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Building Today's Currency-Hedging Framework-October 2014
November 13, 2014--For years, a weak U.S. dollar meant that leaving the currency exposure of international equities unhedged was a tailwind to return. Whether it was a conscious asset-allocation
decision or the "default" position, maintaining exposure to foreign currencies rewarded investors. But the tide has turned.<
Overview
Despite being a major driver of the total return of international equities for U.S.-based investors, currency
exposure was little discussed until recently. For years, a weak U.S. dollar meant that leaving the currency exposure
of international equities unhedged was a tailwind to return.
Whether it was a conscious asset-allocation decision or the "default" position, maintaining exposure to foreign currencies rewarded investors.
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Source: eutsche Asset & Wealth Management
AdvisorShares Weekly Market Update: Volatility and "Risk"
For the week of November 3-November 7
November 13, 2014--What Will The GOP Midterm Win Mean For Markets?
Macro
Last week was relatively quiet with the biggest news coming from Friday's job data. There were 214,000 jobs created,
the headline unemployment rate ticked down to 5.8% (more precisely it was 5.756%),
the broader U-6 rate came in at
11.6% and the labor force participation rate up-ticked to 62.8%.
Blogger Eddy Elfenbein offered some high level observations on the state of the employment situation through Twitter noting that "to have the same jobs-to-pop ratio of 7 years ago, we'd need 8.7 million more jobs.
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Source: AdvisorShares
Deutsche Asset & Wealth Management Celebrates One-Year Anniversary of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
DeAWM Offers Largest Suite of China A-shares ETFs in the U.S.
November 12, 2014--Deutsche Asset & Wealth Management is pleased to announce that Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (NYSE ticker: ASHR), the first U.S. exchange-traded fund ("ETF") to directly invest in the China A-shares market, has reached a milestone of one-year trading. Since its launch, ASHR has grown to over $479 million in assets with an average daily volume of 267,000 shares.
"Deutsche Asset & Wealth Management fundamentally changed the way U.S. investors access the Chinese equity markets when we launched the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF last November." said Fiona Bassett, Head of Deutsche Asset & Wealth Management's Passive Business in the Americas.
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Source: Deutsche Asset & Wealth Management
BMO Asset Management Inc. Introduces Four New ETFs to its Product Suite
Includes smart beta quality and dividend strategies plus innovative fixed income
New ETFs address investors' demand for factor screening and income
BMO AM's ETF line-up now stands at 62 ETFs
November 12, 2014--BMO Asset Management Inc. (BMO AM) today launched four Exchange Traded Funds (ETFs) to help address the portfolio construction needs of investors.
The new ETFs include, ones which offer exposure to high quality or dividend-based equities and ones showcasing continued innovation in fixed income.
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Source: BMO Financial Group
CFTC.gov Swaps Report Update
November 12, 2014--The CFTC's Weekly Swaps Report has been updated. and is now available.
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Source: CFTC.gov
Euro area securities issues statistics
November 12, 2014--The annual rate of change of the outstanding amount of debt securities issued by euro area
residents was -0.5% in September 2014, the same as in August. For the outstanding amount of
quoted shares issued by euro area residents, the annual growth rate was 1.5% in September
2014, compared with 1.4% in August.
New issuance of debt securities by euro area residents totalled EUR 548 billion in September
2014. Redemptions stood at EUR 556 billion and net redemptions amounted to EUR 1 billion.1
The annual rate of change of outstanding debt securities issued by euro area residents was -0.5%
in September 2014, the same as in August.
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Surce: ECB
Factor Advisors Partners with PureFunds(R) and ISE ETF Ventures to Launch the First ETF Centered on Cyber Security
November 12, 2014--Factor Advisors, a subsidiary of ETF Managers Group, in partnership with PureFunds(R) and ISE ETF Ventures today successfully launched the first exchange traded fund (ETF) to hold shares of public companies that are heavily engaged in the emerging industry of protecting critical cyber infrastructure.
The innovative fund is designed to track the ISE Cyber SecurityTM Index, and has an annual expense ratio of 0.75 percent.
Fund details:
PureFunds ISE Cyber Security(TM) ETF (HACK) seeks to replicate the price and yield performance of the ISE Cyber SecurityTM Index, which tracks the performance of companies actively engaged in providing services for cyber security and for which cyber security business activities are a key driver of their business model. These cyber security services are designed to protect computer hardware, software, networks and data from unauthorized access, vulnerabilities, attacks and other security breaches.
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Source: ISE ETF Ventures
IMF Country Report-Mexico: Selected Issues Paper
November 12, 2014--THE IMPACT OF MEXICO'S ENERGY REFORM ON HYDROCARBONS PRODUCTION1
The recently adopted energy reform could revolutionize Mexico's hydrocarbons
sector. The reform aims to increase oil and gas production by eliminating the state oil company's
(PEMEX) monopoly on exploration and production of hydrocarbons, while retaining the prime
directive that these resources are the property of the Mexican nation.
Additionally, competition and new regulatory structures are being implemented in midstream and downstream activities to
enhance the generation and distribution of natural gas and electricity to increase the efficiency of
service and reduce costs. Reducing electricity costs, in particular, could have a significant impact on
raising manufacturing output as discussed in a companion selected issues paper (SIP).2
view the IMF Country Report-Mexico: Selected Issues Paper
Source: IMF
BM&FBOVESPA and S&P Dow Jones Indices Reach Landmark Index Agreement BVMF and S&P DJI Agree to Co-brand and Launch New Equity Indices for Brazilian Marketplace
November 12, 2014--BM&FBOVESPA (BVMF), the largest equity and futures exchange in Latin America, and S&P Dow Jones Indices (S&P DJI), one of the world's leading providers of financial market indices, announced today the signing of a memorandum of understanding (MOU) to create and launch new, co-branded equity indices for the Brazilian marketplace.
Each of these new indices will be calculated, published, and marketed globally by S&P DJI.
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Source: S&P Dow Jones Indices
Investors pour money into surging currency-hedged ETFs Add to ...
November 11, 2014--U.S. investors who believe the dollar's 2014 surge will continue are pouring money into exchange-traded funds that invest in foreign markets but hedge the currency part of the bet.
BlackRock Inc, WisdomTree Investments Inc and Deutsche Bank AG are among the companies starting new currency-hedged funds this year to take advantage of a flow of some $3.9-billion into currency-hedged ETFs so far this year.
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Source: The Globe and Mail
