France ETF Tumbles Along With Country's Banking SectorTom Lydon • Aug. 10, 2011
Will Foreign Investment in France Go Direct to the ETF?Tom Lydon • Mar. 30, 2011
France ETF: The Small Step That Could Yield Big ResultsTom Lydon • Mar. 9, 2010
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Tue, Aug. 19, 8:59 AM
- Reversing a big YTD trend, U.S. investors pulled nearly $4B out of Europe-focused ETFs over the past week. Among the reasons, suggests Markit's Simon Colvin: Europe is seen as more exposed to Russian sanctions, anemic European growth, and a strengthening U.S. dollar. "The only certainty is that a growing portion of American investors think that their assets are better invested outside of Europe, something which wasn't the case six weeks ago."
- Interestingly, it's the "core" Eurozone countries like Germany (NYSEARCA:EWG) and France (NYSEARCA:EWQ) with which U.S. investors are least interested, while Italy (NYSEARCA:EWI) and Spain (NYSEARCA:EWP) have seen net inflows over the past three months.
- Europe equity ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, ADRU, FEEU, EURL, EURZ, DBEU, IEUR, FIEU
Thu, Aug. 14, 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
Thu, Jul. 10, 12:30 PM
- Down more than 2% at the session low, the Stoxx 50 (FEZ) closed with a loss of 1.6%. Spain and Italy were each off about 2%, while Germany (EWG) lost 1.5%, France (EWQ) 1.3%, and the U.K. 0.7%. Portugal's PSI 20 Index dove 4.2%, led by Banco Espirito Santo's 17.2% loss (it was halted from trade before the market close).
- Previously: European banks tumble on Portugal trouble
- ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, ADRU, FEEU, EURL, EURZ, DBEU, IEUR, FIEU
- With Europe closed, the U.S. is in rally mode, with an early 1% loss in the major averages now whittled down to a negligible amount.
- ETFs: VV, SCHX, FEX, JKD, EQL, EEH, IWL, ERW, FWDD, SYE
Thu, Jun. 5, 7:55 AM
- The Stoxx 50 (FEZ) is up 0.8% after being about flat ahead of the ECB rate decision, at which the central bank cut all three of its benchmark rates, including taking the deposit facility rate into negative territory.
- Italy (EWI) with a 1.3% gain and France (EWQ) ahead 1% lead the way.
- The euro (FXE) tumbles about 40 pips, now off 0.3% on the session and buying $1.3563.
- Europe equity ETFs: RSX, VGK, EWG, FEZ, GREK, EWP, EWI, DFE, RUSL, IEV, RSXJ, EWL, ERUS, EWU, RUSS, EPV, EZU, EWD, HEDJ, NORW, EWQ, EPOL, EIRL, PLND, EWO, RBL, GXF, EWN, FEU, EWK, FDD, EWGS, FEP, EDEN, UPV, EWUS, DBGR, PGAL, ADRU, ENOR, GERJ, DXGE, FEEU, FGM, EURL, FKU, EFNL, EUDG, DXPS, FSZ, EURZ, FIEU, RUDR, DBEU, HEWG, DBUK
- Euro ETFs: FXE, EUO, ERO, DRR, EUFX, ULE, URR
- ECB chief Mario Draghi's press conference begins at 8:30 ET.
Fri, May. 30, 7:05 AM
- S&P 500 (SPY) futures are down 0.1%, about the same as Dow and Nasdaq 100 futures.
- Europe's mixed, with France (EWQ) leading on the downside, -0.6%, and Italy (EWI) the biggest gainer, +0.5%. Asia was little-changed overnight.
- The 10-year Treasury yield is up one basis point at 2.48% and gold continues to slump, down $4 per ounce to $1,253.
- ETFs: SPY, QQQ, SH, DIA, SSO, SDS, PSQ, VOO, IVV, SPXU, UPRO, TQQQ, SPXL, QID, RSP, SQQQ, DOG, QLD, DXD, RWL, EPS, UDOW, SDOW, DDM, BXUB, QQEW, QQQE, SFLA, QQXT, SPLX, BXUC, SPUU
Mon, May. 26, 5:31 AM
- Euroskeptic and far-right parties have made strong gains in some countries in elections for the European parliament as voters expressed resentment at the EU and the severe austerity it has promoted.
- A stand-out result is the 25% that the anti-euro Front National won in France, where President François Hollande's Socialists received just 14%.
- In Britain, UKIP, which wants the country to leave the EU, took the most votes with a share of more than 27%. Anti-EU parties also did well in Greece and Denmark.
- Markets seem to be fairly sanguine about the results, with the euro +0.1% at $1.3638.
