Deutsche Bank avlistar ETFer eller db x-trackers, som de också kallas för. Deutsche Bank avlistar ETFer på Nasdaq Stockholm. Avlistningarna kommer att ske den 6 mars 2015.
Det är två av de börshandlade fonder som db x-trackers, Deutsche Bank har listade i Sverige som kommer att avlistas, dels
db x-trackers EURO STOXX 50 Double Short Daily UCITS ETF (XEDS), dels db x-trackers EURO STOXX 50 Leveraged Daily UCITS ETF (XEL2) som kommer att avlistas. Avlistningarna är en direkt följd av den genomgång som db x-trackers, Deutsche Bank genomfört och skall inte tolkas som att den tyska banken har för avsikt att dra sig ur den svenska marknaden. Istället är det en medveten och fokuserad satsning på portföljtänk som gjort att Deutsche Bank väljer att avlista sina mer tradinginriktade börshandlade fonder på den svenska marknaden. Med ett stort utbud andra ETPer, Exchange Traded Products, till exempel Mini Futures Best och warranter så innebär detta att konkurrensen på området är stor. Nu kan istället Deutsche Bank fokusera på att erbjuda sina kunder att arbeta med portföljer och på ett mer långsiktigt sätt.Vi har tidigare sett hur XACT valt att krympa sitt utbudav börshandlade fonder, något som bidragit till att öka likviditeten i de ETFer som är listade.
Beneficial rain drives coffee prices lower. Equity rally continues. USD Index hits 12-year high – more to come.
The market interpreted Federal Reserve Chair Yellen’s testimony to the Financial Services Committee as dovish, although her comments left the door open the first rate rise to be in June or September. Cyclical assets rallied on the prospect of monetary policy remaining at a loser setting for longer. This week, all eyes will be fixed on the US non-farm payrolls numbers, which will give an indication of the strength of the US labour market and therefore ability of the economy to weather tighter monetary policy.
Commodities
Beneficial rain drives coffee prices lower. Arabica coffee fell 7.9% last week as continued rain in Brazil reversed the price gains coffee saw during an unusually dry period at the beginning of the year. However, those looking for a significantly better crop yield this year are likely to be disappointed, with most of the damage to the coffee bushes having taken place during last year’s drought. Sugar prices fell 4.5% with the rain in Brazil and India awarding its mills a subsidy programme that will allow them to export up to 1.4 million tonnes into the global markets. Palladium rose 4.5% on news that Impala Platinum, plans to trim its operations in South Africa and Zimbabwe. Copper rose 3.0% after the International Copper Study Group reported a widening production deficit in the metal in the year to November 2014.
Equities
Equity rally continues. Equity markets reacted positively to central bank rhetoric. Chair Yellen’s comments were interpreted relatively dovishly, while European Central Bank’s President Draghi’s testimony to the European Parliament boosted confidence in the quantitative easing plan that is set to start this month. German unemployment fell more than market expectations, driving the DAX 2.4% higher. Meanwhile volatility in European stocks fell with the Euro STOXX 50 Volatility Index falling 10.9% in the month. Gold miners gained 2.3% last week, helped by a gold price gain of 0.2%. China A-Shares which began trading again after the New Year festivities, gained 1.2%, aided by the better-than-expected manufacturing PMI data out last week and is likely to trade higher this week after an interest rate cut over the weekend.
Currencies
USD Index hits 12-year high – more to come. We expect that rate differentials will continue to widen with the US as it begins its tightening cycle in mid-2015. While Fed Chair Yellen has indicated that the central bank will be patient in beginning to tighten policy, the improving economic conditions in the US warrant modestly higher rates. The market appears to have taken Yellen’s Congressional testimony as relatively dovish and alongside the recent moderation in growth as a sign that the Fed might delay its first rate hikes until August. However, we feel that the Fed will be pragmatic and if the underlying employment picture continues to be robust, a mid-year rate hike would not be a surprise.
For more information contact:
ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com
Important Information
General
This communication has been issued and approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (”FCA”).
Investments may go up or down in value and you may lose some or all of the amount invested. Past performance is not necessarily a guide to future performance. You should consult an independent investment adviser prior to making any investment in order to determine its suitability to your circumstances.
