Argentina ETF In Focus As Pope Francis Takes Office
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The Global X FTSE Argentina 20 ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Argentina 20 Index.
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Thursday, Jan 301:17 PM
Thursday, Jan 301:17 PM| 1 Comment
- “International monetary cooperation has broken down,” says India central bank boss Raghuram Rajan, a day after the Fed boosted the size of its taper and made no mention of melting-down emerging markets. Rajan joined counterparts from Turkey and South Africa this week in boosting rates to try and stem the slide in their domestic currencies.
- "The challenge is brought on by their own domestic policies," says former Fed Governor Randy Krosner. "It's unfair to say it's all the Fed's fault."
- Back in his IMF days in 2011, Rajan authored a report calling for the formation of a committee composed of representatives from the major central banks who would report on the spillover consequences of their individual policies. Good luck with that one.
- Emerging markets are getting a respite today amid a big rally in the West (of the West is rallying because of a respite in emerging markets).
- EEM +0.8%, VWO +1%.
- TUR +1.9%, EPI +1.7%, ARGT +0.5%, RSX +0.7%.
- Related ETFs: EEM, VWO, DEM, RSX, EDC, EPI, DGS, INDY, EDZ, CYB, SCIF, PIN, INP, EEMV, EZA, SCHE, EEB, CNY, EDIV, INDL, BZF, IEMG, DVYE, RUSL, EEV, BIK, EWX, BKF, CEW, PIE, ICN, ERUS, ADRE, HILO, INR, RUSS, INDA, SCIN, INXX, EUM, FNI, RSXJ, EET, FXCH, RBL, GMM, PXH, INCO, EEMS, BBRC, EELV, SMIN, FEMS, DGRE, EEME, EMDD, BICK, AYT, DBEM, EMCR, PGD, FEM, EWEM, EMBB, EMLB, JEM, EVAL, TLTE, EEHB, EGRW, FNDE, EMDG, EMHD, EMSA, EMDR, EMFT, QEM, RUDR, QDEM
Tuesday, Jan 286:24 PM
Tuesday, Jan 286:24 PM| 20 Comments
- The Turkish central bank hikes its overnight lending rate to 12% from 7.75% and the overnight borrowing rate to 8% from 3.5%, in a surprisingly strong move to defend the country's embattled currency and perhaps alleviate the declines in emerging market currencies.
- Analysts say Turkey's decision is significant since the central bank had come across as reluctant to take action - indeed, it's political independence was not considered a certainty.
- The turkish lira jumps more than 3% on the move, which has propelled Dow futures sharply higher and should spark a strong open for Asia's equity markets.
- ETFs: TUR, ARGT.
Monday, Jan 274:54 AM
Monday, Jan 274:54 AM| 1 Comment
- Having slumped over 20% over recent days, the Argentinian peso could fall further today after the government said on Friday that it would end a two-year-old ban on Argentines buying foreign currency.
- That will allow the country's citizens to purchase dollars, which they are obsessed with following crises such as the one in 2002. However, the Central Bank, the main source of foreign exchange, has reserves of less than $30B.
- The government hopes the move will cause the official peso rate of $8 to converge with the black-market figure of $11.70.
- ETF: ARGT
Friday, Jan 248:16 AM
Friday, Jan 248:16 AM| 7 Comments
- The iShares Emerging Markets Index ETF (EEM) is off 1.3% in the premarket as investors rush out of emerging currencies. The Turkish lira plunged to a record low today, while Ukraine's hryvnia fell to a four-year low, and South Africa's Rand dove to its weakest since October 2008 following Argentina's decision to devalue the peso and a weak PMI report out of China yesterday.
- “We continue to see the risks surrounding China’s macro trajectory as having a negative impact on EM,” says Morgan Stanley's Rashique Rahman. “As capital costs rise and investment slows, commodity prices should come under pressure, boding poorly for economies linked to China’s old growth model.”
- In Russia, the ruble has declined to an all-time low vs. the euro.
- Of Turkey from Rareview Macro's Neil Azous: "Their net foreign-exchange reserves are dwindling pretty fast. They’re definitely in the danger zone. If you’re a money manager, the responsible action is to take some measures to reduce risk.”
