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Vanguard FTSE Europe ETF (VGK)

  • Aug. 2, 2012, 6:54 AM
    Giving risk assets a boost is a report in a German paper suggesting the ECB and the EFSF are planning to coordinate purchases of Spanish and Italian debt. Despite German opposition, Draghi has garnered a majority in favor of bond purchases on the ECB governing council, but the plan's introduction may wait until September (not today's meeting).
  • Aug. 1, 2012, 4:04 AM
    Eurozone manufacturing PMI comes in at a final 44.0 for July, vs. the flash estimate of 44.1 and down from 45.1 in June. "Output fell at the fastest rate since mid-2009... Manufacturing therefore looks to be on course to act as a major drag on economic growth in the third quarter, as the Eurozone faces a deepening slide back into recession." (PR .pdf)
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  • Jul. 31, 2012, 2:46 PM
    Investors hoping for the bond-buying bazooka to be brought out at this Thursday's ECB meeting are "getting ahead of themselves," writes Vince Cignarella. Draghi's hint at such was unilateral and he still faces big obstacles - namely the Northern crowd on the Governing Council (led by the Germans). At best Thursday will bring a 50 bp cut in the benchmark rate (to 0.25%) and another LTRO.
  • Jul. 30, 2012, 3:15 PM
    Rallying big on statements from an A-list of EU honchos that will be difficult to actually implement, world stock markets may be set up for major disappointment this week. The EFSF can't buy Spanish debt until Spain requests a bailout, the ESM isn't up an running yet, and the ECB's SMP remains dormant. Will a rate cut and another loosening of collateral requirements do the trick? Hardly.
  • Jul. 30, 2012, 7:59 AM
    It better be more than a quarter point cut on Thursday, writes Ambrose Evans-Pritchard of the ECB policy meeting after Mario Draghi "promised the moon." European markets are up 8% or more since Draghi's comments on Thursday. A failure to deliver on his pledge could be a disaster.
  • Jul. 24, 2012, 4:04 AM
    Eurozone flash manufacturing PMI dips to 44.1 in July vs. 45.1 in June, touching a 37-month low. Services PMI at a four-month high of 47.6 vs. 47.1 in June. Employment fell for the seventh month in a row and at the fastest rate in 2.5 years. The downturn shows no signs of letting up and "is consistent with GDP falling at a quarterly rate of around 0.6%, which is similar to the rate of decline we expect to see for the second quarter." (PR)
  • Jul. 17, 2012, 1:08 PM
    European shares are at their lowest valuation relative to the U.S. in 40 years, says BCA Research, which advises not pulling the trigger until a "market riot" finally forces the ECB to become more like the Fed. Ideas: Total (TOT) and Shell (RDS.A) sell at far lower multiples and higher yields than XOM. Sanofi (SNY) and Siemens (SI) - stunningly cheap.
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  • Jul. 16, 2012, 12:27 PM
    While discussing the IMF's global GDP outlook cut, chief economist Olivier Blanchard predicts a recession could hit the U.S. next year if the country goes off a "fiscal cliff" of tax cut expirations and automatic spending cuts. He also suggests a further 10% depreciation of the euro could boost the eurozone's growth by 1.4%, and benefit export-dependent Germany and Holland the most.
  • Jul. 12, 2012, 9:58 AM
    Madrid returns to its customary place as leader of the decline in Europe, -2.5% following yesterday's announced €65B in austerity measures (more than 0.5% of GDP). Ideas a lesson was learned and the Spanish bailout would not be accompanied by heaping further austerity upon a crumbling economy (a la Greece) have seemingly been dashed.
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  • Jul. 6, 2012, 12:51 PM
    BlackRock joins JPMorgan, restricting money into European money-market funds following the ECB's move to cut deposit rates to 0%. Unintended consequences: Could the slide in European shares and the euro since yesterday's announcement have more to do with the possible havoc on money markets caused by a 0% deposit rate? (JPM earlier)
  • Jun. 29, 2012, 8:36 AM
    European markets continue to grind higher following the summit, with today's vibe similar to that of last October's summit conclusion. Europe wasn't solved then (as it wasn't last night), but it didn't stop a sizable rally over the next few months. Stoxx 50 +3.5%, Germany +3.1%, Italy +4.3%. VGK +2.9% premarket.
  • Jun. 29, 2012, 3:15 AM
    European markets rocket out of the gate as investors cheer progress on a tighter union and bank recapitalization. London +1.7%. Paris +3.0%. Frankfurt +2.4%. Madrid +4%. Euro +1.2% to $1.2592. Sterling +1% to $1.5664.
  • Jun. 25, 2012, 8:09 AM
    The deteriorating U.S. economic outlook is of more concern than Europe to Goldman's Jim O'Neill. A year ago, the conventional wisdom said if contagion spread to Spain, it was game over. Well, it has, and here we are. "Does it ultimately matter to European equities whether the euro persists or not? ... (they're) so cheap that perhaps investors should ... turn off their computers and TV and disappear on vacation."
  • Jun. 11, 2012, 7:16 AM
    A timeline (via Scotty Barber) of the rolling eurozone bailouts mapped against the broad European equity index. About the only time it paid to buy right after was following the Irish bailout - which had the happy coincidence of occurring as QE2 was underway.
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  • Jun. 7, 2012, 4:29 AM
    Chinese sovereign wealth fund CIC has scaled back its holdings of European stocks and bonds, and CIC Chairman Lou Jiwei says he sees mounting risks of a eurozone breakup. The remarks underscore China's dismay at how eurozone leaders are handling the crisis in China's largest export market.
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  • Jun. 6, 2012, 8:44 AM
    Draghi press conference: The gist of his prepared remarks suggests the ECB is holding firm in its insistence it won't come to the rescue of governments that (it feels) continue to dally. European shares are shedding some gains, the Stoxx 50 up just 1%. The euro takes a big dive, now back to flat at $1.2457.
VGK vs. ETF Alternatives
VGK Description
Vanguard FTSE Europe ETF seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of Europe.
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