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
Jan. 30, 2015, 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
Sep. 22, 2014, 8:17 AM
- After swearing in Poland's new Prime Minister Ewa Kopacz, President Bronislaw Komorowski announced that the new government should prepare the country for a debate over euro adoption.
- "Among the great tasks (for the government) is preparing Poland for the unavoidable big debate about strengthening our position in integrating Europe, I mean the decision on eurozone membership," says Komorowski.
- Poland's official stance is that it will join the eurozone eventually, but it has still not yet set a target date.
- ETFs: EPOL, PLND
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.
Jul. 1, 2013, 2:59 PM
Emerging markets may seem cheap with the MSCI EM Index (EEM) currently 22% below its median level since 1987, says JPMorgan's Dan Morris, but the index is cap-weighted - meaning it's biased towards larger nations. Most smaller emerging markets are trading at a premium to their long-term average. Opportunities exist, but an indiscriminate approach may not work. Combining cheap with improving corporate governane - Mexico (EWW), Turkey (TUR), Poland (PLND), and Taiwan (EWT).| Jul. 1, 2013, 2:59 PM
Oct. 3, 2012, 8:04 AM
May 9, 2012, 10:07 AMThe National Bank of Poland hikes interest rates 25 bps, bringing its benchmark lending rate to 4.75%, signalling a sharp difference between its economy (inflation worry) vs. much of the rest of Europe (growth worry). Today's increase is 5th in a tightening cycle begun in January 2011. PLND -2.3%. | May 9, 2012, 10:07 AM
Feb. 6, 2012, 11:42 AMThe IMF tips its hat to Poland, calling it a "bright spot" in the region. The agency notes the nation was able to persevere through the crisis because of its ability to support growth through high domestic demand. It also didn't allow the boom in the housing and banking system to get out of hand like more than a few of its European brethren. | Feb. 6, 2012, 11:42 AM
Dec. 30, 2011, 9:19 AM
Poland's central bank is rumored to have intervened in the foreign exchange markets to prop up the zloty for the 2nd straight day (the bank has confirmed it intervened on Thursday). Thus far, Poland's finances have been spared much of the concern hitting the PIIGS and its eastern European neighbors such as Hungary. PLND -35% YTD.| Dec. 30, 2011, 9:19 AM
Sep. 6, 2011, 8:18 AM
The SNB's move promises to relieve pressure on eastern European economies where the franc's sharp rise threatened to crush consumers. In Poland and Hungary, more than 50% of mortgages are denominated in francs (effectively making the average homeowner a currency trader with a massive short in the swissie).| Sep. 6, 2011, 8:18 AM
Aug. 30, 2011, 12:54 PMPoland's GDP grew 4.3% in Q2, beating forecasts. However, much of the growth came from building of inventories, calling into question how sustainable it is. Another concern is the zloty, down sharply against the swiss franc - a hit to about 700K families with franc-denominated mortgages. PLND -12.8% YTD. | Aug. 30, 2011, 12:54 PM
Jul. 13, 2011, 3:25 PM
Poland's June inflation comes in light - 4.2% vs. expectations of 4.8%, mainly due to a drop in food prices following the E. coli scare. The number could keep the central bank on the sidelines for a few months after hikes earlier this year. EPOL +3.4%, PLND +3.1%.| Jul. 13, 2011, 3:25 PM | 1 Comment
Jun. 8, 2011, 12:26 PM
Jun. 1, 2011, 1:17 PM
May 18, 2011, 8:38 AM
"The year of Polish capital markets" gets off with a struggle. Poland's sale of its 37% stake in Bank Gospodarki Zywnosciowej flops, as it is only able to sell 12% and at a significant discount to the price it hoped to get. Future sales on the docket include a coal miner, a power company, a refiner, and more banks.| May 18, 2011, 8:38 AM