The information contained in this communication is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. Historical performance is not an indication of future performance and any investments may go down in value.
This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed its own opinions related to product or market activity, these views may change. Neither ETFS UK, nor any affiliate, nor any of their respective, officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.
ETFS UK is required by the FSA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.
This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.
Other than as set out above, investors may contact ETFS UK at +44 (0)20 7448 4330 or at retail@etfsecurities.com to obtain copies of prospectuses and related regulatory documentation, including annual reports. Other than as separately indicated, this communication is being made on a ”private placement” basis and is intended solely for the professional / institutional recipient to which it is delivered.
Third Parties
Securities issued by each of the Issuers are direct, limited recourse obligations of the relevant Issuer alone and are not obligations of or guaranteed by any of UBS AG, Merrill Lynch Commodities Inc. (”MLCI”), Bank of America Corporation (”BAC) or any of their affiliates. UBS AG, MLCI and BAC, Shell Trading Switzerland, Shell Treasury, HSBC Bank USA N.A., JP Morgan Chase Bank, N.A., Deutsche Bank AG any of their affiliates or anyone else or any of their affiliates. Each of UBS AG, Merrill Lynch Commodities Inc. (”MLCI”), Bank of America Corporation (”BAC) or any of their affiliates. UBS AG, MLCI and BAC, Shell Trading Switzerland, Shell Treasury, HSBC Bank USA N.A., JP Morgan Chase Bank, N.A. and Deutsche Bank AG disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) which it might have in respect of this document or its contents otherwise arising in connection herewith.
”Dow Jones,” ”UBS”, DJ-UBS CISM,”, ”DJ-UBS CI-F3SM,” and any related indices or sub-indices are service marks of Dow Jones Trademark Holdings LLC (”Dow Jones”), CME Group Index Services LLC (”CME Indexes”), UBS AG (”UBS”) or UBS Securities LLC (”UBS Securities”), as the case may be, and have been licensed for use by the Issuer. The securities issued by CSL although based on components of the Dow Jones UBS Commodity Index 3 month ForwardSM are not sponsored, endorsed, sold or promoted by Dow Jones, CME Indexes, UBS, UBS Securities or any of their respective subsidiaries or affiliates, and none of Dow Jones, CME Indexes, UBS, UBS Securities, or any of their respective subsidiaries or affiliates, makes any representation regarding the advisability of investing in such product.
With the political situation in Greece remaining precarious and oil prices finding new lows, perception of risk is rising. Greek political uncertainty weighed on European equities last week, while gold miners benefited from safe haven buying. Despite a robust labour report, the US Dollar weakened last week on lower than expected wage growth. This should provide some relief to commodities this week.
Commodities
Fears of oversupply send crude prices lower. Crude benchmarks resumed their drop this week as WTI breached the US$50/bbl level for the first time in over five years. Prices headed down after reports revealed both the Soviet Union and the US are producing at the highest levels in decades, fuelling investor fears of a global supply glut. Representatives from OPEC member states reiterated plans to keep production at current levels and highlighted non-OPEC producers as responsible for the continued slide in oil prices. However, with oil rig counts already starting to fall, we believe oil supply will tighten later in the second half of the year. Elsewhere, coffee and soybean oil experienced a 6.2% and 5.0% respective rally on the week, following forecasts of high temperatures and dryness in Brazil, the world’s largest producer of both commodities. Predictions that high pressure weather patterns would limit rainfall and hinder production through to mid-January drove prices higher.
Equities
Greek political uncertainty supports gold prices. Gold futures ended the week up 2.1% at US$1,209/oz, a three week high, as fears mounted over the potential exit of Greece from the European currency bloc. The primary beneficiary of the rise in the gold price has been gold mining stocks which surged 7.2%. Choppy trading dominated European stock markets last week, with prices initially falling on rumors Angela Merkel is prepared for a “Grexit” scenario, and then recovering on stronger indications that Mario Draghi will include sovereign bonds in the ECB’s monetary stimulus measures. The swings led to a 3.8% increase in the EURO STOXX 50® Investable Volatility Index. Oil prices continued to grind lower this week. Brent and WTI have dropped by approximately 54% since June last year and low prices are starting to have a negative impact on energy-related stocks globally, with the Solactive US Energy Infrastructure MLP Index sliding 3.1% over the past week.
