Thu, Jul. 2, 4:58 AM
- Sweden's central bank unexpectedly lowered its main interest rate deeper into negative levels today and expanded its bond purchases to the end of the year, saying uncertainty abroad had increased and it was difficult to assess the consequences of the situation in Greece.
- The repo rate was cut to -0.35% from -0.25%, while the country expanded its bond purchasing program by 45B kronor ($5.3B) to the end of year, adding to the 80B-90B kronor that was already announced.
- ETFs: EWD, FXS
Fri, Mar. 20, 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
Thu, Feb. 12, 6:17 AM
- Along with Ukraine's new peace agreement, European shares are heading higher as euro-area finance ministers put off decisions on Greece’s bailout terms until next week.
- Greek officials were unable to reach a deal to stay in an EU bailout program yesterday, and will return to Brussels on Feb. 16 to try to end the deadlock.
- Meanwhile, Sweden’s central bank cut its main interest rate into negative territory and announced a bond-buying program this morning, sending European shares even higher.
- ETFs: GREK, EWD, FXS
- FTSE 100 +0.4%; DAX +1.6%; CAC 40 +1%; Euro Stoxx 50 +1.4%.
Fri, Jan. 30, 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
Dec. 31, 2014, 11:34 AM
- Nearly all the ETFs involved are single-country funds, with 22 seeing reduced fees, and 19 increases. First up is the list of funds seeing cuts and the number of basis points:
- EWA 3 basis points, EWO 3 bps, EWC 3 bps, EWQ 3 bps, EWG 3 bps, EWH 3 bps, EWM 3 bps, EWS 3 bps, EWP 3 bps, EWD 3 bps, EWL 3 bps, ENZL 3 bps, EWU 3 bps, EWK 2 bps, EZU 2 bps, EWI 2 bps, EWJ 2 bps, SCJ 2 bps, EWW 2 bps, EWN 2 bps, EIRL 2 bps.
- Next are the funds with increases; all are by one basis point: EWZ, BKF, ECH, EEM, EIS, EZA, EWY, EWT, THD, TUR, ERUS, EPU, EWZS, MCHI, ECNS, INDA, EIDO, EPHE, EPOL.
- Previously: Vanguard lowers fees on 12 ETFs
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
Jul. 3, 2014, 8:10 AM
- The Swedish krona is the world's worst performing currency today after the Riksbank unexpectedly slashes its benchmark rate by 50 basis points to 0.25%. A cut had been expected, but the size of the reduction has taken most by surprise.
- The move comes following the ECB's rate cut last month, and with the zero bound fast-approaching, some suggest the Riksbank will have to look to unconventional measures next.
- The OMX Stockholm 30 Index is up 1.1%
- ETF: EWD.
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.
Dec. 31, 2012, 11:56 AM
Dec. 18, 2012, 8:29 AMThe Riksbank cuts its benchmark rate 25 basis points to 1% as it lowers its forecast for 2013 Swedish GDP growth to 1.2% from 1.8% estimated just 2 months ago. The CPI forecast is cut to 0.3% from 0.7%, and the bank wants it moving back in the direction of its 2% target. EWD +15.6% YTD. | Dec. 18, 2012, 8:29 AM | Comment!
Sep. 6, 2012, 7:21 AMSweden's Riksbank unexpectedly cuts rates 25 basis points to 1.25%, citing weakness in the eurozone as lowering its expectations for exports and economic growth. The bank also notes a quick appreciation in the krona and nobody seems to want a strong currency these days. The rate decision wasn't unanimous - one member wanted a 50 bp cut. | Sep. 6, 2012, 7:21 AM | Comment!
Mar. 28, 2012, 12:11 PM
Feb. 16, 2012, 10:56 AMSweden's Riksbank cuts its benchmark rate 25 basis points to 1.5%, citing slow growth and little inflation pressure. "It has been clear for some time that there would be a slowdown, but the slowdown has been more severe than expected," says the bank. Sweden ETF: EWD +12.7% YTD. | Feb. 16, 2012, 10:56 AM | 1 Comment
Jan. 24, 2012, 11:30 AMA look at the change in the Italian yield curve over the last 7 weeks shows just how dramatic the ECB bazooka has been, writes Mike Riddell. Just because the bank's liquidity gusher doesn't solve any structural issues, doesn't mean it can be ignored (buy stocks, dummy). Bonds yields in the EU core, however, have a lot of room to go higher if economic/financial conditions settle down. | Jan. 24, 2012, 11:30 AM | 4 Comments
Jan. 19, 2012, 9:40 AMDefining overbought as being more than 5% above a 50-day moving average, Bespoke says 24% of tracked ETFs fit the bill. Leading the list is the homebuilders (XHB), more than 13% above its 50 day MA; Brazil (EWZ) leads the country ETFs, 8.2% above. A few more days of market gains and look for talk about the entire market being overbought. | Jan. 19, 2012, 9:40 AM | Comment!
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