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STOXX Limited launches Global Rare Earth Index
July 28, 2011--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today introduced the STOXX Global Rare Earth Index, which consists of companies that generate at least 30% of their revenues in the rare earth sector globally.
The importance of what is known as “rare earth” metals is growing as these elements are used in a multitude of high-tech products such as mobile telephones, hard drives, lasers and electric car batteries.
The STOXX Rare Earth Index is designed to underlie exchange-traded funds and other investable products, as well as to be used to assess the performance of global equity portfolios.
“The demand for rare earth metals is increasing exponentially as they are used in a wide range of modern technology, from iPods to hybrid cars, wind turbines and batteries,” said Hartmut Graf, chief executive officer, STOXX Limited. “With the launch of the STOXX Global Rare Earth Index, we offer market participants an innovative, transparent and completely rules-based tool to participate in the performance of companies that are involved in this rapidly growing sector.”
Rare earth metals are part of a group of 17 chemically similar elements found in the earth’s crust. Despite their name, rare earth metals are more abundant than gold, platinum or lead. The term “rare” is derived from the fact that these elements are rarely found in high concentration in a single reserve and are primarily mined in China at present. The metals are found almost exclusively in connection with other minerals or metals, as they are often extracted as a by-product in the mining of other raw materials.
All companies that generate at least 30% of their revenues in the rare earth sector globally, or are estimated to do so based on their current operating activities, and have an average daily value traded (ADVT) of at least 1 million US dollars are eligible for inclusion in the index. The rare earth sector covers companies with operations involving exploration, extraction, transport, processing or any other business involving any of the following 17 rare earth elements: Scandium, Yttrium, Lanthanum, Lutetium, Ytterbium, Thulium, Erbium, Holmium, Dysprosium, Terbium, Gadolinium, Europium, Samarium, Promethium, Neodymium, Praseodymium, and Cerium.
The STOXX Global Rare Earth Index is weighted by free-float adjusted market capitalization. The index currently consists of 14 components. It is rebalanced quarterly, and component review takes place semi-annually in March and September. The new index is available in price, gross and net return versions in euro and U.S. dollar. Daily history is available back to June 19, 2009.
For further information on the STOXX Global Rare Earth Index, please visit www.stoxx.com.
Source: STOXX
HSBC adds trio of physical ETFs to GEMs range
July 28, 2011--HSBC is launching three emerging market exchange traded funds, focusing on Hong Kong, global emerging Europe and global emerging markets.
HSBC head of ETFs Farley Thomas says the Hong Kong ETF will be based on the Hang Seng index.
He says all three will be physical ETFs rather than swap-based. Thomas says: “There will be regulatory action at some point on swap-based ETFs. You can track most markets physically and trading in this simple way has real value.
“HSBC has a good insight into how emerging markets work and investors expect us to have a good line-up.”
HSBC is also considering launching an India ETF but Thomas says it is more complicated to create a physical ETF for the country as it is problematic because of tax issues.
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Source: Money Marketing
Growth Review -UK Economy
July 28, 2011--The Government’s economic policy objective is to achieve strong, sustainable and balanced growth that is more evenly shared across the country and between industries. In November 2010 the Growth Review was launched by the Chancellor and Business Secretary. As part of this, the Chancellor and Business Secretary are undertaking a thorough assessment of policy that is holding back growth of investment and hiring by business – both by looking at cross-economy issues and through considering the challenges faced by particular sectors.
It is a rolling programme, to last the whole of the Parliament, and it calls on business and industry to challenge government departments on the measures they are taking to allow the private sector to flourish.
Phase one
The first phase of the Growth Review reported alongside the Budget in the Plan for Growth. Departments will be accountable for implementation of more than 100 actions across 15 themes, and progress will be published in monthly progress updates of their Business Plans, available from http://transparency.number10.gov.uk/transparency/srp/ .
view the The Plan for Growth
Source: HM Treasury
Deutsche Börse AG achieves earnings growth in Q2/2011
EBIT improves 7 percent to €276.5 million Costs down 19 percent year-on-year, at €289.2 million Sales revenue of €528.6 million Earnings per share up 11 percent to €0.96
July 28, 2011--: On Thursday, Deutsche Börse AG published its figures for the second quarter of 2011. Compared to the same period in the previous year earnings before interest and tax (EBIT) rose by 7 percent to €276.5 million. The Group’s total costs decreased to €289.2 million, 19 percent below the costs in the previous year.
Sales revenue amounted to €528.6 million, 6 percent lower than in the second quarter last year, when trading volumes were particularly high due to market volatility. Earnings per share climbed 11 percent to €0.96 compared to the previous year.
Sales revenue for the first half of the year rose slightly compared with the prior year, from €1,083.6 million in H1/2010 to €1,087.2 million in the first six months of 2011. Total costs in the first half of 2011 amounted to €560.5 million, a year-on-year decline of 14 percent. As a result, EBIT improved by 18 percent to €592.8 million and earnings per share rose by 23 percent to €2.10.
Gregor Pottmeyer, Deutsche Börse AG’s CFO and Executive Board member for Human Resources: “We maintained our rigorous cost discipline in the second quarter of 2011, enabling us to further optimize costs for the half-year period. Coupled with a slight rise in sales revenue, this increased earnings significantly in the first half of 2011.”
