Global ETF News Older than One Year
Shareholders Urge NYSE to Consider Nasdaq Bid
April 28, 2011--Top executives of NYSE Euronext Inc., parent company of the New York Stock Exchange, deflected angry questions about its rejection of a rival takeover bid at the company's annual shareholder meeting Thursday.
Last week NYSE Euronext's board again turned down an unsolicited $11.3 billion bid from Nasdaq OMX Group Inc. and IntercontinentalExchange Inc. that would carve the company in half. NYSE Euronext says it favors a deal it already has in place to combine with Deutsche Boerse, owner of the Frankfurt stock exchange.
Source: ABC News
April 2011 “Islamic Market’s Measure” Preliminary Report - Monthly Report On The Performance Of The Dow Jones Islamic Market Indexes
April 28, 2011-- Based on the close of trading on April 26, the global Dow Jones Islamic Market Titans 100 Index, which measures the performance of 100 of the leading Shari’ah compliant stocks globally, gained 2.99% month-to-date, closing at 2397.07. In comparison, the Dow Jones Global Titans 50 Index, which measures the 50 biggest companies worldwide, posted a gain of 2.46%, closing at 189.49.
The Dow Jones Islamic Market Asia/Pacific Titans 25 Index, which measures the performance of 25 of the leading Shari’ah compliant stocks in the Asia/Pacific region, increased 2.26%, closing at 2212.68. The Dow Jones Asian Titans 50 Index, in comparison, posted a gain of 0.57%, closing at 142.81.
Measuring Europe, the Dow Jones Islamic Market Europe Titans 25 Index, which measures the performance of the 25 of the leading Shari’ah compliant stocks in Europe, closed at 2366.93, a gain of 4.92%, while the conventional Dow Jones Europe Index gained 5.06%, closing at 300.77.
Source: Dow Jones Indexes
Financial Conditions Indexes for the United States and Euro Area -IMF Working Paper
April 27, 2011--Summary: Financial conditions indexes are developed for the United States and euro area using a wide range of financial indicators and a dynamic factor model.
The financial conditions indexes are shown to be useful for forecasting economic activity and have good revision properties.
view IMF Working paper-Financial Conditions Indexes for the United States and Euro Area
Source: IMF
IMF Working paper-International Mutual Funds, Capital Flow Volatility, and Contagion-A Survey
April 27, 2011--Summary: Gaining a better understanding of the behavior of international investors is key for informing the debate about the optimal response to capital flows and about reforms to the international financial architecture. In this context, recent research on the behavior of international mutual funds at the micro level has expanded our knowledge about the drivers of portfolio flows and the mechanisms behind the transmission of financial shocks across countries.
This paper provides a brief survey of this literature, with a focus on the empirical evidence for emerging markets. Overall, the behavior of international mutual funds is complex and overly simplistic characterizations are misleading. However, there is broad-based evidence for momentum trading among funds. Moreover, funds tend to avoid opaque markets and assets, and this behavior becomes more pronounced during volatile times. Portfolio rebalancing mechanisms are clearly important in explaining contagion patterns, even in the absence of common macroeconomic fundamentals. From a surveillance point of view, this implies that monitoring the exposures of large investors at a micro level is crucial to assess vulnerabilities.
Source: IMF
IMF Working paper-How to Deal with Real Estate Booms: Lessons from Country Experiences
April 27, 2011--The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on this front would be justified.
Then, we offer tentative insights on the pros and cons as well as implementation challenges of various policy tools that can be used to contain the damage to the financial system and the economy from real estate boom-bust episodes.
view the IMF Working paper-How to Deal with Real Estate Booms: Lessons from Country Experiences
Source: IMF
IMF Sees Long-Term Opportunities for the Middle East and North Africa Despite Short-Term Challenges Amid Unrest
April 27, 2011--Changes taking place in the Middle East and North Africa provide an opportunity for the region to lay the foundation for a socially inclusive and more dynamic growth model, but in the near term, countries face multiple pressures stemming from higher commodity prices and disruptions to economic activity, the IMF said in its April 2011 Regional Economic Outlook for the Middle East, North Africa, Afghanistan and Pakistan (MENAP), released today.
