Global ETF News Older than One Year
Annual inflation rate in OECD remains stable at 2.1% in April 2010
June 1, 2010--Consumer prices in the OECD area rose by 2.1% in the year to April 2010, unchanged from March. Energy and Food prices rose at slightly higher rates in April compared with March (12.2% and 0.7% respectively, compared with 11.3% and 0.2%). But excluding food and energy, consumer prices increased by 1.2% only in April, the lowest rate on record..
In Chile1, a member of the OECD since 7 May 2010, consumer prices rose by 0.9% year-on-year in April, compared with 0.3 % in the year to March.
Deflation continued in Japan where consumer prices fell by 1.2% in the year to April after a decrease of 1.1% in the year to March and inflation decelerated in Germany (1.0% compared to 1.1%) and the United States (2.2% compared to 2.3%). Annual inflation rose in the United Kingdom (3.7% up from 3.4%), Canada (1.8% up from 1.4%), France (1.7% up from 1.6%) and Italy (1.5% up from 1.4%). Euro area annual inflation (HICP) was 1.5% in April 2010 compared with 1.4% in March.
Source: OECD
Fourth consecutive quarter of GDP growth in the OECD area
June 1, 2010--Gross domestic product (GDP) in the OECD area rose by 0.7% in the first quarter of 2010, the fourth consecutive quarter of growth for the area.
Strong GDP growth continued in the United States (0.8%) and Japan (1.2%). GDP growth was more subdued in both the Euro area and the European Union (0.2%).
Italy returned to positive GDP growth in the first quarter of this year (0.5%), after the small decline of the previous quarter, while the pace of the recovery eased in both France and the United Kingdom and was unchanged in Germany.
Relative to a year earlier, GDP in the OECD area returned to positive growth (2.5%) after five consecutive quarters of contraction. With the exception of the United Kingdom (where GDP was 0.2% lower than a year earlier), GDP was above the level recorded in the previous year in all other major OECD economies, with a large rebound in the case of Japan (4.2%).
Source: OECD
FX sector unites to form global body
June 1, 2010--The biggest foreign exchange banks have formed a new industry group in a sign of the strength of market concern about the impact of new regulations.
The FX markets, where some $3,200bn is traded daily, have typically been lightly overseen by central banks. But sweeping financial reforms currently being debated in Brussels and Washington are expected to include currency derivatives, raising concerns among the banks about how this will affect their businesses and their clients’ ability to use the market.
The new body will be formed as the FX division of the Association for Financial Markets in Europe, in co-operation with its US and Asian sister organisations.
Source: FT.com
Growth rising faster than expected but risks increasing too, says OECD Economic Outlook
May 26, 2010--Economic activity in OECD countries is picking up faster than expected but volatile sovereign debt markets and overheating in emerging-market economies are presenting increasing risks to the recovery, according to the OECD’s latest Economic Outlook.
Gross domestic product (GDP) across OECD countries is projected to rise by 2.7% this year and by 2.8% in 2011. These are upward revisions from the previous, November 2009, forecasts of OECD-wide GDP growth of 1.9% in 2010 and 2.5% in 2011.
In the US, activity is projected to rise by 3.2% this year and by a further 3.2% in 2011. Euro area growth is forecast at 1.2% this year and 1.8% next while, in Japan, GDP is expected to expand by 3.0% in 2010 and by 2.0% in 2011.
Source: OECD
ETF demand pushes gold price higher
May 26, 2010--Gold resumed its upward momentum on Wednesday as concerns over the eurozone debt crisis spurred strong investment demand for the precious metal.
Exchange-traded funds holding bullion on Tuesday saw their strongest daily inflows since October 2009, sending the spot gold price up 1.1 per cent to $1,213.15 a troy ounce on Wednesday. That was still short of the record nominal high of $1,248.95 an ounce hit two weeks ago.
The World Gold Council, a body backed by the gold mining industry, said in a quarterly report that European investment demand was “exceptionally strong” and that it expected it to remain so in the rest of the year “driven by jewellery demand in India and China and investment demand in Europe and the US”.
Source: FT.com
Regional Economic Outlook: Middle East and Central Asia
May 25, 2010--The May 2010 Regional Economic Outlook: Middle East and Central Asia reports on the implications for the region of global economic developments and presents key policy challenges and recommendations. A resumption of capital inflows and the rebound in crude oil prices have aided the recovery in the oil-exporting countries of the Middle East and North Africa.
