Due to a slowdown in emerging markets and softer output in the U.S., the World Bank downgraded its outlook for global economic growth this year, lowering its forecast by 0.2% to 2.8%. The bank expects growth of 3.3% in 2016.
With regards to the U.S., the World Bank decreased its 2015 prospects by 0.5% to 2.7%, saying a brutal winter sapped output in Q1 despite the economy now gathering steam.
The Cambria Global Momentum ETF (NYSEARCA:GMOM) is an actively managed fund of funds investment, which will select its components using a quantitative screen for potential holdings with momentum and trend factors.
This is the 4th fund from Cambria, the first three being the Cambria Shareholder Yield ETF (NYSEARCA:SYLD), the Cambria Foreign Shareholder Yield ETF (NYSEARCA:FYLD) and the Cambria Global Value ETF (NYSEARCA:GVAL).
The Market Vectors MSCI International Quality ETF (QXUS) and the MSCI International Quality Dividend ETF (QDXU) will both track the MSCI ACWI ex-U.S. Index which includes large and mid-cap stocks across 42 countries. Both funds have expense ratios of 0.45%.
The Market Vectors MSCI Emerging Markets Quality ETF (QEM) and the MSCI Emerging Markets Quality Dividend ETF will both track the MSCI Emerging Markets High Dividend Yield Index which includes large and mid-cap stocks across 19 emerging market countries.
Mebane Faber updates countries' cyclically-adjusted price-earnings ratios (CAPE) for the start of the year, and Greece, Russia, Ireland, Argentina, Hungary, Jordan, Austria, and Lebanon make the list of the cheapest - all under 10.
How did the CAPE do in 2013? If you bought the 5 highest-priced countries - Peru, Colombia, Indonesia, Mexico, and Chile - you would have lost 17.8%. If you bought the 5 cheapest - Greece, Ireland, Argentina, Russia, and Italy - you would have gained 20.7%.
Global equities are in the red, with Japanese shares leading Asia lower after the yen strengthened against the dollar following a bad miss for U.S. employment data yesterday, which has prompted investors to rule out Fed tapering this year.
Global equities are mostly lower after Washington approved a deal to finance the U.S. government until January 15 and raise the debt limit so that the country can continue to increase its borrowing until February 7.
The short-term nature of the agreement has markets wary of another stand-off in another three months or so.
Japan +0.8%, Hong Kong -0.6%, China -0.2%, India -0.4%.
EU Stoxx 50 -0.6%, London -0.4%, Paris -0.7%, Frankfurt -0.6%, Milan -0.6%, Madrid -0.3%.
U.S. Stock futures: Dow -0.4%. S&P -0.25%. Nasdaq -0.1%
Asian and European shares are mixed, and U.S. stocks lower as the deadlock in Washington continued over the weekend. It appears that markets are caught between hope that the debt ceiling will be lifted time and fear that it won't.
An unexpected fall in Chinese exports has also added some negative sentiment.
However, Chinese shares rose 0.4%, with train companies soaring on speculation they could participate in the construction of Thailand's high-speed train system.
Japan, Hong Kong closed; India +0.25%.
EU Stoxx 50 -0.1%, London +0.1%, Paris -0.3%, Frankfurt -0.3%, Milan flat, Madrid +0.2%.
U.S. Stock futures: Dow -0.65%. S&P -0.7%. Nasdaq -0.5%.
Asian shares mostly rise as Chinese stocks climb 1.1% on the first day of trading following a week-long national holiday, with retailers and property developers boosted by higher sales during the period. The Shanghai Composite rose despite a dip in HSBC services PMI data.
European shares are mostly lower as the deadlock in Washington continues, although U.S. stock futures are up following losses on Wall Street yesterday.
Japan +0.3%, Hong Kong +0.9%, India +0.6%.
EU Stoxx 50 -0.05%, London -0.3%, Paris -0.3%, Frankfurt flat, Milan +0.2%, Madrid -0.2%.
U.S. stock futures: Dow +0.1%. S&P +0.2%. Nasdaq +0.2%
Global equities are lower after John Boehner said the GOP won't agree to support legislation to finance the government or raise the debt ceiling until the Democrats agree to talks about reducing the deficit.
"The U.S. shutdown saga is starting to really roil markets," says Capital Spreads trader Jonathan Sudaria. "What was once thought to be a case of chest thumping by politicians may have been underestimated by markets."
Japan -1.2%, Hong Kong -0.8%, China closed. India -0.6%.
EU Stoxx 50 -1.1%, London -0.7%, Paris -1.3%, Frankfurt -1.2%, Milan -0.4%, Madrid -0.8%.
U.S. stock futures: Dow -0.9%. S&P -1%. Nasdaq -1%.
European shares and U.S. stock futures are mostly lower as investors start to get more than a tad concerned that the government shutdown in America might drag on longer than expected. Markets are also focusing on an ECB policy meeting later, when the bank is expected to leave interest rates at 0.5%.
Japanese shares dropped 2.3% as the yen rose against the dollar, and investors analyzed the government's sales-tax increase and stimulus package.
Stocks rose elsewhere in Asia, though, helped by a strong ISM manufacturing report in the U.S.
Hong Kong +0.6%.
EU Stoxx 50 -0.3%, London -0.9%, Paris -0.7%, Frankfurt -0.6%, Milan +0.9%, Madrid -0.1%.
U.S. stock futures: Dow -0.5%. S&P -0.7%. Nasdaq -0.5%