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VGK

Vanguard FTSE Europe ETF

5/20/2013, 5:21 PM ET

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Monday, March 12, 2012, 11:07 AM While gasoline prices are percolating in the States, they haven't approached the $4.11 peak of July 2008 (granted, we haven't hit high summer demand yet). The same can't be said for Europe, where prices at the pump have taken out the record levels from that summer. 9 Comments [Global & FX, Energy, Commodities]
Tuesday, February 7, 2012, 8:07 AM "A wall of money was put in place," says the CIO of $668B BNP Paribas Asset Management, explaining why the fund began buying European shares after the ECB's December LTRO. "Three months ago we were very cautious ... now we are just cautious. It's time to be less defensive." Comment! [Global & FX, Quick Ideas]
Friday, February 3, 2012, 1:18 PM European shares close the week with gains, getting their big boost at 8:30 ET when the payroll report hit. Stoxx 50 +1.5%, Germany +1.6%, France +1.3%, Italy +1.5%, Spain +1.1%, U.K. +1.8%. Euro flat at $1.3140. Stoxx 50 +3.2% for the week, +9.3% YTD. Stolid Germany is up a cool 14.7% YTD. Comment! [Global & FX]
Tuesday, January 24, 2012, 11:30 AM A 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. 4 Comments [Global & FX]
Monday, January 23, 2012, 3:24 PM The positive action sucks in formerly bearish Michael Darda, now speaking of a "positive feedback loop" in Europe engineered by the ECB. "We no longer fear a return to the 2011 lows ... European large cap equities will outperform the S&P 500 ... even if the S&P 500 has a relatively good (2012)." 3 Comments [Global & FX]
Tuesday, January 17, 2012, 7:32 AM Formerly bearish on all things financial in Europe, CLSA's Chris Wood eyes rumors the ECB's LTRO on Feb. 29 could hit €1T (LTRO #1 was €489B) and reverses his view. He sees the euro continuing to sink, but EU financials wiping out the shorts in a "violent bear market rally." Comment! [Global & FX, Quick Ideas]
Friday, January 13, 2012, 9:17 AM Reuters adds to the rumors, saying its senior eurozone sources expect several downgrades of EU countries today, but Germany isn't one of them. Stoxx 50 now -0.6%, euro -0.9% at $1.2694 (a few hours ago, it was set to rise above $1.29). 1 Comment [Global & FX, On the Move, Breaking News]
Wednesday, January 11, 2012, 8:02 AM Merkel/Monti press conference: To send a signal to the markets, Merkel says Germany would be willing to pay more capital into the permanent EU rescue fund (ESM). Message received. European stocks trace out a "V," the Stoxx 50 now off just 0.3%. 1 Comment [Global & FX, Breaking News]
Wednesday, January 11, 2012, 7:11 AM The euro dives below $1.27 and European shares are down alongside with some crediting Fitch's comments with spooking the markets. The Stoxx 50 gives up gains of about 0.5%, now -1.1%. The euro is back within a handful of pips of a 16-month low, -0.7% at $1.2688. Comment! [Global & FX, On the Move]
Monday, January 9, 2012, 6:52 PM Between a falling euro and plunging equity prices, European stocks are getting pretty cheap for American investors willing to brave the continent's economic woes. The collective dividend yield for eurozone stocks is now up to 4.5%, well above historical levels. Italian stocks sport a yield of 5.7%, and trade at just 0.7x book value. 3 Comments [Global & FX, Quick Ideas]
Thursday, January 5, 2012, 9:49 AM The next Greek bailout tranche of €5B, originally scheduled for last December, will be delayed until March, says the EC's Olivier Bailly. The €10B tranche set for March will be moved to June, and only if inspectors deem Athens is delivering on fiscal reforms. Yesterday, Greece's PM warned against any delays in receiving bailout monies. 1 Comment [Global & FX, Breaking News]
Wednesday, December 28, 2011, 7:02 AM European shares reverse losses of about 1% and sit near session highs following the "successful" Italian Treasury bill auction. A writer can be forgiven for losing track of how many times he/she has written the previous sentence this year (insert your favorite of the PIIGS for Italy). Broad European ETF: VGK -16% YTD. Italy: EWI -27% YTD. 2 Comments [Global & FX]
Wednesday, December 21, 2011, 10:22 AM The numbers aren't as gaudy, but the ECB's LTRO dwarfs anything the Fed did over the past 3 years, writes Kid Dynamite. The ECB just gave 523 banks 3 year loans at 1% against questionable collateral - "riskier and a more egregious bastardization of the central bank's role than are rolling overnight loans (which is what the Fed did)." 3 Comments [Global & FX, U.S. Economy]
Wednesday, December 21, 2011, 10:19 AM The slide in shares (I, II,) since the initial euphoria of the ECB's pre-Christmas generosity could be because EU banks will use the cash to pay loans that are due in 2012 rather than to buy sovereign debt. And even if banks want to underwrite government bonds, they will apparently not be able to because of EBA criteria. Comment! [Global & FX, On the Move]
Wednesday, December 21, 2011, 9:46 AM The ECB just expanded its balance sheet by 20% this morning, notes Louise Cooper of BCG Partners, putting today's funding operation in perspective. This comes on top of the past few months' galloping increase in bank footings. The wordmeisters in Brussels can call it what they like, but QE is underway in Europe. 16 Comments [Global & FX, Quick Ideas]
Wednesday, December 21, 2011, 7:01 AM European shares give up gains made following the news of €489B in loans made under the ECB's LTRO. A few thoughts: One, markets anticipate, and the moonshot yesterday may have discounted the news. Two, the number may have "beat" expectations, but some whispers had gone as high at €600B. Three, the program isn't the bazooka many are hoping it will be. Stoxx 50 +0.3%. 3 Comments [Global & FX]