Nyheter

Investors rotate to cyclical assets as confidence is slowly restored

Publicerad

9 år sedan

den

19 juli, 2016

Redaktionen

Investors rotate Investors have begun to rotate away from defensive assets such as gold and the Swiss Franc into cyclical assets such as industrial metals and oil

Investors rotate to cyclical assets as confidence is slowly restored – Weekly Flows Analysis

Highlights

• Investors have begun to rotate away from defensive assets such as gold and the Swiss Franc into cyclical assets such as industrial metals and oil

• More clarity about the form of UK leadership and a delay in cutting interest rates in the UK has seen Sterling shorts unwinding, but that vote of confidence was not shared by equity investors

The surprisingly quick appointment of a new Prime Minister and the formation of a new Cabinet in the UK provided investors some relief in a month of heightened uncertainty. Investors sold out of defensive assets like gold and the Swiss Franc and bought cyclical assets like copper and oil. Short positions in GBP were reduced as the Bank of England held off from cutting rates, taking the market by surprise. Investors continued to build shorts in UK equities and sold long positions.

Gold and CHF ETPs see first weekly outflows since Brexit, while goldminers see inflows. Gold prices declined 1.8% last week as some of the uncertainty around UK politics was assuaged with the appointment of a Prime Minister and the formation of a new Cabinet. Also the strong US payrolls data for the month of June proved to be gold-price negative. US$41.4mn flowed out of long gold ETPs. Long CHF ETPs, another defensive asset, saw outflows in order of US$21.8mn. The outflows from long gold ETPs were relatively small compared to the inflows of over US$1bn in the prior five weeks. While investors sold gold ETPs, they bought gold miner equity ETFs, possibly to capture equity market beta. Inflows of US$9.9mn into gold miner ETFs marked a 10 week high.

Investors rotate into industrial metals. Investors bought close to US$40.8mn of long broad industrial metal ETPs and a further US$27.4mn of long copper ETPs in a clear indication that the ‘risk-off’ mode expressed by markets earlier this month is fading. With Chinese industrial production, money supply, retail sales and GDP figures all beating expectations last week, we believe that sentiment toward industrial metals will continue to improve. Indeed with copper, zinc and nickel expected to remain in a production deficit this year, prospects for these metals look positive.

Crude oil ETPs see the largest inflows since April. Bargain hunting is back after oil prices fell to US$45/bbl from over US$51/bbl at the end of June. Last week we saw inflows of US$21.8mn into long crude oil products (the third consecutive week of inflows) and US$7.2mn of outflows from short crude oil products.

Investors reduce short GBP exposure but continue to short UK equities. We saw US$23.2mn of outflows from short GBP ETPs as confidence in the UK was partially restored and the Bank of England held off from delivering a widely expected rate cut. However, that vote of confidence was not shared by equity investors, who added US$9.2mn to short UK ETFs, marking the third consecutive week of inflows since Brexit and withdrew US$9.5mn from long UK equities.

Key events to watch this week. Markets will remain focused on the ECB press conference following the policy decision on Thursday. They will be poised for clues on whether the quantitative easing programme will be extended beyond March 2017. The Q2 Euro area bank lending survey, which will be released this week, may offer insights on the efficacy of programme.

Video Presentation

Nitesh Shah, Research Analyst at ETF Securities provides an analysis of last week’s performance, flow and trading activity in commodity exchange traded products and a look at the week ahead.

http://etfsecurities.kulu.net/view/zWQd65g3Ub4

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 provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority.

Liknande ämnen:ETF Securities Nitesh Shah

Nästa

De tre bästa sätten att köpa den tyska aktiemarknaden

Missa inte

Don your CAPE to outperform

Fortsätt läsa

Annons

Klicka för att kommentera

Nyheter

Will liquidity continue driving Bitcoin’s price?

Publicerad

4 timmar sedan

den

12 mars, 2025

Redaktionen

Will liquidity continue driving Bitcoin’s price? Bitcoin’s relationship with M2 money supply.
The evolution of Bitcoin from a fiat-alternative to an emerging store of value.
Ethereum’s Pectra upgrade is poised to improve staking, blockchain efficiency, and scalability.

Will liquidity continue driving Bitcoin’s price?

Bitcoin has historically tracked global liquidity, with a 0.94 correlation to M2 money supply. But with inflation concerns, rate cut uncertainty, and geopolitical risks, could Bitcoin decouple? As adoption rises and strategic reserves grow, Bitcoin’s relationship with liquidity may be shifting. Here’s what you need to know.

The Full Story

The evolution of Bitcoin from fiat-alternative to emerging store of value

Originally designed as a decentralized payment system, Bitcoin has evolved into a global store of value, often called “digital gold.” By solving the double-spending problem and enabling secure, borderless transactions, Bitcoin has reshaped finance. Here’s how its role continues to evolve.

The Full Story

Pectra upgrade: improving Ethereum’s efficiency

Ethereum’s Pectra upgrade, set to launch later this year, introduces 11 key improvements enhancing staking, scalability, and user experience. From faster validator activations and cheaper Layer 2 transactions to gas fee flexibility, Pectra is highly anticipated to boost Ethereum’s efficiency. How will these upgrades shape Ethereum’s future?

