Yesterday, 7:36 AM
- All the headlines say it's worry over Greece, but Europe was doing just fine in morning action until news hit about a big expansion in short-selling in China (after markets in China had closed for the session). Chinese futures have subsequently tumbled, and any China ETFs trading in the premarket are sharply lower despite gains in Shanghai overnight.
- Germany (NYSEARCA:EWG) -1.7%, France (NYSEARCA:EWQ) -1.2%, Italy (NYSEARCA:EWI) -1.8%, Spain (NYSEARCA:EWP) -1.8%, U.K. (NYSEARCA:EWU) -0.75%. Stocks in Athens (NYSEARCA:GREK) are lower by 0.9%.
- Previously: China allows big boost in short selling (April 17)
- ETFs: VGK, FEZ, HEDJ, IEV, EPV, EZU, FEU, EURL, FEP, UPV, DBEU, ADRU, HEZU, FEEU, IEUR, FIEU, DBEZ, FEUZ, SBEU
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
Fri, Mar. 20, 8:30 AM
- Now up 17% YTD, the Stoxx Europe 600 this week had its highest close since 2000, and is just 1% shy of its all-time high hit in March 2000.
- The big move has early-year bulls like Goldman Sachs and Citigroup scrambling to lift their year-end targets.
- "There’s something much more sustainable here,” says a strategist in London. “Sentiment was bearish in the eurozone for a long, long time. It’s just starting to change.” Indeed. Recent BAML fund manager surveys show bullishness on European stocks has reached uncharted territory.
- Previously: BAML survey: Fund managers move out of U.S. stocks (March 17)
- ETFs: VGK, EWG, FEZ, EWP, EWI, IEV, HEDJ, EPV, EZU, EWD, NORW, EWQ, EIRL, EWO, GXF, FEU, EWN, EWK, EDEN, FEP, EWGS, UPV, PGAL, EURL, DBGR, DAX, ENOR, ADRU, FEEU, DXGE, EFNL, FGM, DBEU, QDEU, IEUR, FIEU, HEWG, QESP, HEZU, ESTX, SBEU, FEUZ, DBEZ
Mon, Mar. 2, 5:37 PM
Fri, Feb. 20, 4:12 AM
- The German and French economy picked up momentum this month as manufacturing continued growing in Germany and services expanded in the two countries.
- Markit's German composite Purchasing Managers Index of both industries came in at its best in seven months, increasing to 54.3 from 53.5 in January.
- France posted its strongest composite services PMI score in three and a half years, rising to 52.2 from 49.3 last month.
- Update: Eurozone PMI came in at 53.5 this month, up from January's 52.6.
- The euro is -0.4% at $1.1320, while the DAX -0.2%; CAC 40 -0.2%.
- ETFs: FXE, EUO, EWG, ERO, EWQ, DRR, EUFX, EWGS, ULE, DBGR, DAX, URR, DXGE, FGM, QDEU, HEWG
Fri, Feb. 13, 3:59 AM
- European stocks are adding to the previous session's gains, following mostly positive growth figures in the eurozone.
- Boosted by strong domestic demand and household spending, the German economy rose 0.7% in Q4 after expanding 0.1% in the previous three months.
- Data from France showed that GDP grew by 0.1% during the quarter, meeting analysts' expectations.
- Matching the growth rate in 2013, the French economy expanded by just 0.4% last year, while Germany boosted growth for 2014 to 1.6%.
- Update: The eurozone economy saw growth of 0.3% in the last quarter.
- ETFs: EWG, EWQ, EWGS, BUNL, DBGR, DAX, DXGE, GGOV, FGM, BUNT, QDEU, HEWG
- FTSE 100 +0.7%; DAX +0.6%; CAC 40 +0.8%; Euro Stoxx 50 +0.9%.
Wed, Feb. 4, 4:01 PM
- Unable to divine the fate of Greece's bailout program, the ECB earlier withdrew a waiver which had allowed the use of Greek government paper as collateral for borrowing despite its low credit rating.
- Alongside a drop in U.S. stocks, the euro (NYSEARCA:FXE) has given up about 40 pips in minutes, now lower by 0.8% on the session at $1.1386.
- European markets are closed, but the Stoxx 50 ETF (FEZ -2.1%) - trading in New York - takes a tumble. Others of note: Spain (EWP -2.7%), Italy (EWI -2.6%), France (EWQ -1.8%), Germany (EWG -1.6%), U.K. (EWU -0.9%).
