BLDRS Europe 100 ADR Index ETF
 (ADRU)

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  • Aug. 14, 2015, 5:31 AM
    • The eurozone's economic recovery unexpectedly slowed in the second quarter, as expansion in its three largest economies fell short of estimates.
    • Gross domestic product in the 19-nation region rose 0.3%, missing forecasts that showed Q1's 0.4% pace would be maintained. Germany's economy grew 0.4%, Italy’s 0.2%, while France stagnated.
    • With market jolts coming from China, and Greece on the verge of a new bailout program, the euro area's promising revival may still see difficulties ahead.
    • Euro -0.1% to $1.1145.
    • FTSE 100 flat; DAX flat; CAC 40 -0.1%; Euro Stoxx 50 -0.3%.
    • ETFs: VGK, FEZ, HEDJ, IEV, EU, EPV, EZU, FEU, EEA, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU, HFEZ, HGEU
    | Aug. 14, 2015, 5:31 AM
  • Aug. 12, 2015, 7:25 AM
    • China was forced to intervene to support the tumbling yuan overnight, and at day's end set Wednesday's reference rate for the currency based on its closing level today. In the past, Beijing had ignored market moves and set the reference rate higher on days when markets sold it lower.
    • Last night's move is thus - more or less - a 2nd devaluation of the currency (really a freeing up of the currency). The yuan is now lower by 2.8% since Monday's close.
    • The bottom line is that Europe now has competition in the weak currency business - something its shaky economy probably doesn't need at the moment.
    • The Stoxx 50 (NYSEARCA:FEZ) is lower by 2.3%, bringing its losses for the week to about 4%. Germany (NYSEARCA:EWG) is down 2.4%, France (NYSEARCA:EWQ2.3%, Spain (NYSEARCA:EWP1.6%, Italy (NYSEARCA:EWI2%, and the U.K. 1.2%.
    • The euro (NYSEARCA:FXE) is up 1% vs. the dollar to $1.1151.
    • ETFs: FXE, VGK, EUO, FEZ, HEDJ, ERO, IEV, EPV, EZU, DRR, FEU, EEA, EUFX, EURL, ULE, FEP, UPV, DBEU, URR, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU, HGEU, HFEZ
    | Aug. 12, 2015, 7:25 AM
  • Jul. 27, 2015, 12:11 PM
    • Getting a chance to react to the rough Friday afternoon action in the U.S. as well as the 8.5% plunge in China overnight, Europe's Stoxx 50 (NYSEARCA:FEZ) closes Monday with a 2.35% loss. The broad gauge remains higher  by 12% for the year.
    • Germany (NYSEARCA:EWG) and France (NYSEARCA:EWQ) fell 2.5%, Italy (NYSEARCA:EWI3%, Spain (NYSEARCA:EWP1.4%, and the U.K. (NYSEARCA:EWU1.1%. The Athens Stock Exchange looks set to reopen tomorrow. GREK -3.5%
    • ETFs: VGK, FEZ, HEDJ, IEV, EPV, EZU, FEU, EEA, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU, HFEZ, HGEU
    | Jul. 27, 2015, 12:11 PM | 2 Comments
  • Jul. 21, 2015, 1:21 PM
    • With Greece once more swept under the rug, Goldman Sachs boosts its short-term view of European stocks to Overweight from Neutral. Weakness in the euro, the ECB's QE, and accelerating growth all make the EU a buy, says Goldman.
    • Is Goldman late? After all, the Stoxx 600 has gained 9% over the last two weeks. Acknowledging some of the rally may have been missed, Goldman nevertheless says the factors are in place for European outperformance versus the U.S., which is downgraded to Underweight from Neutral.
    • ETFs: VGK, FEZ, HEDJ, IEV, EPV, EZU, FEU, EEA, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU, HFEZ, HGEU
    | Jul. 21, 2015, 1:21 PM | 7 Comments
  • Jul. 12, 2015, 9:57 PM
    | Jul. 12, 2015, 9:57 PM | 36 Comments
  • Jul. 7, 2015, 8:18 AM
    | Jul. 7, 2015, 8:18 AM | 7 Comments
  • Jun. 30, 2015, 10:54 AM
    • Up nearly 1% earlier, the Stoxx 50 (NYSEARCA:FEZ) has turned lower by 0.6% less than an hour before the close.