Currencies
US Dollar heads lower on job report. The US Dollar unexpectedly fell last week after non-farm payroll release revealed the biggest fall in US wages in over 8 years in December, tainting an otherwise strong report on the labour market. Consensus among economists remains for interest rates to rise by June 2015, but moderating strength in the labour market might prompt the Fed to delay this process. Meanwhile, the British Pound will remain under pressure this week, should the CPI release on Tuesday show a marked slowdown. Expectations are for the headline reading to highlight the slowest pace of growth since 2002, potentially dampening the appeal of the British Pound and curbing the Bank of England’s scope to normalize monetary policy in 2015. Consumer price inflation fell into negative territory in the Eurozone in December, putting further pressure on the European Central Bank to intervene. While Merkel openly opposed the inclusion of sovereign debt in the mix of quantitative easing, markets are increasingly pricing it in. We expect the euro to remain under pressure against most G10 currencies this week.
For more information contact:
ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com
Important Information
General
This communication has been issued and approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (”FCA”).
Investments may go up or down in value and you may lose some or all of the amount invested. Past performance is not necessarily a guide to future performance. You should consult an independent investment adviser prior to making any investment in order to determine its suitability to your circumstances.
The information contained in this communication is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. Historical performance is not an indication of future performance and any investments may go down in value.
This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed its own opinions related to product or market activity, these views may change. Neither ETFS UK, nor any affiliate, nor any of their respective, officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.
ETFS UK is required by the FSA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.
This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.
Other than as set out above, investors may contact ETFS UK at +44 (0)20 7448 4330 or at retail@etfsecurities.com to obtain copies of prospectuses and related regulatory documentation, including annual reports. Other than as separately indicated, this communication is being made on a ”private placement” basis and is intended solely for the professional / institutional recipient to which it is delivered.
Third Parties
Securities issued by each of the Issuers are direct, limited recourse obligations of the relevant Issuer alone and are not obligations of or guaranteed by any of UBS AG, Merrill Lynch Commodities Inc. (”MLCI”), Bank of America Corporation (”BAC) or any of their affiliates. UBS AG, MLCI and BAC, Shell Trading Switzerland, Shell Treasury, HSBC Bank USA N.A., JP Morgan Chase Bank, N.A., Deutsche Bank AG any of their affiliates or anyone else or any of their affiliates. Each of UBS AG, Merrill Lynch Commodities Inc. (”MLCI”), Bank of America Corporation (”BAC) or any of their affiliates. UBS AG, MLCI and BAC, Shell Trading Switzerland, Shell Treasury, HSBC Bank USA N.A., JP Morgan Chase Bank, N.A. and Deutsche Bank AG disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) which it might have in respect of this document or its contents otherwise arising in connection herewith.
”Dow Jones,” ”UBS”, DJ-UBS CISM,”, ”DJ-UBS CI-F3SM,” and any related indices or sub-indices are service marks of Dow Jones Trademark Holdings LLC (”Dow Jones”), CME Group Index Services LLC (”CME Indexes”), UBS AG (”UBS”) or UBS Securities LLC (”UBS Securities”), as the case may be, and have been licensed for use by the Issuer. The securities issued by CSL although based on components of the Dow Jones UBS Commodity Index 3 month ForwardSM are not sponsored, endorsed, sold or promoted by Dow Jones, CME Indexes, UBS, UBS Securities or any of their respective subsidiaries or affiliates, and none of Dow Jones, CME Indexes, UBS, UBS Securities, or any of their respective subsidiaries or affiliates, makes any representation regarding the advisability of investing in such product.
Oil drops another 10% as the IEA revises 2015 outlook down.
European stocks oscillate in response to mixed news.
FOMC in focus as US dollar rally continues unabated.