- Emerging market ETFs: EEM, VWO, DEM, EDC, DGS, EDZ, EEMV, EEB, SCHE, EDIV, IEMG, DVYE, EEV, BIK, EWX, BKF, PIE, CEW, ADRE, HILO, EUM, FNI, EET, GMM, PXH, BBRC, EEMS, EELV, FEMS, EEME, EMDD, BICK, EMCR, DBEM, FEM, EWEM, EVAL, JEM, EMLB, EMBB, TLTE, EEHB, EGRW, FNDE, EMSA, EMHD, EMFT, EMDR, QEM, QDEM
- Relevant country ETFs: TUR, EWS, EZA, ARGT, EWSS, FXSG
Thursday, Jan 236:05 PM
Thursday, Jan 236:05 PM| 9 Comments
- "Things are rapidly coming unglued" in Argentina (ARGT), and worries are growing about the potential for the country’s woes to spill outside its borders.
- Worries about Argentina’s thinning foreign exchange reserves helped spark a 15%-plus drop in the Argentine peso today, as traders say the central bank stopped defending the currency - a sign it may be hitting the bottom of its foreign currency reserves.
- Argentina's trade surplus fell 67% Y/Y to $272 million in December amid a plunge in exports.
- The turbulence has spilled over into stocks, as U.S.-listed shares of energy giant YPF tumbled 12% today, adding to an 8.9% decline yesterday.
Monday, Oct 282013, 3:38 AM
Monday, Oct 282013, 3:38 AM| Comment!
- Argentine markets will be in focus following mid-term Congressional elections yesterday in which the left-wing Victory Front coalition of President Cristina Kirchner looks to have retained a narrow majority.
- However, the coalition doesn't have the two-thirds it needs to change the constitution to allow Kirchner to run for President again in 2015.
- Argentine stocks (ARGT) and bonds had rallied ahead of the vote on hopes that more business-friendly politicians would do well and set them up nicely for a Presidential run. One of those who did was former Kirchner ally Sergio Massa, who has called for changes in policy to fight runaway inflation but wants to maintain high spending on social services.
Sunday, Oct 272013, 2:34 AM
Sunday, Oct 272013, 2:34 AM| 2 Comments
- Cristina Fernandez de Kirchner, the President of Argentina, is expected to lose a significant amount of strength in the country's legislature today as Argentinians vote for half of the lower house of Congress and a third of the Senate.
- The elections come amid inflation that's estimated at 25%, import limits and a shortage of dollars, which have helped the popularity Kirchner and her left-wing Victory Front coalition to slump.
- Argentine stocks (ARGT) and bonds have been rallying ahead of the vote on hopes that more business-friendly politicians will do well and set them up nicely for a Presidential run in 2015. Markets are expected to rise further if Kirchner's left-wing Victory Front coalition does as badly as the polls indicate.
Tuesday, Oct 82013, 4:08 AM
Tuesday, Oct 82013, 4:08 AM| 1 Comment
- Argentine President Cristina Fernandez de Kirchner is due to undergo what's considered a low-risk surgical procedure today to drain an accumulation of blood between her brain and her skull.
- The surgery comes amid 25% inflation, a shortage of dollars and import restrictions, problems that have helped Kirchner's popularity to slump.
- Her health issues also come ahead of mid-term elections on October 27 that will decide whether her left-wing Victory Front coalition will retain a majority in Congress for the next two years. A result that reduces Kirchner's power would be positive for Argentina's debt, says Greylock's Diegeo Ferro.
- The Merval (ARGT) rose 1.4% yesterday, while the USD-ARS is flat at 5.819 Argentine pesos.
Friday, Aug 162013, 3:25 PM
Friday, Aug 162013, 3:25 PM| Comment!
- Argentinian stocks have climbed steadily since a teaser election last week saw weakening support for President Cristina Fernández's FPV party. Analysts viewed the FPV's poor 26% showing as a litmus test for elections in Oct. Half of the seats in the lower house and two-thirds in the upper house will be up in the air. In 2012, an FPV-dominated Congress nationalized the country's largest oil company, YPF, and erased Spanish Repsol's majority stake.
