ProShares UltraShort MSCI Mexico Capped IMI ETF
 (SMK)

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  • Dec. 17, 2015, 4:35 PM
    • As expected following the Fed's move, the Bank of Mexico tightens policy for the first time since 2008 with its own 25 basis point rate hike to 3.25%.
    • Faced with record-low inflation and slowing growth, the bank says it moved in the hopes of easing pressure on sliding peso.
    • The currency hit a record low vs. the dollar earlier this month. It currently requires 17.02 pesos to buy a dollar vs. 17.07 before the rate hike.
    • ETFs: EWW, MXF, MXE, UMX, DBMX, SMK, QMEX, HEWW
    | Dec. 17, 2015, 4:35 PM | 2 Comments
  • Sep. 3, 2015, 2:28 AM
    • Brazil's two-decade rule over the the Latin American stock markets is continuing to dwindle as the nation's recession and political crisis deepen and its currency plunges.
    • At one point a few years ago, Brazil's market was four times larger than nearest rival Mexico, but that gap, once as much as $1.1T, is now down to just $133B.
    • Regression analyses of the current pace of declines indicate Brazil's lead could disappear over the next 13 months.
    • ETFs: EWZ, EWW, MXF, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, MXE, BRAZ, BRAF, UBR, DBBR, UMX, DBMX, FBZ, SMK, QMEX, HEWW
    | Sep. 3, 2015, 2:28 AM
  • Apr. 14, 2015, 12:39 PM
    • Ford (F +0.9%) is poised to announce a $2.5B investment in Mexico, sources tell Reuters.
    • The automaker is expected to disclose on Friday a plan to expand a diesel engine plant in Chihuahua and a transmission plant in Guanajuato.
    • Several major automaker have set plans to expand capacity and add jobs in Mexico to meet the expected rise of auto sales in North and South America.
    • Related ETFs: EWW, UMX, SMK, DBMX, QMEX.
    | Apr. 14, 2015, 12:39 PM | 27 Comments
  • Oct. 4, 2014, 4:30 PM
    • Bill Gross, set to start working for Janus (NYSE:JNS) on Monday, tells Barron's there will be a “bear markets for all assets” if the Fed raises its short-term rate to 4% in the next few years.
    • The Fed should target a rate of 2%, not 3.75-4%, to keep the economy in equilibrium, he says. Its current model fails to reflect structural changes in the economy.
    • Gross expects his fund to hold a "decent percentage" of short-term high-yield paper (10-25%), yielding 3-4%. "Both Janus and I like one-to-three-year high-yield paper issued by companies such as Ally Financial (NYSE:ALLY) and HCA Holdings (NYSE:HCA)."
    • Gross also likes Mexico (ETFs: EWW, UMX, SMK, DBMX, QMEX), and says he may take "mild short positions" in the euro (FXY, YCS, JYN, YCL)  and yen (FXE, EUO, ERO, DRR, EUFX, ULE, URR).
    • Janus may develop an ETF to track Gross's fund (MUTF:JUCTX).
    | Oct. 4, 2014, 4:30 PM | 12 Comments
  • Sep. 22, 2014, 3:30 PM
    • "Mexico is truly a benchmark right now," says Gerardo Rodriguez, the country's former deputy finance minister, now running money at BlackRock. “Mexico is probably right there at the top of a very small list of countries that have shown willingness to reform.”
    • Twenty years after its most recent bailout, Mexico is rivaling Chile as Latin America's best credit risk - its CDS prices fell below Chile for the first time ever last June. Helping are government reforms like opening up the oil industry to investment and spurring competition in telecommunications are helping, and the country's debt as a percentage of GDP is expected to be 48% this year vs. a 53% average for the region and 67% for Brazil. The government of Pena Nieto predicts the reforms will boost GDP growth above 5% by 2018, a level not seen since 2010.
    • ETFs: EWW, UMX, SMK, DBMX, QMEX
    | Sep. 22, 2014, 3:30 PM | 1 Comment
  • Sep. 18, 2014, 4:45 PM
    | Sep. 18, 2014, 4:45 PM | 1 Comment
  • Sep. 11, 2014, 3:36 PM
    • We have been adding to our Brazilian exposure and in particular have been buying Brazilian state-owned enterprises where the outlook is improving and they are priced at deep discounts to their intrinsic value,” says Santander Asset Management's Dipak Chouhan.