The group of oil-importing countries is expected to show marginal increase in growth in response to a pickup in trade, investment, and bank credit. A key challenge for these countries is to enhance competitiveness to raise growth rates and generate employment. In the Caucasus and Central Asia, exports have begun to pick up, the decline in remittances appears to be slowing or reversing, and capital inflows have turned positive. For 2010, a recovery across the region is projected as the global economy, and in particular Russia, picks up speed. Overall, prospects for the region are improving and the regional impact of the Dubai crisis and events in Greece has been limited so far. Nevertheless, a repricing of sovereign debt cannot be excluded, adding a degree of uncertainty to the outlook.
view the Regional Economic Outlook: Middle East and Central Asia
Source: IMF
Plea for pension funds to engage on reporting standards
May 25, 2010--Pension funds are being urged to engage with global accounting standards setters amid what is being seen as a “once in a generation” opportunity to help set the agenda on corporate reporting.
There’s a raft of new standards being put forward as US generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) converge. Some 14 so-called ‘exposure drafts’ are due from the International Accounting Standards Board and the US Financial Accounting Standards Board in the near future. The clock is ticking as the bodies have been told by the G20 leaders to complete the convergence project by June 2011.
Source: Responsible Investor
May 2010 Monthly Preliminary Performance Report Dow Jones-UBS Commodity Indexes
Year to date, the Dow Jones-UBS Commodity Index is down -11.38% with the Dow Jones-UBS Nickel Sub-Index posting the highest gain of 14.62% so far in 2010. Dow Jones-UBS Sugar Sub-Index has the most significant downside YTD performance, down -41.27%.
Source: Mondovisione
Wealthy emerge from crisis divided on future prospects but united in conscientious approach
Barclays Wealth, a leading global wealth manager, has today (24th May 2010) published a new report revealing wealthy investors' attitudes towards the global economic outlook and prospects for investments in the years ahead.
Entitled 'The Changing Wealth of Nations', the report is the eleventh in the Barclays Wealth Insights series. Surveying more than 2,000 high net worth individuals across different markets around the world, it highlights a polarisation of opinion on the global economic outlook and a perceived lack of clarity over the potential for investment growth. Against this backdrop a new "wealth-consciousness" is emerging as wealthy investors seek greater knowledge and information about investment and a straightforward approach to wealth management.
Optimism versus pessimism
Source: Barclays Wealth
IMD 2010 World Competitiveness Yearbook rankings
Not surprisingly Germany (16) leads the larger “traditional” economies such as the UK (22), France (24), Japan (27) and Italy (40). Despite a significant budget deficit and growing debt, Germany’s performance is driven by strong trade (second largest exporter of manufactured goods), excellent infrastructure, and a sound financial reputation. It was also to be expected that China (18) would lead the other BRIC nations, followed by India (31), Brazil (38) and Russia (51). And of course the credit-worthiness storm that affects Southern Europe acts as a drag on the performance of Spain (36), Portugal (37) and Greece (46).
Source: IMD
May 24, 2010--The Dow Jones-UBS Commodity Index was down -8.43% for the month of May. The Dow Jones-UBS Single Commodity Indexes for Sugar and Natural Gas had the strongest gains with month-to-date returns of 3.30% and 1.38%, respectively. The Dow Jones-UBS Gold Sub-Index had the narrowest downside MTD performance of -0.38%. The three most significant downside performing single commodity indexes were Crude Oil, Lead, and Nickel, which were down -20.73%, -19.08%, and -18.90% respectively, in May.
May 24, 2010--A new wealth-consciousness is emerging as wealthy investors seek greater knowledge and information about investment
Report reveals significant divergence of opinion on wealth creation opportunities in next five years
Equities and property hold favour with wealthy investors in uncertain times
Newly engaged investors call for information and simplicity in wealth management
The report shows a significant divergence of opinion over wealth creation opportunities in the next five years with some regions being significantly more optimistic than others. Respondents in the GCC are particularly confident of a global recovery, with 1 in 3 (33%) expecting the economy to grow over the next few years. By contrast, in Europe, less than 1 in 5 (19%) expect global growth in the years ahead while the USA takes a more pessimistic view with just 13% forecasting growth in the global economy in the short to medium term.
Singapore, Hong Kong and the USA come out on top!
May 19, 2010--For the first time in decades, Singapore (1) and Hong Kong (2) have topped the USA (3) in IMD’s World Competitiveness Yearbook rankings. They are so close, however, that it would be better to define them as the leading “trio”. In the first 10 places: Australia (5), Taiwan (8) and Malaysia (10) also benefit from strong demand in Asia. Switzerland (4) maintains an excellent position characterized by strong economic fundamentals (very low deficit, debt, inflation and unemployment) and a well-defended position on export markets. Sweden (6) and Norway (9) shine for the Nordic model, although Denmark (13) surprisingly loses ground, in particular due to the pessimistic mood expressed in the survey.
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