    • The Stoxx 50 shed 4.25% yesterday, led by Italy's 5%+ decline.
    • The Eurogroup has set 1ET as a time for a conference call, at which Greece's latest proposal will be discussed.
    • Not too badly dinged yesterday, the U.K.'s (NYSEARCA:EWU) 1% loss is leading on the way down today. Germany (NYSEARCA:EWG) -0.6%, France (NYSEARCA:EWQ) -0.8%, Itay (NYSEARCA:EWI-0.1%, Spain (NYSEARCA:EWP) -0.2%.
    • Athens remains closed for business, but the Greek ETF (GREK +5.1%) and National Bank of Greece (NBG +9.4%) are up sharply.
    • ETFs: VGK, FEZ, HEDJ, IEV, EPV, EZU, FEU, EEA, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU, HFEZ
    | Jun. 30, 2015, 10:54 AM | 16 Comments
  • Jun. 29, 2015, 7:45 AM
    • The Stoxx 50 (NYSEARCA:FEZ) is near session lows, down 3.7% after Greece over the weekend shut the banks and the stock market, and imposed capital controls.
    • A referendum next Sunday is likely to determine the country's fate, with a "yes" vote meaning the fall of the current government, allowing a new government to cut a deal with the country's creditors. A "no" vote likely means Grexit.
    • Italy (NYSEARCA:EWI) is off 4.1%, Spain (NYSEARCA:EWP3.9%, France (NYSEARCA:EWQ3.6%, Germany (NYSEARCA:EWG) 3.3%, U.K. (NYSEARCA:EWU1.8%.
    • Previously: Rates plunge on Greece gets ready to default (June 29)
    • ETFs: VGK, FEZ, HEDJ, IEV, EPV, EZU, FEU, EEA, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU, HFEZ
    | Jun. 29, 2015, 7:45 AM | 3 Comments
  • Jun. 25, 2015, 11:09 AM
    | Jun. 25, 2015, 11:09 AM | 1 Comment
  • Jun. 25, 2015, 11:01 AM
    | Jun. 25, 2015, 11:01 AM | 1 Comment
  • Jun. 22, 2015, 7:38 AM
    • While no deal has been reached, the Greek government's latest proposal makes major concessions on cutting deficits in the country's pension system - a long-standing demand of Greece's creditors.
    • According to the Greeks, the pension savings should amount to 0.4% of GDP this year and 1% starting in 2016 - pretty close to the target demanded by the IMF, ECB, and EU governments. Pencil pushers in Brussels will spend the next few days going through the numbers ahead of an emergency summit late this week.
    • Peripheral bond yields are headed south, while Germany's 10-year Bund yield is up ten basis points to 0.86%.
    • The Stoxx 50 (NYSEARCA:FEZ+2.6%, with Germany (NYSEARCA:EWGup 2.7%, France (NYSEARCA:EWQ+2.6%, Spain (EWQ+2.5%, Italy (NYSEARCA:EWI+1.7%, the U.K. (NYSEARCA:EWU+1%. Greece is higher by 5.7%.
    • GREK +2.7%, NBG +7.6% premarket
    • ETFs: VGK, FEZ, HEDJ, IEV, EPV, EZU, FEU, EEA, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU, HFEZEU, BUNL, BUNT, GGOV
    | Jun. 22, 2015, 7:38 AM | 14 Comments
  • Jun. 12, 2015, 9:57 AM
    • The bond rout of the past few weeks has been notable for its correlation. The bond markets of putative solid credits like Germany and the U.S. were hit as hard or even harder than those of countries like Spain and Italy.
    • Potentially worrisome in today's action: Yields are flat to lower in Germany and the U.S. while moving sharply higher in the peripheral countries.
    • The 10-year U.S. Treasury yield is down 1 bp to 2.37% and the 10-year German Bund yield is lower by 3 bps to 0.86%. Meanwhile, the Spanish 10-year yield is up 18 bps to 2.31%, and Italy up 12 bps to 2.26%.
    • This is happening as another Greek default and then possible EU exit got more likely with the IMF technical team's return to D.C. yesterday, and investors may not want to be holding the paper of the next countries in line should anything adverse happen over the weekend.
