Wed, Sep. 30, 5:29 AM| Wed, Sep. 30, 5:29 AM | 7 Comments
Thu, Sep. 17, 4:49 AM
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- ETFs: FXE, RSX, VGK, EUO, EWG, GREK, FEZ, HEDJ, RUSL, EWP, RUSS, EWI, ERO, DFE, IEV, ERUS, RSXJ, EWU, EU, EWL, EPV, EZU, SWZ, NORW, GF, EWD, EWQ, RBL, EPOL, DRR, PLND, DAX, EIRL, EWO, CEE, TRF, IRL, FEU, DXGE, HEWG, DBGR, GXF, EWN, GUR, EWK, EEA, EUFX, EURL, EWGS, FDD, ULE, PGAL, ESR, FEP, UPV, EDEN, DBEU
Tue, Sep. 8, 5:24 AM
- Eurozone Q2 GDP growth has been revised up to 0.4% on quarter from an initial estimate of 0.3%, boosted by household consumption and exports. GDP expanded 0.5% in Q1. (PR)
- Meanwhile, Japan's economy contracted an annualized 1.2% in April-June vs an initial estimate of a 1.6% drop, although capital expenditure fell 0.9%, more than the original estimate of 0.1%, clouding growth prospects.
- Euro ETFs: FXE, EUO, ERO, EU, EUFN, DRR, CEE, TRF, GUR, EUFX, ULE, ESR, URR
- Japan ETFs: DXJ, EWJ, FXY, YCS, JGBS, DFJ, JGBD, DBJP, NKY, JYN, JOF, EZJ, JEQ, JPNL, DXJS, EWV, YCL, SCJ, HEWJ, JSC, ITF, JGBL, JPP, JGBT, QJPN, JGBB, FJP, JPMV, DXJT, DXJC, DXJR, JHDG, DXJH, DXJF, JDG, HGJP, JPN
Tue, Sep. 1, 5:13 AM
- Eurozone manufacturing growth eased last month, despite factories barely raising prices, adding to the ECB's woes as it battles to spur expansion and inflation.
- Markit's final manufacturing Purchasing Managers' Index came in at 52.3 in August, below an earlier flash reading that suggested it had held steady at 52.4.
- The figure, however, has been above the 50 mark that separates growth from contraction for over two years.
- The U.S. PMI Manufacturing Index will be published at 9:45 a.m. ET.
- CAC 40 -2.5%; DAX -2.7%; Euro Stoxx 50 -2.6%
- ETFs: EWG, EWI, GF, EWQ, DAX, CEE, TRF, DXGE, HEWG, DBGR, GUR, ESR, FGM, QDEU, HEWI
Fri, Aug. 21, 4:45 AM
- The widely watched eurozone manufacturing PMI for August remained flat at 52.4, matching the previous month, although the figure was slightly better than the 52.2 reading of economists due to a stronger performance from Germany.
- A similar survey of activity in the eurozone's services sector, however, reached a two-month high for August, pushing the composite output index to a two-month high of 54.1.
- "The flash PMI suggests that the euro zone is still experiencing one of its best periods of economic growth and job creation during the past four years," said Markit's Rob Dobson.
- DAX -0.5%; CAC 40 -0.7%; Euro Stoxx 50 -0.5%.
- ETFs: EU, CEE, TRF, GUR, ESR
Wed, Aug. 19, 2:15 AM
- A slump in emerging market confidence has led to $1T in capital outflows over the past 13 months, roughly double the amount that fled during the financial crisis.
- The sustained exodus of capital highlights concerns that developing economies, suffering slowing growth and weakening currencies, are relinquishing their longstanding role as locomotives to become a drag on demand instead.
- ETFs: EEM, VWO, DEM, EDC, ETF, FM, DGS, EDZ, SCHE, EEMV, IEMG, EEB, EDIV, EMF, MSF, DVYE, FRN, EWX, EEV, BIK, IHD, BKF, PIE, ADRE, CEE, TRF, EET, FNI, HILO, EUM, GMF, GUR, GMM, ESR, BBRC, EMFM, PXH, EEMS, EELV, DGRE, EEMA, DBEM, EDOG, EEME, FEMS, FNDE, EMCR, FEM, BICK, XSOE, EWEM, EMDD
Tue, Apr. 7, 4:19 AM
- The eurozone services PMI rose to 54.2 (flash 54.3) in March from 53.7 in February.
