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Mixed feelings on China rate cut

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ETFS Multi-Asset Weekly - Mixed feelings on China rate cut Commodities: Softer Chinese economy weighs on commodities.

ETFS Multi-Asset Weekly – Mixed feelings on China rate cut

Highlights

•  Commodities: Softer Chinese economy weighs on commodities.
•  Equities: Already buoyant stocks to increase risk appetite.
•  Currencies: The PBOC cut rates while ECB kept rates unchanged.
•  Upcoming webinar: Commodities – Is the Outlook Changing?

Chinese GDP fell below the 7% target for the first time since Q2 2009 and whilst higher than expected, declining sentiment put downward pressure on most asset classes last week. Combined with weaker Chinese industrial production and a stronger USD, commodities have given back most of their recent gains. Stocks fell early last week before rebounding on the expectation of further stimulus from the European Central Bank by the end of 2015 and on the People’s Bank of China (PBOC) rate and reserve requirement ratio cut last Friday. Although the PBOC decision took the market by surprise, and initially buoyed sentiment, uncertainty surrounding the outlook for growth could weigh on sentiment for the coming week.

Commodities

Softer Chinese economy weighs on commodities. Although above market expectations, China GDP for Q3 fell below the Chinese government 7% target for 2015. Combined with lower-than-expected industrial production and a stronger USD, commodities fell by 1.8% last week, giving back most of their previous weeks’ gains. Gold slipped 1.5%, closing at US$1,167/oz. on Thursday, 0.7% below its 200-day moving average while large increase in US inventories weighed on the price of WTI, down 2.2%. Coffee plunged 10% over the past week on lower beans quality in Columbia and rain in Brazil while sugar rose 3% on strong China imports in September. Although the past three weeks saw what looked like a bear rally, commodities came under pressure again last week. We expect that continued global demand combined with further production cuts will eventually ease pressure on many commodities.

Equities

Already buoyant stocks to increase risk appetite. Global stocks started last week negatively as Chinese economic growth slowed for the third consecutive quarter in Q3. While major equity indices rebounded on Thursday following the ECB meeting, China’s central bank unexpectedly cut its lending rates to 4.35% last Friday. This is the 6th time China’s central bank has cut rates since November 2014 with investors split on whether this is a good or bad sign. MSCI China A Index closed last Friday trading day up 1.5% while the EuroStoxx 50 rallied 2.5% on Thursday as ECB president Draghi indicated that they will be ready to act if China slowdown becomes a threat to the ECB efforts in supporting the Eurozone recovery. Stocks in the US also performed strongly last week on overall better-than-expected Q3 earnings among the 172 companies (35%) that have reported earnings so far.

Currencies

The PBOC cut rates while ECB kept rates unchanged. The European Central Bank’s (ECB) appears ready to provide more stimulus, putting downward pressure on the Euro. We expect further weakness, particularly against the USD. Meanwhile, the PBOC cut its one-year lending rate by 25bps and the Reserve Requirement Ratio (RRR) by 50bps in response to falling domestic growth, dropping below the 7% target for 2015. The PBOC has however more room to support the Chinese economy and further declines in the CNY can’t be ruled out if it implements more aggressive monetary policy. While the PBOC cut its rate, a rate rise is still on the cards for the FED this year. Strong home sales and job data in the US lent support to the USD, up 2.1%, and this week’s FOMC meeting will be closely watched for clues as to the trigger for a rate hike.

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”).

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De mest populära ETFerna hos Nordnet just nu

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För att hjälpa dig att hitta spännande ETFer har Nordnet tagit fram en inspirationssida. Där kan du se vilka ETFer som är mest ägda och har bäst utveckling inom olika regioner och branscher. Här är de 10 mest populära ETFerna oavsett bransch och region. De mest populära ETFerna hos Nordnet just nu.

För att hjälpa dig att hitta spännande ETFer har Nordnet tagit fram en inspirationssida. Där kan du se vilka ETFer som är mest ägda och har bäst utveckling inom olika regioner och branscher. Här är de 10 mest populära ETFerna oavsett bransch och region. De mest populära ETFerna hos Nordnet just nu.

NamnAntal ägareKortnamn
iShares Core S&P 500 UCITS ETF USD (Acc)61 089SXR8
iShares Core MSCI World UCITS ETF USD (Acc)55 745EUNL
iShares Core MSCI EM IMI UCITS ETF USD (Acc)32 682IS3N
iShares S&P 500 Information Technology Sector UCITS ETF USD (Acc)31 628QDVE
iShares Global Clean Energy UCITS ETF USD (Dist)22 891IQQH
iShares Automation & Robotics UCITS ETF USD (Acc)15 4592B76
Xtrackers Euro STOXX 50 UCITS ETF 1C14 484XESC
iShares Core S&P 500 UCITS ETF USD (Dist)14 304IUSA
iShares MSCI ACWI UCITS ETF USD (Acc)12 385IUSQ
XACT OMXC25 ESG12 281XACT OMXC25

Så handlar du med ETFer

Det finns i dagsläget fler än 1 600 ETFer på Nordnets plattform och du kan hitta någon i så gott som alla sektorer och regioner. Det svåra är snarare hur du ska hitta rätt, i det omfattande utbudet.