    • Spain's IBEX 35 (NYSEARCA:EWP) is lower by 1.3%, and Italy's FTSE MIB (NYSEARCA:EWIby 1.5%. Elsewhere in Europe, Germany (NYSEARCA:EWG) is down 1.5% and France (NYSEARCA:EWQ) is down 1.7%. FEZ -2.2%, GREK -4.1%, NBG -7%
    • ETFs: VGK, FEZ, HEDJ, IEV, EU, EPV, EZU, FEU, EEA, EURL, FEP, UPV, DBEU, BUNL, ADRU, HEZU, FEEU, IEUR, BUNT, GGOV, FIEU, DBEZ, FEUZ, SBEU
    | Jun. 12, 2015, 9:57 AM
  • Jun. 9, 2015, 10:57 AM
    • A "close your eyes and buy moment" is approaching for recently-battered Europe, says BAML's London-based macro and events group, which would like to see four issues resolved over the coming two weeks before jumping in:
    • 1) U.S. data has started to improve, making Thursday's retail sales number an especially important one for the direction of interest rates; 2) Bond volatility could be set to decline, especially given the light issuance schedule in July; 3) A last-minute agreement on Greece is BAML's base case; 4) Retail outflows and heavy supply volumes could lead to a final capitulation leg down in U.S. and global stocks.
    • What to buy? Financial stocks continue to be a favorite for the team, with goings-on in Greece preventing the long-only community from accumulating the banks. The MSCI Europe Financial ETF (NASDAQ:EUFN) is up 7.1% YTD.
    • Source: Barron's
    • ETFs: VGK, FEZ, HEDJ, IEV, EPV, EZU, FEU, EEA, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU
    | Jun. 9, 2015, 10:57 AM | 2 Comments
  • Jun. 3, 2015, 9:04 AM
    • Apparently they've got whisper numbers at the ECB as Mario Draghi says Europe's economic recovery is on track with the bank's projections, but that the bank was hoping for something stronger than its forecasts.
    • Webcast
    • As for the recent strong read on core CPI, Draghi says the ECB is more concerned with trends and will look through near-term fluctuations. The bank did hike its 2015 inflation forecast to 0.3% from flat, but 2016 is unchanged at 1.5% and 2017 is unchanged at 1.8%.
    • The GDP growth outlook for 2015 and 2016 is unchanged at 1.5% and 1.9%, respectively, while 2017 is trimmed to 2% from 2.1% (there's that economist sense of humor).
    • The euro (NYSEARCA:FXE) is active, but currently lower by just 0.2% to $1.1135.
    • European stocks (NYSEARCA:FEZ) have added to earlier gains, with Germany (NYSEARCA:EWG) and France (NYSEARCA:EWQ) leading the way, both ahead by 1.35%.
    • Previously: ECB leaves policy on hold (June 3)
    • ETFs: FXE, VGK, EUO, FEZ, HEDJ, ERO, IEV, EPV, EZU, DRR, FEU, EEA, EUFX, EURL, ULE, FEP, UPV, DBEU, URR, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU
    | Jun. 3, 2015, 9:04 AM | 4 Comments
  • May 27, 2015, 10:35 AM
    | May 27, 2015, 10:35 AM | 12 Comments
  • May 19, 2015, 11:57 AM
    • It was only this morning when the rest of the world found out what those at an invitation-only conference in London learned last night - that the ECB will front-load its QE program.
    • ECB member Benoit Coeure spoke at the conference - organized by the Brevan Howard Centre for Financial Analysis, and featuring senior officials from at least five central banks - but his speech wasn't released to the general public until this morning.
    • European interest rates and the euro (FXE -1.4%) are headed south today, while European equities soar.
    • The Stoxx 50's (NYSEARCA:FEZ2% gain is being led by Germany (NYSEARCA:EWG+2.2%, Italy (NYSEARCA:EWI+2.2%, France (NYSEARCA:EWQ+2.1%, and Spain (NYSEARCA:EWP+1.4%.
    • ETFs: VGK, FEZ, HEDJ, IEV, EPV, EZU, FEU, EEA, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU
    | May 19, 2015, 11:57 AM | 3 Comments
ADRU Description
The BLDRS Europe 100 ADR Index Fund (Fund) is an exchange-traded fund based on the BNY Mellon Europe 100 ADR Index (Index). The Fund normally holds at least 95% of its total assets in Depositary Receipts that comprise the Index. The Index is capitalization weighted and designed to track the performance of approximately 100 European market-based depositary receipts. The portfolio is rebalanced and reconstituted quarterly.
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