The Full Story

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.

Fortsätt läsa

Nyheter

CEBI ETF amerikanska statsobligationer med förfall 2025

Publicerad

5 timmar sedan

den

12 mars, 2025

Redaktionen

iShares iBonds Dec 2025 Term USD Treasury UCITS ETF USD (Acc) (CEBI ETF) med ISIN IE000U99N3V1, strävar efter att spåra ICE 2025 Maturity US Treasury UCITS-index. ICE 2025 Maturity US Treasury UCITS-index följer amerikanska statsobligationer. Indexet speglar inte ett konstant löptidsintervall (som är fallet med de flesta andra obligationsindex). Istället ingår endast obligationer som förfaller under det angivna året (här: 2025) i indexet. Betyg: Investment Grade. Löptid: december 2025 (Denna ETF kommer att stängas efteråt).

Den börshandlade fondens TER (total cost ratio) uppgår till 0,10 % p.a. iShares iBonds Dec 2025 Term USD Treasury UCITS ETF USD (Acc) är den enda ETF som följer ICE 2025 Maturity US Treasury UCITS-index. ETFen replikerar det underliggande indexets prestanda genom samplingsteknik (köper ett urval av de mest relevanta indexbeståndsdelarna). Ränteintäkterna (kupongerna) ackumuleras och återinvesteras.

iShares iBonds Dec 2025 Term USD Treasury UCITS ETF USD (Acc) är en liten ETF med tillgångar på 53 miljoner euro under förvaltning. Denna ETF lanserades den 6 september 2023 och har sin hemvist i Irland.

Varför CEBI?

Fonden är denominerad i US-dollar.

Ger exponering mot utvecklingen av amerikanska statsobligationer med löptider mellan 1 januari 2025 och 15 december 2025, inklusive.

Det är en investeringsperiod i fonden att andelsägare den 31/12/2025 kommer att få sina andelar inlösta utan ytterligare meddelande eller aktieägarnas godkännande den 01/01/2026.

Investeringsmål

Fonden strävar efter att uppnå avkastning på din investering, genom en kombination av kapitaltillväxt och inkomst på fondens tillgångar, vilket återspeglar avkastningen från ICE 2025 Maturity US Treasury UCITS Index, fondens jämförelseindex.

Handla CEBI ETF

iShares iBonds Dec 2025 Term USD Treasury UCITS ETF USD (Acc) (CEBI ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och London Stock Exchange.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.

Börsnoteringar

Börs	Valuta	Kortnamn
Euronext Paris	EUR	TI25
XETRA	EUR	CEBI
gettex	EUR	CEBI
London Stock Exchange	USD	IT25
SIX Swiss Exchange	USD	IT25

Största innehav

Emittent	Vikt %
UNITED STATES TREASURY	99.86

Innehav kan komma att förändras

Fortsätt läsa

Nyheter

WisdomTrees nya fonder ger access till Europas försvarssektor och den globala kärnkraftssektorn

Publicerad

6 timmar sedan

den

12 mars, 2025

Redaktionen

Sedan i tisdags har två nya börshandlade fonder utgivna av WisdomTree kunnat handlas på Xetra och Börse Frankfurt. WisdomThrees nya fonder ger access till Europas försvarssektor och den globala kärnkraftssektorn.

WisdomTree Europe Defence UCITS ETF erbjuder investerare tillgång till en portfölj med minst 20 europeiska företag inom försvarssektorn. Urvalet av företag baseras på deras andel av omsättningen i branschen. Företag associerade med klustervapen, antipersonella minor och biologiska och kemiska vapen är undantagna. Detsamma gäller företag som bryter mot allmänt accepterade internationella normer och standarder, såsom principerna i FN:s Global Compact.

Med WisdomTree Uranium and Nuclear Energy UCITS ETF kan investerare delta i prestanda för minst 20 företag verksamma inom uran- och kärnenergiindustrin. Beroende på deras exponering för uran- och kärnkraftsverksamheten delas företagen in i kategorierna upstream, midstream eller innovatör. Viktningen av de enskilda kategorierna är 60 procent, 25 procent respektive 15 procent.

Namn	Kortnamn	ISIN	Avgifter	Utdelnings- policy	Referens- index
WisdomTree Europe Defence UCITS ETF – EUR Acc	EUDF	IE0002Y8CX98	0,40 %	Ackumulerande	WisdomTree Europe Defence UCITS Index
WisdomTree Uranium and Nuclear Energy UCITS ETF – USD Acc	WNUC	IE0003BJ2JS4	0,45 %	Ackumulerande	WisdomTree Uranium and Nuclear Energy UCITS Index

Produktutbudet i Deutsche Börses XTF-segment omfattar för närvarande totalt 2 372 ETFer. Med detta urval och en genomsnittlig månatlig handelsvolym på cirka 18 miljarder euro är Xetra den ledande handelsplatsen för ETFer i Europa.

Fortsätt läsa