    • The Santander Acciones Latinoamerica Fund  - the best performing mutual fund covering that region with a 29% gain YTD vs. the MSCI LatAm Index up 9.4% - has added Petrobas (PBR +1.7%), and increased stakes in Itau Unibanco (ITUB +0.1%), and Estacio Participacoes (OTCPK:ECPCY +0.2%).
    • Brazil ETFs: EWZ, BRF, BRXX, EWZS, BRAQ, BRZU, BRAZ, BZQ, BRAF, UBR, BRZS, DBBR, FBZ
    • The fund is also liking Mexico, seeing opportunity and stronger growth amid the opening of the energy market. It's boosted holdings of Alsea (OTC:ALSSF) and Cemex (CX -0.1%), while cutting its stake in Wal-Mart Mexico (OTCQX:WMMVY -0.5%).
    • Mexico ETFs: EWW, UMX, SMK, DBMX
    | Sep. 11, 2014, 3:36 PM
  • Aug. 14, 2014, 2:03 AM
    • Due to the recent opening of its energy industry, Mexico now expects to pull in $50.5B in new private and foreign investment by 2018, which has been locked under state monopoly since 1938.
    • Companies will be able to bid on contracts under the so-called "Round One" tender, which will offer up to 169 exploration and extraction blocks.
    • However, state-owned Pemex will still continue to be the dominant player in the market, having received 83% of probable reserves and 21% of prospective resources.
    • ETFs: EWW, UMX, SMK, DBMX
    | Aug. 14, 2014, 2:03 AM
  • Aug. 11, 2014, 3:19 PM
    • Mexico Pres. Pena Nieto today signed into law the rules governing the country's historic opening of the state-run oil, gas and electricity industries to foreign and private companies.
    • The government, which is hoping for tens of billions of dollars in outside investment in deepwater oil drilling and shale gas production, says it will let potential investors know by Wednesday which blocks of gas and oil fields will be open for them.
    • HSBC analysts like how the new laws are shaping up, particularly the creation of a sovereign oil wealth fund, "as it constitutes a long-term savings mechanism to reduce the vulnerability of public finances and economic growth to global shocks"; as for equities, the firm sees opportunities for resource-hungry China as well as for major oilfield services companies such as Transocean (NYSE:RIG), Halliburton (NYSE:HAL) and Schlumberger (NYSE:SLB).
    • ETFs: EWW, UMX, SMK, DBMX
    | Aug. 11, 2014, 3:19 PM | 1 Comment
  • Aug. 7, 2014, 7:09 AM
    • Mexican lawmakers have opened the country's energy industry to private investors, which has been locked under state monopoly since 1938.
    • The historic opening will have far-reaching benefits for the sector and Mexico's economy, allowing foreign and domestic energy companies to explore, produce and refine oil for the first time since Mexico nationalized its oil industry 76 years ago.
    • Under the new framework, domestic private oil and gas firms will operate under contract with Mexico, competing with state-owned Pemex.
    • Mitsui & Co. (OTCPK:MITSY) and Chevron (NYSE:CVX) have already expressed interest for investment. The country is believed to have the world's sixth-largest reserves of shale gas.
    • ETFs: EWW, UMX, SMK, DBMX
    | Aug. 7, 2014, 7:09 AM
  • Jun. 6, 2014, 10:22 AM
    • Surprising 20 economists surveyed by Bloomberg who didn't expect any sort of move, Banco de Mexico slashes its benchmark interest rate by 50 basis points to a record-low 3%.
    • Policy statement
    • The bank two weeks ago had cut its 2014 economic growth forecast to 2.3-3.3% from 3-4% after slower-than-hoped U.S. growth in Q1.
    • EWW +1.3%
    • ETFs: EWW, UMX, SMK, DBMX
    | Jun. 6, 2014, 10:22 AM
  • Jan. 22, 2014, 4:18 PM
    • The db X-trackers MSCI All World ex U.S. Hedged Equity Fund (DBAW) is designed to provide exposure to the global ex U.S. equity markets, both developed and emerging, while mitigating exposure to the fluctuations between the U.S. dollar and a basket of global currencies.
    • The db X-trackers MSCI South Korea Hedged Equity Fund (DBKO) is designed to provide exposure to the South Korean Equity markets, while mitigating exposure to the fluctuations between the U.S. dollar and South Korean won.