- The Global X FTSE Argentina 20 ETF (ARGT -0.7%) is up 3.9% on the week, increasing the ETF's 1-year gain to 25.8%.
- According to the WSJ, fund managers are "showing a greater willingness to seek out yield in unusual places," particularly as growth expectations in other emerging markets like Brazil and India dry up. Alta Vista Research notes that revenues of stocks in the Argentina ETF are expected to grow 33.5% this year and 20% in 2014 (the government-reported inflation rate is 10.5%).
- Key components of the index include Tenaris (TS) +8.3% YTD, MercadoLibre (MELI) +48.0% YTD, Telecom Argentina (TEO) +64.8% YTD, and Arcos Dorados (ARCO) -5.8% YTD.
Thursday, May 92013, 11:00 AMGlobal X sets for May 15 reverse splits on 6 ETFs, some - but not all of which - have dropped sharply in value over the last year: 1-for-4 on the Gold Explorers ETF (GLDX), 1-for-3 on the Uranium ETF (URA), 1-for-3 on the Junior Miners ETF (JUNR), 1-for-2 on the Argentina 20 ETF (ARGT), 1-for-2 on the China Materials ETF (CHIM), and 1-for-2 on the Pure Gold Miners ETF (GGGG). |Thursday, May 92013, 11:00 AM| Comment!
Wednesday, Apr 32013, 5:58 AMA U.S. appeals court yesterday ordered holdout creditors to respond to Argentina's proposal to offer them restructured debt that either discounted the original bonds' face value or extended the final payout years into the future. Argentina has been appealing a ruling that it must repay the holdouts $1.33B in debt after the creditors refused to take a haircut following the country's $100B default in 2001. (previous) |Wednesday, Apr 32013, 5:58 AM| Comment!
Sunday, Mar 32013, 3:03 AMA U.S. appeals court has given Argentina until March 29 to formulate a plan to repay $1.33B in debt stemming from the country's $100B default in 2001. The money would be paid to bondholders who rejected Argentina's 2005-2010 debt swaps in which the country issued new bonds at 35 cents on the dollar. Argentina is refusing to return the full amount, sparking fears it could default once more. |Sunday, Mar 32013, 3:03 AM| Comment!
Friday, Mar 12013, 5:49 AMFears that Argentina will default hit the country's markets yesterday, with the Merval stock index tumbling 3.5% and the cost to insure $10M of its debt for one year rising to a whopping $6.6M. The turmoil came after a lawyer representing Argentina's government told a U.S. court on Wednesday that it would choose to default rather than pay bondholders who won't accept restructured debt that was issued following the 2001 default. |Friday, Mar 12013, 5:49 AM| Comment!
Tuesday, Jan 12013, 11:20 AMOn the country ETF dashboard, green all around for 2012 with the exception of Brazil (EWZ -2.5%) and Argentina (ARGT -18.6%). Topping the list were Turkey (TUR +62.3%), Philippines (EPHE +46.6%), Thailand (THD +37.2%), Egypt (EGPT +34.2%) and Ireland (EIRL +32.1%). |Tuesday, Jan 12013, 11:20 AM| Comment!
Sunday, Dec 22012, 3:44 AMArgentina's holdout bondholders, who are refusing to accept haircuts on defaulted debt, have filed an emergency motion to an appeals court requesting that the country be forced to post a security of at least $250M to show that it won't try to squirrel its way out of a district judge's order to pay the creditors $1.3B if the higher court doesn't reverse the judge's ruling. Last week, the court allowed Argentina to delay the payment of the money. |Sunday, Dec 22012, 3:44 AM| 2 Comments
Thursday, Nov 292012, 3:35 AMAn appeals court yesterday allowed Argentina to delay the payment of $1.3B of defaulted debt to bondholders who refused to accept haircuts on the paper, pending a further ruling from the court. A district judge had ordered the country to place the money into an escrow account by Dec 15 if it pays out $3B of restructured debt, as scheduled. The lower court ruling had sparked fears that Argentina could default and prompted Fitch to slash its ratings on the country. |Thursday, Nov 292012, 3:35 AM| 2 Comments
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