- Composite PMI increased to an 11-month high of 54 (flash 54.1) from 53.3. (PR)
- German services PMI grew to 55.4 from 54.7; composite PMI 55.4 vs 53.8. (PR)
- French services PMI slowed to 52.4 from 53.4 and composite PMI to 51.5 from 52.2. (PR)
- "Ireland and Spain continued to lead the charge, backed up by a fast-improving German economy," says Markit, but "rates of expansion in Italy and France were modest in comparison."
- While "the PMIs are indicating somewhat sluggish GDP growth of 0.3% for the first quarter," says Markit, "the pace of expansion looks set to gather pace in coming months."
- However, "an ongoing recovery is no one-way bet," Markit warns, "with the Greek crisis remaining a critical threat to stability in the region."
- The euro takes a dive and is -0.1% at $1.0906.
- ETFs: VGK, EWG, FEZ, GREK, EWP, EWI, IEV, HEDJ, EU, EPV, EUFN, EZU, EWQ, EIRL, FEU, EWN, GUR, FEP, EWGS, ESR, UPV, EURL, DBGR, DAX, ADRU, FEEU, DXGE, FGM, DBEU, QDEU, IEUR, FIEU, HEWG, QESP, HEZU, ESTX, DBEZ, SBEU, FEUZ
Dec. 31, 2014, 1:57 AM
- Lithuania is poised to become the 19th member of the eurozone at midnight tonight, following the path of other former Soviet satellite states, Latvia, Estonia and Slovakia.
- "We don’t have to accept the pressure of being a small country with a little currency," said Valdas Adamkus, who was president of Lithuania for about a decade until 2009. "Now we are members of the eurozone."
- ETFs: FXE, EUO, ERO, DRR, GUR, EUFX, ESR, ULE, URR
Oct. 27, 2014, 6:14 AM
- Stocks in Italy lead European shares lower after some of the country's banks came out badly in ECB stress tests.
- Banca Monte dei Paschi di Siena collapses 17.55% after being told that it needs to raise €2.11B. The world's oldest bank is exploring its strategic options.
- And while the tests were otherwise not as bad as expected, the STOXX Europe 600 Banks index is -1.2%. "The stress test results are positive, but the real test will be on European bank lending and on this the jury is still out,” says strategist Luca Paolini.
- KPMG believes banks still face a significant challenge. "The sector remains chronically unprofitable and must address their €879B exposure to non-performing loans as this will tie-up significant amounts of capital," KPMG says.
- Euro STOXX 600 -1.2%, London -0.8%, Paris -0.4%, Frankfurt -0.5%, Milan -2.2%, Spain -1.4%.
- ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, EUFN, FEU, GUR, FEP, ESR, UPV, ADRU, EURL, FEEU, EURZ, DBEU, IEUR, FIEU, HEZU, FEUZ, ESTX
Oct. 27, 2014, 5:12 AM
- The German Ifo institute's business-climate index has dropped for the sixth month, slipping to 103.2 in October from 104.7 in September and missing consensus of 104.3.
- The current-situation reading declined to 108.4 from 110.5 and undershot forecasts of 110, while the expectations print fell to 98.3 from 99.3 and vs estimates of 98.9.
- The euro shows little reaction and is +0.2% at $1.2697, while the DAX is -0.1%.
- CESifo Web site
- ETFs: FXE, EUO, EWG, ERO, EU, DRR, GUR, ESR, EUFX, EWGS, ULE, DBGR, BUNL, URR, DXGE, GERJ, FGM, GGOV, BUNT, QDEU, HEWG, DAX
Aug. 14, 2014, 6:46 AM
- Euro-Zone GDP failed to grow in the second quarter following 12 months of weak growth, causing European equity markets to fall and increasing pressure on the ECB to do more to boost growth and inflation.
- Data released this morning by the European Union's statistics office translates into 0.2% growth in annualized terms, down from the first quarter's 0.8% pace.
- The euro zone's three largest economies, which account for two-thirds of the region's €9.6T ($12.8T) GDP, all did not post any growth. German GDP shrank 0.2% from the first quarter and Italy's output fell at a similar pace. The French economy, the bloc's second largest behind Germany, stagnated for a second straight quarter.
- The region's next largest economies, Spain and the Netherlands, posted some growth but not enough to offset their larger peers.