“In the long run, the uprisings could give a boost to the economies in the region by setting a more inclusive growth agenda, improving governance, and providing greater and more equal opportunity for its young and growing population. However, the near-term outlook is challenging, and there is a pressing need to address unemployment and improve social safety nets,” Masood Ahmed, Director of the IMF’s Middle East and Central Asia Department, said at the launch conference of the report in Dubai. “The immediate challenge facing oil-importing countries in the Middle East is to maintain social cohesion and macroeconomic stability in the face of multiple pressures,” he added.
view the Regional Economic Outlook: Middle East and Central Asia report
Source: IMF
Growth from International Capital Flows: The Role of Volatility Regimes -IMF Working Paper
This paper presents new evidence consistent with standard economic theory and a more benign interpretation of cross-border private capital flows. The key observation is that a country’s growth volatility changes over time. With volatility below a threshold, an inflow of foreign capital has promoted growth. However, during periods of volatile growth, more flows have been associated with slower growth. Volatility levels and changes reflect an interaction of domestic production and institutional structures with global factors. view the working paper-Growth from International Capital Flows: The Role of Volatility Regimes
Source: IMF
NASDAQ OMX Group and IntercontinentalExchange Open Letter to NYSE Euronext Stockholders
Dear NYSE Euronext Stockholder:
Source: IntercontinentalExchange
2011 Market’s Measure Preliminary Report
As of April 25, the Dow Jones Industrial Average rose 1.30% in April,
closing at 12479.88. Stock market indexes in Europe, Asia and globally were up in April, according
to preliminary monthly figures from global index provider, Dow Jones Indexes. The Dow Jones Industrial Average rose 1.30% in April, closing at 12479.88. Year-to-date, the
index is up 7.79%.
Source: Dow Jones Imdexes
NYSE boosts case for Deutsche Börse
Duncan Niederauer, chief executive of NYSE, told the Financial Times in a video interview that the companies now believed they could find “closer to €400m” in cost savings than the €300m unveiled in February.
Source: FT.com
April 27, 2011--Summary:
Recent commentary has downplayed the growth dividend from international financial integration, highlighting the possibly negative correlation between capital inflows and long-run growth.
April 26, 2011--NASDAQ OMX (NDAQ) and IntercontinentalExchange (ICE) today issued the following open letter to NYSE Euronext stockholders. NASDAQ OMX and ICE also filed an investor presentation that highlights the strategically and financially superior nature of the NASDAQ OMX/ICE proposal when compared to the existing Deutsche Boerse proposal.
NYSE Euronext's management and Board continue to deny that the NASDAQ OMX/ICE proposal is superior to the existing Deutsche Boerse agreement or that they have a fiduciary duty to review the proposal. Simply put, your Board is ignoring corporate governance best practices and the market reality of the situation.
Our proposal offers substantially greater short and long-term value and creates a compelling opportunity for the NYSE Euronext Board to meet with us while presenting no downside risk and only upside for stockholders — the Deutsche Boerse agreement allows for discussions in the event the NYSE Euronext receives a proposal that may possibly be superior.
We have offered mutual due diligence, and appropriate safeguards so that no competitive risks are posed to NYSE Euronext.
Our reverse break-up fee is a significant improvement on the Deutsche Boerse agreement and alongside committed financing, with no conditions, addresses the key concerns of the NYSE Board.
A Monthly Report from Dow Jones Indexes on the Performance of U.S., European, Asia and other Global Stock Market Indexes
April 26, 2011--Dow Jones Industrial Average Posts 1.30% Gain in April, European Stocks Gain 4.15%,
Asia Rises 0.83% and World Equities Rise by 1.69%
Health Care Sector Posts Biggest Gain for April in Europe
Utilities Sector Takes the Hardest Hit for April in Asia
The Dow Jones Europe Index rose 4.15% in April to 298.18. So far this year, the index is up
10.34%.
The Dow Jones Asian Titans 50 Index rose 0.83% in April to 143.17. So far this year, the index is
down 1.74%.
The Dow Jones Global Titans 50 Index rose 1.69% in April, closing at 188.07. Year-to-date, the
index is up 6.19%.
April 25, 2011--NYSE Euronext is set to increase by up to a third its forecast for cost savings from a deal with Deutsche Börse, as the US exchange operator raises the stakes in efforts to counter an $11.3bn bid from Nasdaq OMX and Intercontinental-Exchange.
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