Thu, Jun. 23, 5:10 AM
- Norway's central bank has left its key interest rate unchanged at 0.5% amid signs the economy of western Europe's biggest oil producer will narrowly avoid a recession.
- "There are still prospects that the key policy rate may be reduced in the course of the year," Governor Oeystein Olsen said in a statement.
- Until now, Norway has managed to avoid the negative rates and unconventional polices that dominate elsewhere.
- ETFs: NORW, ENOR
Sep. 24, 2015, 8:22 AM
- Norway's central bank took its overnight deposit rate down 25 basis points to an all-time low of 0.75% and said it expects the rate could fall another 25 bps over the next year. The bank further said it sees its benchmark rate holding below 1% until the end of 2018.
- The country is Europe's largest oil producer and naturally smarting thanks to the collapse in the price of black gold.
- The Global X Funds ETF (NYSEARCA:NORW) is lower by 40% over the past year.
- ETFs: NORW, ENOR
Sep. 17, 2015, 4:49 AM
- Link (.pdf)
- 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
Mar. 20, 2015, 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
Nov. 21, 2014, 7:27 AM
- "We will do what we must to raise inflation and inflation expectations as fast as possible," Mario Draghi told a banking conference, promising faster asset purchases as needed.
- The Stoxx 50 (NYSEARCA:FEZ) is higher by 2.2%, led by a 2.4% gain in Spain (NYSEARCA:EWP) and a 2.3% advance in Italy (NYSEARCA:EWI). Germany (NYSEARCA:EWG) and France (NYSEARCA:EWQ) are up 2%, and the U.K. by 1%.
- The euro (NYSEARCA:FXE) is down 0.9% and buying $1.2432.
- ETFs: VGK, FEZ, EWP, DFE, IEV, HEDJ, EWL, EPV, EZU, EWD, NORW, EIRL, EWO, FEU, EWN, EWK, EDEN, FEP, EWGS, UPV, EURL, ENOR, ADRU, FEEU, EFNL, GERJ, DBEU, EURZ, FSZ, IEUR, FIEU, QESP, SMEZ, ESTX, HEZU, FEUZ
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
Jun. 5, 2014, 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.
Apr. 4, 2014, 9:40 AM
- Norway's government proposes to increase the environmental technology portfolio of its sovereign wealth fund to 30B-50B kroner ($5B-$8.33B), from a previous target of 20B-30B kroner.
- At the end of 2013, the fund's portfolio of environmentally friendly investments counted 166 companies, including Pentair (PNR), Johnson Controls (JCI), Danaher (DHR) and Enel Green Power (ELPSY), valued at 31.4B kroner.
- About 6% of the fund's general portfolio currently consists of companies with more than 20% of revenue from businesses providing green technologies, the finance ministry says.
- ETFs: ENOR, NORW
Sep. 10, 2013, 4:04 AM
- Norway's right-of-center Conservatives and its allies have won a landslide victory in the country's election, beating out the ruling Labor party.
- Incoming Prime Minister Erna Solberg has promised a program of privatization, a reduction of Norway's heavy reliance on oil, and tax cuts as she looks to give the private sector more room to breathe.
- The privatization could include the lowering of stakes in Statoil (STO) and telecoms group Telenor (TELNF.PK).
- OMX Oslo 20 +0.3%. USD-NOK -0.2% to 5.998 krones.
- ETFs: NORW, ENOR
Aug. 29, 2012, 8:11 AM
A bit of excitement comes out of Norway where the Norges Bank holds its benchmark rate at 1.5%. The move was supposedly expected, but the euro promptly plunges against the krone, suggesting someone believed the bank was going to cut. The euro also gives up a few pips vs. the greenback, -0.2% to $1.2540.| Aug. 29, 2012, 8:11 AM
Aug. 16, 2012, 11:40 AM
A panel of Norwegian oil and gas experts says the costs of offshore drilling are too high and calls for easing safety rules to save up to 1T kroner ($167.5B) and allow greater volumes of oil and gas to be produced. Without action, there's a "grave danger" that vast resources may remain in the ground forever. Norway's petroleum production fell 4% in 2010 and 5% in 2011.| Aug. 16, 2012, 11:40 AM | 8 Comments
Jun. 20, 2012, 8:43 AM
May 10, 2012, 8:29 AM
Norges Bank leaves policy unchanged, its benchmark lending rate staying at 1.50% following December's 75 basis point cut. "Activity in the Norwegian economy is slightly higher than expected, but tensions in international financial markets have flared up again,” says Deputy Governor Jan F. Qvigstad. NORW +6.1% YTD.| May 10, 2012, 8:29 AM
Mar. 14, 2012, 9:40 AM
The krone plunges against the euro after Norway's central bank unleashes a surprise by cutting its benchmark rate 25 bps to 1.50%. "The continuing downturn abroad and the strong krone are contributing to keeping inflation low and weighing on growth in Norway," says Norges Bank Governor Olsen. NORW +16.6% YTD.| Mar. 14, 2012, 9:40 AM
Dec. 14, 2011, 8:05 AM
Norway's central bank cuts it benchmark rate 50 bps to 1.75%, more than the expected 25 point cut. "The turbulence in financial markets has intensified and external growth is now expected to be clearly weaker, particularly in the euro area," says Deputy Governor Jan Qvigstad.| Dec. 14, 2011, 8:05 AM | 3 Comments
Dec. 14, 2011, 2:50 AMNorway's central bank may cut its benchmark rate today to 2% from 2.25%, the first rate cut since 2009, as deepening eurozone gloom threatens the country's exports and pushes up bank borrowing costs. A full 60% of Norway's factory goods go to other European nations, and the region's crisis is already dragging down Norway's manufacturing output, consumer confidence and mainland economy growth. | Dec. 14, 2011, 2:50 AM