NORW: Global X Norway ETF Instablogs

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Wednesday, August 29, 2012, 8:11 AM A bit of excitement comes out of Norway where the Norges Bank holds its benchmark rate at 1.5%. The move was supposedly expected, but the euro promptly plunges against the krone, suggesting someone believed the bank was going to cut. The euro also gives up a few pips vs. the greenback, -0.2% to $1.2540. Comment! [Global & FX, On the Move]
Thursday, August 16, 2012, 11:40 AM A panel of Norwegian oil and gas experts says the costs of offshore drilling are too high and calls for easing safety rules to save up to 1T kroner ($167.5B) and allow greater volumes of oil and gas to be produced. Without action, there's a "grave danger" that vast resources may remain in the ground forever. Norway's petroleum production fell 4% in 2010 and 5% in 2011. 8 Comments [Energy]
Wednesday, June 20, 2012, 8:43 AM Norges Bank leaves its benchmark rate unchanged at 1.5% even as it downgrades the growth prospects of Norway's key European trading partners, perhaps slightly disappointing ideas of coordinated global easing this month. NORW +2.5% YTD. Comment! [Global & FX]
Thursday, May 10, 2012, 8:29 AM Norges Bank leaves policy unchanged, its benchmark lending rate staying at 1.50% following December's 75 basis point cut. "Activity in the Norwegian economy is slightly higher than expected, but tensions in international financial markets have flared up again,” says Deputy Governor Jan F. Qvigstad. NORW +6.1% YTD. Comment! [Global & FX]
Wednesday, March 14, 2012, 9:40 AM The krone plunges against the euro after Norway's central bank unleashes a surprise by cutting its benchmark rate 25 bps to 1.50%. "The continuing downturn abroad and the strong krone are contributing to keeping inflation low and weighing on growth in Norway," says Norges Bank Governor Olsen. NORW +16.6% YTD. Comment! [Global & FX, On the Move]
Wednesday, December 14, 2011, 8:05 AM Norway's central bank cuts it benchmark rate 50 bps to 1.75%, more than the expected 25 point cut. "The turbulence in financial markets has intensified and external growth is now expected to be clearly weaker, particularly in the euro area," says Deputy Governor Jan Qvigstad. 3 Comments [Global & FX, Breaking News]
Wednesday, December 14, 2011, 2:50 AM Norway's central bank may cut its benchmark rate today to 2% from 2.25%, the first rate cut since 2009, as deepening eurozone gloom threatens the country's exports and pushes up bank borrowing costs. A full 60% of Norway's factory goods go to other European nations, and the region's crisis is already dragging down Norway's manufacturing output, consumer confidence and mainland economy growth. Comment! [Global & FX]
Monday, November 28, 2011, 11:36 AM Kokusai Asset Management, Japan's largest mutual fund company, says it has unloaded all of its Italian, Spanish, and Belgian bond holdings, lowering the level of euro-denominated paper in its flagship fund to 15.9% from more than 30% two months ago. Hopefully not auguring the next trouble spots, the fund is redirecting assets to the debt of Canada, Australia, Sweden, and Norway. 1 Comment [Global & FX]
Friday, September 23, 2011, 8:21 AM The Oslo stock exchange shuts down due to technical problems. Shares in the OBX Index were -3% at the time of the halt. NORW -10.2% this week. Comment! [Global & FX]
Thursday, September 8, 2011, 8:02 AM It took about 48 hours for Norway to say "not so fast" to investors rushing into the krone, following the earthquake out of Switzerland. "Monetary policy measures will be taken," says central bank governor Oystein Olsen. The krone has shot to an eight-year high vs. the euro this week. Comment! [Global & FX]
Tuesday, September 6, 2011, 8:33 AM One possible loser from the SNB move could be Norway, where the krone surges to its strongest level since 2003 as money seeks the next safe haven. Norwegian shares are off slightly, in line with the rest of Europe this morning. Norway ETF NORW -13.5% YTD. Comment! [Global & FX]
Thursday, May 12, 2011, 9:04 AM Norway raises its benchmark deposit rate 25 basis points to 2.25%. "Inflation is low," says Norges Bank Governor Olsen, "on the other hand, capacity utilization is rising ... there are prospects inflation will pick up." Norway ETF: NORW +3.05% YTD. Comment! [Global & FX]
Thursday, March 3, 2011, 8:22 AM Oil companies take the collar in Norway in 2011 as all wells drilled come up empty of either crude or gas. A string of dry wells last year prompted Norway to cut its estimated gas reserves by 31%. Energy production makes up 25% of Norway's economy. NORW +12.3% since inception. STO +12.0% YTD. Comment! [Global & FX]
Wednesday, December 1, 2010, 5:03 PM Wednesday's Top Country ETF Performers: Vietnam (VNM) +7.3%, Spain (EWP) +6.0%, Poland (PLND) +5.3%, Austria (EWO) +4.8%, Indonesia (IDX) +4.6%, Norway (NORW) +4.4%. Comment! [Global & FX]
Tuesday, November 9, 2010, 3:47 PM Tomorrow Global X will launch the first ever Norway ETF (NORW). The fund will join the Global X FTSE Nordic 30 ETF (GXF) as the only other ETF offering U.S. investors Scandinavia exposure. NORW is heavily tilted towards the energy (41.5%) and financial (18%) sectors. It will sport an expense ratio of 0.50%. Comment!

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Global X Norway ETF