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Source: Deutsche Börse
Source ETFs pass $10bn asset milestone
July 27, 2011--Source, the specialist exchange traded products provider, has announced that its assets under management have passed the $10bn milestone in a little over two years since the launch of the company in April 2009.
“This landmark is proof that our approach is working,” said Ted Hood, chief executive of Source.
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Source: FT.com
July 2011: Business Climate Indicator continues to decline in the euro area
July 28, 2011--The Business Climate Indicator (BCI) for the euro area fell for the fifth month in a row in July 2011. The current level of the indicator remains comparatively high, but the steady fall observed since March indicates that euro-area industry has entered a phase of growth moderation.
The drop in the BCI in July reflects primarily weakening production expectations and worsening assessments of production trends observed in recent months. These developments went along with managers being more pessimistic about overall order books and export order books. Appraisal of stocks continued to increase from historic lows.
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Source: Europa
July 2011: Economic sentiment drops in both the EU and the euro area
July 28, 2011--The Economic Sentiment Indicator (ESI) for the EU and the euro area declined in July but remains above its long-term average. It fell, by 2.2 points respectively, to 102.4 in the EU and to 103.2 in the euro area.
In the euro area the fall resulted from a decline in confidence in all sectors, with strong losses in industry and services. In the EU confidence also declined notably in industry, retail trade and among consumers, with marginal falls in services and an improvement in the construction sector.
Most Member States recorded a drop in sentiment. Among the seven largest EU Members States, confidence in Italy fell the most (-4.5), followed by Spain (-2.7). The confidence indicator fell less significantly in the Netherlands (-2.1), Germany (-1.8), the UK (-1.4) and France (-0.5), while it improved slightly in Poland (+0.4). In July, the ESI remains above its long-term average only in Germany and France.
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Source: Europa
Euro area economic and financial developments by institutional sector
July 28, 2011--In the first quarter of 2011, the annual growth rate1 of net disposable income in the euro area
increased to 4.0%, compared with 2.8% in the fourth quarter of 2010 (see Annex, Table 1). The annual
growth rate of final consumption in the euro area increased to 2.7% in the first quarter (2010q4: 2.4%). Gross fixed capital formation increased by 6.7% in the first quarter of 2011, compared with 2.6% in the
previous quarter.
The annual growth rate of households’ gross disposable income increased to 2.4% in the first quarter of
2011, from 1.6% in the previous quarter (see Table 2). The annual growth rate of households’
consumption expenditure was 3.2% in the first quarter compared with 3.3% in the previous quarter. The
annual growth rate of households’ gross saving was -3.0% in the first quarter compared with -8.9%
previously. The households’ gross saving rate2 stood at 13.5%, compared with 14.8% in the first quarter of
2010. The annual growth rates of financing and financial investment decreased to 2.3% and 2.6%
respectively in the first quarter of 2011 (2010q4: 2.7% and 2.9% respectively). Households’ net worth3
increased by 2.9% in the first quarter, compared with 3.9% in the previous quarter.
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Source: ECB
ESMA publishes a statement on disclosures related to sovereign debt to be included in IFRS financial statements
July 28, 2011--According to European Regulation no 1095/2010 establishing the European Securities and Markets Au-thority (ESMA), ESMA shall act in the field of financial reporting, to ensure the effective and consistent application of European Securities and Markets legislation.
As a result of recently increased market interest in sovereign debt, ESMA has increased its coordination of the monitoring activities of competent authorities in response to the specific market circumstances and developments in this area.
Consequently, ESMA would like to stress the need for enhanced transparency in European listed issuers’ interim and annual financial statements using International Financial Reporting Standards (IFRSs). In doing this, ESMA would point out that IFRSs are issued by the International Accounting Standards Board, and the IFRS Interpretations Committee provides the authoritative guidance on the interpretation of IFRSs. Consequently this statement should not be understood as constituting guidance or recommenda-tions on IFRS, but rather as assisting issuers in preparing disclosures on sovereign debt.
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Source: ESMA
Source Assets Top US$10 billion
July 27, 2011--Source, the specialist provider of Exchange Traded Products (ETPs), is pleased to announce that assets in its 93 products now total over US$10bn
Source was founded to bring efficiency, liquidity and transparency to the European ETF market,” commented Source CEO Ted Hood. “This landmark is proof that our approach is working. Source’s multi-counterparty platform and robust ETF structure have quickly won investors’ approval.
Since its launch in April 2009, Source has been one of the fastest growing European ETP providers. Source has also delivered liquidity, with some of the most actively traded products in the market. “Assets under management don’t tell the whole story,” added Hood. “In the two years since launch, we’ve seen turnover of over US$240 bn in Source products, a strong signal from the investment community that these are the products they want to trade.”
Source brings together some of the trading houses, market makers and asset managers. Source’s partners include BofA Merrill Lynch, Goldman Sachs, J.P. Morgan, Morgan Stanley, Nomura, Nyenburgh and 18 other market makers, as well as asset managers PIMCO and Man GLG. In equity ETFs, Source’s market leading swap-enhanced ETF structure combines the security of a physical investment with the use of swaps to minimise tracking error, tracking index performance.
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Source: Source ETF
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