    • The db X-trackers MSCI Mexico Hedged Equity Fund (DBMX) is designed to provide exposure to the Mexican Equity markets, while hedging exposure to the fluctuations between the U.S. dollar and Mexican peso.
    • All 3 funds will begin trading on January 23rd.
    • Other ex U.S. ETFs: VEU, VXUS, SCHF, IXUS, ACWX, CWI, GWL, AADR, RTR, ACIM, VIDI
    • Other ETFs covering South Korea: EWY, FKO, KORU, KORZ, DXKW
    • Other ETFs covering Mexico: EWW, UMX, SMK
    | Jan. 22, 2014, 4:18 PM
  • Jan. 3, 2014, 10:49 AM
    • Mexico's oil refining industry ought to be on the verge of a bright new dawn after last month's shake-up which dismantled the state-run Pemex oil and gas monopoly, but Pemex's aging, ailing downstream sector - which suffered an estimated record $10B loss last year - remains far from salvation.
    • Reuters reports the wave of excitement that followed the opening of Mexico's vast oil fields to foreign investment has failed to translate into optimism for refineries such as the Miguel Hidalgo, where $1.23 is lost for every barrel of the ~292K bbl/day of crude it processes, and at most 60% of the crude processed is converted into higher value fuels - making it ~20% less productive than refineries along the U.S. Gulf Coast.
    • Foreign expertise could help bring efficiencies, but companies are wary: Top U.S. refinery Valero (VLO), for one, says it does not have any plans to invest in Mexico.
    • ETFs: EWW, UMX, SMK
    | Jan. 3, 2014, 10:49 AM
  • Dec. 22, 2013, 2:52 AM
    • OPEC doesn't need to reduce output in 2014 in order to offset potentially increased production from Iran, Libya and U.S. shale oil, Saudi Arabia, Kuwait and Iraq said yesterday.
    • The comments came after OPEC decided earlier this month to keep output at a maximum of 30M bpd until June at least.
    • Libyan supplies have fallen to 250,000 bpd from 1.4M bpd in March, due to rebels closing oil export ports for the past five months. The country is prepared to use force to reopen those ports, Oil Minister Abdulbari Al-Arusi said.
    • ETFs: UNG, USO, OIL, UCO, EWW, GAZ, SCO, UGAZ, BOIL, DBO, DTO, BNO, DGAZ, UNL, CRUD, KOLD, USL, NAGS, DBE, GASZ, RJN, DNO, SZO, OILZ, UWTI, DWTI, OLO, DCNG, UOIL, JJE, UMX, RGRE, ONG, DOIL, SMK, OLEM, TWTI, UBN.
    | Dec. 22, 2013, 2:52 AM
  • Dec. 16, 2013, 3:28 PM
    | Dec. 16, 2013, 3:28 PM | 2 Comments
  • Dec. 8, 2013, 5:29 AM
    • Legislators in Mexico are today due to start debating a draft bill to open up the country's energy industry and end the decades-long monopoly of state-run Pemex, which suffers from inefficiency, falling output and chronic under-investment.
    • The measures would allow private oil companies to explore for, produce, and refine oil and gas, as well as share and market the resources they extract. Firms would also be able to include the projected income of long-term contracts on their balance sheets, something that is crucial for obtaining funds. However, the proposals stop short of offering firms full-blow concessions - a loaded term in Mexico.
    • If the bill becomes law, it could add 50-100 bps to Mexico's GDP and prompt rating agencies to give the country's debt a positive outlook, says economist Pedro Tuesta.
    • Congress is expected to pass the legislation this week, as it's supported by the main opposition party as well as by the government, although it faces significant public hostility.
    • ETFs: UNG, USO, OIL, UCO, EWW, GAZ, SCO, UGAZ, BOIL, DBO, DTO, BNO, DGAZ, UNL, CRUD, KOLD, USL, NAGS, DBE, GASZ, RJN, DNO, SZO, OILZ, UWTI, DWTI, OLO, DCNG, UOIL, JJE, UMX, RGRE, ONG, DOIL, SMK, OLEM, TWTI, UBN
    | Dec. 8, 2013, 5:29 AM | 8 Comments
SMK Description
ProShares UltraShort MSCI Mexico Capped IMI seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the MSCI Mexico IMI 25/50 Index®.
See more details on sponsor's website
Country: México
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