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Written by IU.eu Staff
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Monday, 14 September 2009 10:55 | Related ETFs:
FXC / FXI
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European ETF trading commentary for the week ending 11 September 2009, provided by LaBranche Structured Products Europe (LSPE).
Last week we saw three major themes: emerging markets, the US and ETF Securities’ Natural Gas ETC (LSE: NGAS).
There was growing interest in China with large investments in emerging markets ETFs such as the iShares MSCI Emerging Markets (LSE: IEEM), db x-trackers FTSE/XIN China 25 (LSE: XX25), Lyxor ETF China Enterprise HSC (NYSE Euronext: ASI) and iShares FTSE/XINHUA China 25 ETF (LSE: FXC). China and Brazil ETFs gained 5% and 4.1% respectively last week. LSPE were part of some of the biggest creations in IEEM, although the equivalent US iShares MSCI Emerging Markets and FTSE/XINHUA China 25 funds (NYSE: EEM and NYSE: FXI) saw the biggest redemptions in the US last week – around US$700 million.
ETFs tracking the MSCI USA index registered the second largest creations last week and we sold blocks to European and UK investors in heavy volumes.
It was a busy week for ETF Securities’ Natural Gas ETC (LSE: NGAS), which broke all records in terms of volumes and witnessed the biggest jump since its inception. LSPE sold large blocks on all three exchanges (LSE, NYSE Euronext and Deutsche Borse) where volumes were strong, possibly due to stockpile figures that rose significantly less than in previous months, leading to a major 6% jump at the start of trading on Thursday 10. Crude oil slipped to its lowest levels in almost a week and natural gas output dropped, which significantly tightened the market balances and pushed NGAS up.
We also saw decent two-way volumes in the iShares MSCI Japan Fund (LSE: IJPN) but ended up creating as demand took over and there was a lack of sellers in the middle of the week. Meanwhile, investors have been taking profit on banking ETFs and buying funds tracking the MSCI Europe index.
Finally, the ETFS Copper ETC (LSE: COPA) lost ground with a 6% decline and we saw demand for short copper. Volumes in bond and corporate bond ETFs were weaker than usual.
This report is not an offer to sell or a solicitation of any investment products or other financial product or service, an official confirmation of any transaction, or an official statement of LSPE.
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