Med Nordnets ETF-sorterare får du hjälp att söka ut ETFer som matchar dina önskemål. Du klickar helt enkelt i vad du söker och får en lista anpassad till detta.

Innan du köper ETFer finns det några saker det är bra att ha koll på, nämligen:

• Vad ETFen ger exponering mot

• Vad den har för förvaltningsavgift

• Vad är det för spread mellan köp och sälj. Detta blir indirekt en kostnad för dig som investerar i ETFen.

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SXRY ETF spårar den italienska aktiemarknaden

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iShares FTSE MIB UCITS ETF (Acc) (SXRY ETF) med ISIN IE00B53L4X51, strävar efter att spåra FTSE MIB-index. FTSE MIB-index spårar de 40 största italienska företagen.

iShares FTSE MIB UCITS ETF (Acc) (SXRY ETF) med ISIN IE00B53L4X51, strävar efter att spåra FTSE MIB-index. FTSE MIB-index spårar de 40 största italienska företagen.

Den börshandlade fondens TER (total cost ratio) uppgår till 0,33 % p.a. ETFen replikerar det underliggande indexets prestanda genom fullständig replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.

iShares FTSE MIB UCITS ETF (Acc) har tillgångar på 211 miljoner GBP under förvaltning. Denna ETF lanserades den 26 januari 2010 och har sin hemvist i Irland.

Varför SXRY?

Exponering mot brett diversifierade italienska företag

Direktinvestering i 40 italienska företag

Exponering för enskilda länder och stora företag med börsvärde

Investeringsmål

Fonden strävar efter att följa resultatet för ett index som består av 40 av de största och mest likvida italienska företagen.

Handla SXRY ETF

iShares FTSE MIB UCITS ETF (Acc) (SXRY 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 DEGIRONordnet, Aktieinvest och Avanza.

Börsnoteringar

BörsValutaKortnamn
London Stock ExchangeGBXCMB1
gettexEURSXRY
Stuttgart Stock ExchangeEURSXRY
BATS Chi-X EuropeUSDCSMIBx
Bolsa Mexicana de ValoresMXNSXRYN
Borsa ItalianaEURCSMIB
London Stock ExchangeEURCMIB
SIX Swiss ExchangeEURCSMIB
XETRAEURSXRY

Största innehav

KortnamnNamnSektorVikt (%)ISINValuta
UCGUNICREDITFinans11,49IT0005239360EUR
ISPINTESA SANPAOLOFinans11,35IT0000072618EUR
ENELENELUtilities9,88IT0003128367EUR
STLAMSTELLANTIS NVSällanköpsvaror8,70NL00150001Q9EUR
RACEFERRARI NVSällanköpsvaror8,55NL0011585146EUR
ENIENIEnergi6,10IT0003132476EUR
GASSICURAZIONI GENERALIFinans5,86IT0000062072EUR
STMMISTMICROELECTRONICS NVInformationsteknologi4,74NL0000226223EUR
PRYPRYSMIANIndustri2,93IT0004176001EUR
MONCMONCLERSällanköpsvaror2,47

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Notes from our research on recent crypto moves: ideal moment for crypto index investing?

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Recent market movements reinforce the investment case for crypto index investing and we believe that now is the time to build a long crypto exposure via the Nasdaq Crypto Index (NCI) (or to boarden the exposure vs. a single asset Bitcoin ETF position).

Recent market movements reinforce the investment case for crypto index investing and we believe that now is the time to build a long crypto exposure via the Nasdaq Crypto Index (NCI) (or to boarden the exposure vs. a single asset Bitcoin ETF position).

Here are some commentaries from our Research:

• NCI surges +18% last week (Nov 3 to 10) while Bitcoin was up +15%: driven by market optimism following Trump’s election and a 25 bps rate cut by the Federal Reserve

• Bitcoin breaks new highs: Closed the week above $80k for the first time, leading a market rally

• Outperformance across NCI constituents:

o Smart contract platforms led gains:

 Cardano: +72.6%

 Avalanche: +31.4%

 Ethereum: +27.2%

 Solana: +25.4%

o All constituents (except LTC) outperformed Bitcoin’s gains, see below for last week:

• BTC Dominance tested 60% and retraced: Historically, this has either signaled the end of Bitcoin outperformance or the start of a powerful Altseason

• Strong performance outlook: Momentum in NCI’s broad diversification positions it well for potential long-term gains as macro and regulatory conditions improve

Nasdaq Crypto Index – Constituents performance Nov 3 – Nov 10:

Evolution of Bitcoin dominance:

Why consider Nasdaq Crypto Index (NCI) now?

• Diversification beyond Bitcoin: Capture both Bitcoin’s strength and the upside potential of emerging crypto assets in one allocation.

• Positioning for Altseason: NCI provides targeted exposure to key market segments poised to benefit from broader market growth.

• Current allocation:

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