges around the world.
The global ETF and ETP industry combined had 3,131 products with 6,287 listings, assets of US$1,223.7 Bn from 150 providers on 45 exchanges around the world.
European ETF and ETP Industry end July 2010:
The European ETF industry had 969 ETFs with 3,117 listings, assets of US$236.3 Bn, from 35 providers on 18 exchanges.
In July 2010 net new assets into European domiciled ETFs totalled US$2.4 Bn. iShares has received the largest inflows with US$1.2 Bn, followed by Credit Suisse Asset Management with US$0.3 Bn net inflows and ETFlab Investment with US$0.2 net inflows in July 2010.
In July 2010, net new assets into European domiciled ETFs/ETPs totalled US$2.3 Bn. Equities gathered US$1.3 Bn net inflows, of which US$0.6 Bn went to Emerging Markets equities and US$0.4 Bn to Global equities. Fixed Income saw net inflows of US$1.0 Bn, of which US$0.9 Bn went to Government bond exposures and US$0.5 Bn to Corporates, while ETFs/ETPs with Inflation exposure saw net outflows of US$0.5 Bn. Commodities saw net outflows of US$0.01 Bn, of which US$0.2 Bn outflows came from Precious Metals while ETFs/ETPs with Energy exposure saw net inflows of US$0.1 Bn. Currency ETFs/ETPs saw net outflows of US$0.1 Bn in July 2010.
Canada ETF and ETP Industry end July 2010:
The Canadian ETF industry had 151 ETFs, assets of US$32.5 Bn, from four providers on one exchange.
Asia Pacific ex-Japan ETF and ETP Industry end July 2010:
The Asia Pacific ex-Japan ETF industry had 176 ETFs with 280 listings, and assets of US$47.4 Bn from 53 providers on 13 exchanges.
Japan ETF and ETP Industry end July 2010:
The Japanese ETF industry had 72 ETFs with 75 listings, and assets of US$25.8 Bn from six providers on two exchanges.
Latin America ETF and ETP Industry end July 2010:
The Latin American ETF industry had 21 ETFs with 331 listings, and assets of US$10.0 Bn from three providers on three exchanges.
Source: Global ETF Research & Implementation Strategy Team, BlackRock