- Broad European ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, EURL, ADRU, FEEU, DBEU, IEUR, FIEU, ESTX, HEZU, SBEU, DBEZ, FEUZ
- Euro ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
Fri, Jan. 30, 5:41 AM
- Heightening the risk of a slide toward deflation, Eurostat today reported the largest decline in consumer prices in the eurozone since July 2009.
- Consumer prices were 0.6% lower than in January 2014, having fallen 0.2% on an annual basis in December.
- The plunge in consumer prices is unlikely to have an immediate effect on the ECB's €60B/month QE package, although the longer prices stay in negative territory, the more pressure the central bank will have to extend the program.
- FTSE 100 -0.6%; DAX -0.5%; CAC 40 -0.7%; Euro Stoxx 50 -0.5%.
- ETFs: EWG, GREK, EWI, EWL, EWD, EWQ, EPOL, PLND, EWO, EWN, EWK, EDEN, PGAL, DBGR, DAX, DXGE, EFNL, FGM, FSZ, QDEU, HEWG
Sun, Jan. 25, 8:43 PM
- S&P 500 (NYSEARCA:SPY) futures are down 0.65%, DJIA (NYSEARCA:DIA) by 0.7%, and Nasdaq 100 (NASDAQ:QQQ) by 0.6% as the left-wing, anti-austerity Syriza party takes power in Greece. Looking like it's going to wind up with about half the seats in parliament, Syriza has just cut a deal with the small, right-wing Independent Greeks party to form a coalition government.
- The two share little in common except for opposition of the austerity measures imposed on Greece by the Troika.
- German Dax (NYSEARCA:EWG) futures are lower by 0.9%, France (NYSEARCA:EWQ) by 0.8%, and the U.K. (NYSEARCA:EWU) by 0.6%.
- The euro (NYSEARCA:FXE) sunk to as low as $1.1099 in early trade this evening, but is currently off just 0.3% to $1.1171.
- European and euro ETFs: FXE, VGK, EUO, FEZ, ERO, IEV, HEDJ, EPV, EZU, DRR, FEU, FEP, EUFX, UPV, ULE, EURL, URR, ADRU, FEEU, DBEU, IEUR, FIEU, HEZU, ESTX, FEUZ, DBEZ
- Greek ETF: GREK
- Previously: Anti-austerity Syriza set to sweep Greek elections (Jan. 25)
Fri, Jan. 16, 11:15 AM
- There's a lot of talk about the carnage resulting from the SNB's move yesterday to drop the euro peg, but - outside of Switzerland - Europe is rallying for a 2nd consecutive session.
- First, the Swiss move has led to a sharply weaker euro, not just against the franc, but vs. the dollar, pound, and yen. Second, the SNB likely dropped the peg after realizing - whether by friendly phone call from Frankfurt or otherwise - that the ECB is set to launch a massive QE program next week.
- The Stoxx 50 (NYSEARCA:FEZ) is up another 1.6% today, with Germany's (NYSEARCA:EWG) DAX up 1.5% to an all-time high, France (NYSEARCA:EWQ) +0.9%, Italy (NYSEARCA:EWI) +1.8%, Spain (NYSEARCA:EWP) +0.5%, and the U.K. (NYSEARCA:EWU) +1.1%.
- Parity here we come? The euro (NYSEARCA:FXE) is down another 1% vs. the dollar to just $1.1509.
- ETFs: FXE, VGK, EUO, FEZ, ERO, IEV, HEDJ, EPV, EZU, DRR, FEU, FEP, EUFX, UPV, ULE, EURL, URR, ADRU, FEEU, DBEU, IEUR, FIEU, HEZU, ESTX, FEUZ, DBEZ
- Previously: Europe liking SNB's cutting the euro loose (Jan. 15)
Thu, Jan. 15, 10:32 AM
- Europe initially knee-jerked lower on the SNB's shock decision to abandon the CHF 1.20 floor for euro/franc, but has since turned sharply higher as investors mull the salutary effects of a much cheaper euro, now down 1.4% vs. the greenback and 12.8% vs. the swissie. FXE -1.4%
- The Stoxx 50 (NYSEARCA:FEZ) +2.3%, Germany (NYSEARCA:EWG) +2.2%, France (NYSEARCA:EWQ) +2.5%, Italy (NYSEARCA:EWI) +2.8%, Spain (NYSEARCA:EWP) +1.5%. The U.K. (NYSEARCA:EWU) - where the pound (NYSEARCA:FXB) is lower by 0.3% vs. the dollar and 11.8% vs. the franc - is ahead by 1.5%.
- ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, EURL, ADRU, FEEU, DBEU, IEUR, FIEU, HEZU, ESTX, FEUZ, DBEZ
- Previously: Swatch boss: "Tsunami" just hit Swiss exporters (Jan. 15)
Mon, Jan. 5, 11:54 AM
- Europe closes on the lows, the Stoxx 50's (NYSEARCA:FEZ) 3.7% decline led by Italy's 4.8% slump. Germany (NYSEARCA:EWG) -3%, France (NYSEARCA:EWQ) -3.3%, Spain (NYSEARCA:EWP) -3.5%, U.K. (NYSEARCA:EWU) -2.1%.
- "Grexit" fears were rekindled by a weekend story in Der Spiegel suggesting Angela Merkel feels financial markets are stable enough to handle Greece's withdrawal from EMU. Veterans of the EU debt crisis have seen way too many of these weekend sorties from the Germans to take them seriously, but, for today, it's having its effect. As far as we know, Mario Draghi's "whatever it takes" pledge still holds.
- Athens fell more than 5% today. GREK -6.8%, NBG -8.4%
Dec. 31, 2014, 11:34 AM
- Nearly all the ETFs involved are single-country funds, with 22 seeing reduced fees, and 19 increases. First up is the list of funds seeing cuts and the number of basis points:
- EWA 3 basis points, EWO 3 bps, EWC 3 bps, EWQ 3 bps, EWG 3 bps, EWH 3 bps, EWM 3 bps, EWS 3 bps, EWP 3 bps, EWD 3 bps, EWL 3 bps, ENZL 3 bps, EWU 3 bps, EWK 2 bps, EZU 2 bps, EWI 2 bps, EWJ 2 bps, SCJ 2 bps, EWW 2 bps, EWN 2 bps, EIRL 2 bps.
- Next are the funds with increases; all are by one basis point: EWZ, BKF, ECH, EEM, EIS, EZA, EWY, EWT, THD, TUR, ERUS, EPU, EWZS, MCHI, ECNS, INDA, EIDO, EPHE, EPOL.
- Previously: Vanguard lowers fees on 12 ETFs
Dec. 16, 2014, 11:49 AM
- Stocks have reversed opening losses to turn sharply higher, with the Dow (NYSEARCA:DIA) and S&P 500 (NYSEARCA:SPY) each ahead by more than 1%, and the Nasdaq (NASDAQ:QQQ) higher by 0.7%. Alongside that turnaround is oil (NYSEARCA:USO), which plunged to a $53 handle earlier in the session, but is now ahead by 1.4% to $56.70.
- Europe - which started in the green and than turned lower - turned around again to close on the highs, the Stoxx 50 (NYSEARCA:FEZ) +2.4%, with Italy (NYSEARCA:EWI) +3.2%, Germany (NYSEARCA:EWG) +2.5%, France (NYSEARCA:EWQ) +2.2%, Spain (NYSEARCA:EWP) +2.1%, U.K. (NYSEARCA:EWU) +2.5%.
Dec. 13, 2014, 8:27 AM
- Not unexpected given the negative outlook placed on it by Fitch in October, France last night was cut to a AA credit from AA+.
- "The 2015 budget involves a significant slippage against prior budget deficit targets," says Fitch, noting the expected budget deficit at 4.1% of GDP for next year shows zero improvement from 2013. EU guidelines call for 3% by 2015, but France has postponed its commitment to hitting this number to 2017.
- ETFs: EWQ
Dec. 12, 2014, 11:51 AM
- The Stoxx 50 (NYSEARCA:FEZ) falls 2.9% for the session, bringing its loss for the week to 5.8%. Germany (NYSEARCA:EWG) closed lower by 2.7% today, France (NYSEARCA:EWQ) 2.7%, Italy (NYSEARCA:EWI) 2.9%, Spain (NYSEARCA:EWP) 2.8%, and the U.K. (NYSEARCA:EWU) 2.6%.
- ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, EURL, ADRU, FEEU, DBEU, IEUR, FIEU, ESTX, HEZU, FEUZ
EWQ vs. ETF Alternatives
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