- ETFs: FXE, RSX, VGK, EUO, EWG, FEZ, GREK, EWP, EWI, DFE, RUSL, ERO, RSXJ, IEV, ERUS, RUSS, EWL, HEDJ, EU, EWU, EPV, EUFN, EZU, EWD, NORW, EWQ, EPOL, EIRL, PLND, RBL, EWO, DRR, GXF, FEU, EWN, GUR, EWK, EDEN, FDD, EWGS, FEP, ESR, UPV, EUFX, PGAL, ULE, IFEU, DBGR, ENOR, ADRU, EWUS, EUDG, DXGE, FEEU, GERJ, URR, FGM, EFNL, EURL, FKU, FSZ, DXPS, RUDR, EURZ, DBEU, QDEU, IEUR, FIEU, EUMV, HEWG, SMEZ, QESP, DBUK, QGBR
Aug. 12, 2014, 2:29 AM
- The EU is planning to hold talks with Latin American countries to dissuade them of becoming the replacement for Europe’s banned agricultural exports to Russia.
- EU officials have stated goals of "seeking...a united international front on Ukraine" and to talk to countries that would potentially replace EU exports "to indicate that we would expect them not to profit unfairly from the current situation."
- Russia has already been courting Latin America for alternative supplies. Brazil has authorized about 90 new meat plants to immediately start exporting chicken, beef and pork to Russia, while Chile is expected to be the replacement for Russia’s embargo on European fish.
- ETFs: EWZ, RSX, ECH, RUSL, RSXJ, ERUS, RUSS, EU, RBL, BRAQ, BRZU, GUR, BZQ, ESR, UBR, BRZS, DBBR, RUDR, FBZ
Jun. 20, 2014, 5:12 AM
- As EU policymakers continue talks regarding budget consolidation, former German Chancellor Gerhard Schroeder stressed the need for southern European indebted countries to be given more time to fix their budgets, lest voters turn to extremes on the political right and left.
- EU rules allow for slower budget consolidation if a country makes investments or undertakes structural reforms, although officials want to see proof that real reform efforts are taking place.
- During a meeting in Luxembourg yesterday, finance ministers agreed there was no need to change the EU Stability and Growth Pact, which reduces budget deficits to 3% of gross domestic and public debt to 60% of GDP.
- ETFs: EU, EUFN, GUR, ESR, IFEU
Jun. 5, 2014, 3:49 PM
- Europe's Stoxx 50 gained nearly 1% in wake of today's ECB rate cut and move towards QE, but the periphery outperformed, with the strongest market being the one furthest out - Athens +2.8%.
- The Global X FTSE Greece 20 ETF (GREK +3.4%) is now up 40% Y/Y.
- National Bank of Greece (NBG +6.5%) also enjoyed an upgrade to Buy from Deutsche Bank.
- Emerging European markets: Turkey (TUR +3.5%) and Poland (EPOL +1.6%).
- ETFs: GUR, ESR
- Previously: Negative rates not the end of moves for the ECB
May 27, 2014, 2:45 AM
- Petro Poroshenko has been elected as the new Ukrainian President, and said he's prepared to talk to Moscow, as Russia replied in kind.
- Poroshenko comes into office facing a number of challenges including preventing a civil war, boosting Ukraine's economy and dealing with Russian attempts to destabilize the region.
- ETFs: RSX, RUSL, ERUS, RUSS, RBL, RUDR, GUR, ESR
May 26, 2014, 4:25 AM
- Petro Poroshenko is on course to become the President of Ukraine following yesterday's election, with the billionaire confectionary magnate receiving well over 50% of votes counted so far.
- Vladimir Putin has pledged to work with the winner of the ballot, although there was no immediate reaction from Russia to the expected result.
- Pro-Russian separatists in Luhansk and Donetsk prevented voting from taking place in many areas, while one person was killed as the violence continued.
- Poroshenko's victory is "strongly" positive for Russian and Ukrainian bond markets, says Danke Bank strategist Vladimir Miklashevsky.
- Russia's Micex stock index is +0.9% and the USD-RUB is flat at 34.126 rubles, while 10-year bond yields are flat at 8.62%.
- Ukraine's PFTS stock index is +1.5%, the USD-UAH is flat at 11.3985 hryvnia, and 2-year bond yields are flat at 19%.
- More on Ukraine
- ETFs: RSX, RUSL, RSXJ, ERUS, RUSS, RBL, GUR, ESR, RUDR
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