With the political situation in Greece remaining precarious and falling oil prices changing the world order, perception of risk is rising. The Chinese domestic equity market ended the week up close to 2%, despite a 5% fall on Tuesday in a particularly unstable week. Position-squaring and reduced liquidity going into year-end is likely to contribute to market volatility, but also likely to leave investors flush with funds to invest at the start of 2015. Gold and silver, traditionally seen as defensive, hedge assets rose last week amidst the instability. The Federal Open Market Committee’s last meeting for 2014 will be closely watched for cues on policy tightening to come in 2015.
Commodities
Oil drops another 10% as the IEA revises 2015 outlook down. WTI fell below US$60/bbl last week while Brent is following close behind, after the International Energy Agency (IEA) announced it expects prices to remain low on weak demand and large supplies. Although price weakness is likely to continue through the first half of 2015, continued economic growth in the US and China, combined with a reduction in oil supply, will eventually bring the oil market back to balance in with prices returning to trade above the US$70/bbl level. We believe the reduced demand forecasts from OPEC are a precursor to supply cuts. At these prices, close to 20% of crude oil and condensates production from the United States are unprofitable according to the EIA. Meanwhile, silver rose 3.4% on tighter supply prospects in 2015. While silver stocks remain elevated, they have fallen by 4% since the beginning of October. We expect industrial demand to rise and buttress price action over the next few months as the recovery in the US and China gains momentum.
Equities
European stocks oscillate in response to mixed news. The EURO STOXX 50® Investable Volatility Index ended the week up 13% after a turbulent week. A report outlining strong German factory orders prompted a rally in European stocks. These gains were quickly erased following an announcement made by Antonis Samaras, the Greek prime minister which stated that voting for a new president would commence this week, casting doubt over the political future of the nation. Energy related stocks have suffered as oil marches lower as illustrated by the -10.7% fall in the Solactive US Energy Infrastructure MLP Index. The FTSE 100 was dragged lower last week by the poor performance of mining stocks, falling -3.3% as China revealed the biggest fall in imports in eight months. The report confirmed growing fears that the domestic demand is weak in the world’s largest consumer of industrial metals.
Currencies
FOMC in focus as US dollar rally continues unabated. We expect the US Dollar to remain on an upward trajectory during 2015, as the economic recovery prompts the Federal Reserve to begin to tighten policy in Q2. We expect that a large balance sheet for the Fed does not preclude rate hikes and that small and measured rate increases can be a signalling mechanism to allow the central bank to warn the market that stimulus will be gradually removed as the recovery continues to absorb spare capacity. Meanwhile, the surprise rate cut by the Norwegian central bank, coupled with the continued weakness in oil prices has been detrimental for the Norwegian Krone. We expect that the deflationary impact of lower oil prices will begin to fade and that the negative impact of weaker oil prices on the Norwegian external balance should also start to diminish as crude recovers.
For more information contact:
ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com
Important Information
General
This communication has been issued and approved for the purpose of section 21 of the Financial Services and Markets Act 2000 by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (”FCA”).
Investments may go up or down in value and you may lose some or all of the amount invested. Past performance is not necessarily a guide to future performance. You should consult an independent investment adviser prior to making any investment in order to determine its suitability to your circumstances.
The information contained in this communication is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. Historical performance is not an indication of future performance and any investments may go down in value.
This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed its own opinions related to product or market activity, these views may change. Neither ETFS UK, nor any affiliate, nor any of their respective, officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.
ETFS UK is required by the FSA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit.
This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.
Other than as set out above, investors may contact ETFS UK at +44 (0)20 7448 4330 or at retail@etfsecurities.com to obtain copies of prospectuses and related regulatory documentation, including annual reports. Other than as separately indicated, this communication is being made on a ”private placement” basis and is intended solely for the professional / institutional recipient to which it is delivered.
Third Parties
Securities issued by each of the Issuers are direct, limited recourse obligations of the relevant Issuer alone and are not obligations of or guaranteed by any of UBS AG, Merrill Lynch Commodities Inc. (”MLCI”), Bank of America Corporation (”BAC) or any of their affiliates. UBS AG, MLCI and BAC, Shell Trading Switzerland, Shell Treasury, HSBC Bank USA N.A., JP Morgan Chase Bank, N.A., Deutsche Bank AG any of their affiliates or anyone else or any of their affiliates. Each of UBS AG, Merrill Lynch Commodities Inc. (”MLCI”), Bank of America Corporation (”BAC) or any of their affiliates. UBS AG, MLCI and BAC, Shell Trading Switzerland, Shell Treasury, HSBC Bank USA N.A., JP Morgan Chase Bank, N.A. and Deutsche Bank AG disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) which it might have in respect of this document or its contents otherwise arising in connection herewith.