- In Italy, the center-left ruling Democrat Party, led by new Prime Minister Matteo Renzi, won 41% of the vote. "The outcome is...likely to delight the markets, where investors can be expected to see it as a resounding vote of confidence in the 39 year-old prime minister, his youthful cabinet and their ambitious program of political and economic reforms," writes the Economist's Charlemagne column. The FTSE Mib is +2.5%.
- Euro Stoxx 600 +0.35%, London closed, Paris +0.7%, Frankfurt +1.5%, Madrid +0.7%.
- ETFs: GREK, EWI, EU, EWU, EWQ, EDEN, IFEU, EWUS, ITLY, ITLT, FKU, DXPS, DBUK
Thu, May. 15, 5:22 AM
- French Prime Minister Manuel Valls has signed a decree that extends the state's powers to block foreign takeovers to the energy, water, transport, telecoms and health sectors, with any acquisition in what the government now considers to be "strategic" industries needing the approval of the Economy Minister.
- The move adds to the government's authority to prevent deals in the nuclear, encryption and vaccines fields.
- It will also give France more say in the potential sale of Alstom's (ALSMY) energy assets to GE (GE) or Siemens (SI). French Economy Minster Arnaud Montebourg has criticized the GE proposal and advocated a deal with Siemens.
- The risk is that foreign investors could be further put off from doing business in France at a time that the economy is stagnating.
- ETF: EWQ
Thu, May. 15, 1:39 AM
Wed, Apr. 23, 3:16 AM
- French flash manufacturing PMI has dropped to 50.9 in April from 52.1 in March and missed consensus of 51.9.
- Services has fallen to 50.3 from 51.5 and vs 51.4.
- Manufacturing output has declined to 51.6 from 53.3.
- Composite output has slipped to 50.5 from 51.8.
- The weaker rise in activity "reflected stalling new business, while staffing levels were cut at a sharper rate," says Markit, adding that companies reported hesitancy among clients. "The business climate looks set to remain frail."
- The CAC 40 (EWQ) is -0.3%, while the euro dives a bit and is now flat at $1.3808. (PR)
Thu, Apr. 10, 2:57 AM
- French CPI rose 0.5% on month in March after increasing 0.6% in February and came in below consensus that was also +0.6%.
- On year, inflation slowed to 0.6% from 1.1% and vs 0.8%.
- Excluding tobacco, CPI +0.5% vs +0.5% previously. (PR)
- Industrial output grew 0.1% vs -0.3% in February and vs forecasts of +0.3%. (PR)
- CAC 40 futures (EWQ) -0.1%.
Tue, Apr. 8, 2:52 AM
- France's trade surplus narrowed to €3.4B in February from €5.6B in January and was below consensus of €5.3B.
- Exports slipped to €36.2B from €36.31B.
- Imports declined to €39.6B from €41.92B.
- The budget deficit doubled to €25.7B from €12.7B.
- CAC 40 (EWQ) futures are +0.15%, while the euro is flat at $1.374.
- Finance Ministry Web site
Thu, Apr. 3, 3:59 AM
- French services PMI returned to expansion territory in March and increased to a 26-month high of 51.5 (flash 51.4) from 47.2 in February.
- Composite PMI rose to a 31-month high of 51.8 (51.6) from 47.9.
- "Tentative signs of improving demand and confidence seem to be supporting the firmer trend," says Markit, "but we need to see some consolidation in the coming months before firms will be sufficiently encouraged to invest more and begin hiring to any real extent.
- The CAC 40 (EWQ) is -0.2%. (PR)
Tue, Apr. 1, 3:57 AM
- French flash manufacturing PMI climbed to a 33-month high of 52.1 in March (flash 51.9) from 49.7 in February.
- The sector enjoyed solid rises in production and new orders, employment increased fractionally, and input prices fell at the sharpest rate since July.
- "With the sector having finally moved into expansion territory following a prolonged spell of weakness, firms will be looking for signs of a convincing recovery taking hold before looking to boost areas such as employment," Markit says.
- The CAC 40 (EWQ) is +0.5%. (PR).
Mon, Mar. 31, 3:51 PM
- French President Francois Hollande names Manuel Valls his new prime minister after his Socialist Party suffered an unprecedented defeat in local elections. ”In voting or in abstaining, you expressed your unhappiness and discontent, and I’ve heard you," says Hollande.
- With Hollande the country's least popular president in half a century, the Socialists lost control of a record 151 towns with populations of more than 10K. Hollande's government has tried to rekindle France's sluggish economy, but has chosen the curious combination of spending cuts and tax/fee boosts to do so.
- Still a Socialist, Valls seems a bit more business-friendly and has called for ending the 35-hour workweek and for the government to raise the minimum retirement age.
- EWQ +0.1% on the session, +2.7% YTD.
Mon, Mar. 31, 3:01 AM
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