”Dow Jones,” ”UBS”, DJ-UBS CISM,”, ”DJ-UBS CI-F3SM,” and any related indices or sub-indices are service marks of Dow Jones Trademark Holdings LLC (”Dow Jones”), CME Group Index Services LLC (”CME Indexes”), UBS AG (”UBS”) or UBS Securities LLC (”UBS Securities”), as the case may be, and have been licensed for use by the Issuer. The securities issued by CSL although based on components of the Dow Jones UBS Commodity Index 3 month ForwardSM are not sponsored, endorsed, sold or promoted by Dow Jones, CME Indexes, UBS, UBS Securities or any of their respective subsidiaries or affiliates, and none of Dow Jones, CME Indexes, UBS, UBS Securities, or any of their respective subsidiaries or affiliates, makes any representation regarding the advisability of investing in such product.
Framtiden för börshandlade produkter. Börshandlade produkter är till exempel börshandlade fonder, certifikat och Mini Futures Best. Hur ser framtiden för börshandlade produkter ut?
Även om det fanns tidigare varianter anses det allmämt att ETP branschens födelse räknas från noteringen av SPDR S & P 500 (SPY) på NYSE den 22 januari 1993. Xact lanserade den första ETF:en i Norden redan år 2000 då XACT OMXS30 noterades på NASDAQ OMX Stockholm. XACT blev dessutom först i världen med att ge ut börshandlade fonder med hävstång, då XACT Bull och XACT Bear lanserades 2005.
Europa följde sedan efter med noteringen av Euro STOXX 50 på Frankfurtbörsen 2001. Sedan dess har ETP-industrin fortsatt att växa och utvecklas. SPY har nu omkring 155 USD miljarder1 i förvaltat kapital och branschen som helhet har överträffat $ 2 biljoner USD.
ETP-tillväxten
Storleken på ETP-marknaden har fortsatt att växa då leverantörerna driver den genom sin produktinnovation. I början var de europeiska teknikplattformarna begränsade till långa produkter på enbart aktieprodukter, men har nu utvidgats till att omfatta olika exotiska sektorer. Emerging markets, räntebärande produkter och råvaror är nu vardagsmat; inveterade (korta) och hävstångprodukter, volatilitets- och valutasäkrade ETPer är också något som används av många investerare.
Nedanstående diagram från å McKinsey & Company förutspår en stark global ETP tillväxt även under 2015.
Prognoser om fortsatt tillväxt inom ETP-industrin
Source: McKinsey & Company, The Second Act Begins for ETFs (August 2011). ETF Securities (June 2013)
Även om det är svårt att göra förutsägelser för en bransch som genomgår så mycket förändringar, kan en viss positiv framtida utveckling bero på:
Specifika strategi ETP: En tillväxt för ETPer som replikerar en viss investeringsteknik. Ett exempel är fusionsarbitrage-ETPer, som syftar till att utnyttja prisskillnaderna i företag där det ligger ett uppköpserbjudande.
Index experiment: ETPer replikerar utvecklingen av bland annat index, vilket gör att det är naturligt att tillväxten i ETP åtföljer tillväxten i olika index. När ETP emittenter försöker differentiera sina produkter, kommer indexleverantörer generera mer varierade index för europeiska teknikplattformar för att replikera.
Ytterst kan det sägas att den verkliga framgången av ETP har varit att de har demokratiserat investeringsmarknaden. ETPerna har gett privatinvesterare tillgång till olika marknader och, i allt högre grad, till strategier som brukade vara tillgängliga enbart för institutionella investerare såsom investmentbanker och hedgefonder. Om ETP-leverantörerna fortsätter att vara innovativa, räknar vi med att industrin kommer att fortsätta att expandera och erbjuda nya möjligheterna för vanliga investerare.
