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’The power of the dark inventory
FT Alphaville is reading Robert Harris’ The Fear Index at the moment, and would like to take this opportunity to recommend it as required reading for anyone who enjoys a good Jason Bourne style adventure,
Time to revisit/rethink EM equities?
Investors are making tentative steps back to emerging market equities.
Last week EM equity funds reported positive flows, on aggregate, for the first time in three months — fund flow data from EPFR Global showed a net inflow of $667m for the week to Wednesday October 19.
Destination, safety; origin, everywhere
That faint rumbling is the sound of funds investors marching out of… everything:
August is the first month since September 2008 that we’ve seen net outflows from equities, bonds and cash. For the first time this year, Global Bond Funds suffered from net monthly outflows of $16bn in August,
European money market funds are hemorrhaging
Here’s an interesting chart from Société Générale compiled using data from EPFR Global.
It shows recent flows in and out of European money-market funds.
As can be seen, they’re seemingly hemorrhaging once again:
Guest post: ETFs – what’s the fuss about?
Paul Amery, editor of IndexUniverse.eu, a specialist publication devoted to index-based investing and exchange-traded funds, considers the recent assault on the market.
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Last week’s three-pronged attack from the super-regulators of the world’s financial system — the G20 Financial Stability Board (FSB),
Ireland LLC
Here’s an unexpected press release from the Irish Funds Industry Association:
Irish Funds Industry Continues Expansion
TOTAL assets under administration in Ireland have reached a record high and are fast approaching the €2 trillion mark.
Correlation trading and the WTI-Brent spread
Another day, and another widening in the WTI-Brent front-month future spread — this time to what looks to be approaching record wides.
The spread hit as much as -9.50 on Monday and according to Bloomberg data the record for the differential stands at -10.67,
The apparent rise of the mini flash crash
Another mysterious ‘mini flash crash’ in global equity markets.
This time it occurred in the shares of Progress Energy.
Trading in shares of the energy firm were halted by the New York Stock Exchange for about five minutes on Monday.
A blob in commodity flows
Are commodities on the verge of a deflationary price collapse?
Walter J. Zimmerman, the chief technical analyst at United-ICAP, provided an interesting perspective on the matter to Bloomberg on Tuesday:
Former Nomura fund chairman fingers Nomura Asset Management to the SEC
It’s a bit of an odd one this. So here’s a straight story to start:
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Nomura Asset Management USA, the American offshoot of the Japanese bank’s asset management business, has been reported to the Securities and Exchange Commission by the former chairman and chief executive of one of its funds.
Goldman seeks to avoid SEC fund-amentalism
A tip-off, for any one who thinks Goldman got off lightly in the Abacus affair.
The Securities and Exchange Commission’s undertaking on the Abacus 2007 AC1 CDO ain’t over ’till it’s over — and it looks like that’s not yet.
Is ‘cash for commodity’ the biggest trade in town?
FT Alphaville has speculated before about the chances that the financial credit crunch led a number of commodity players to turn to the term-structure of their markets to access an alternative type of funding.
In the event of a Greek default…
Following its ratings action on Portugal, S&P downgraded Greece by a full three notches on Tuesday to BB+/B — junk status. From the agency’s release:
· We have updated our assessment of the political,
Just who is buying this rally?
Here’s an insightful question from David Rosenberg of Gluskin Sheff on the matter of the current rally in global equities.
Who is actually doing the buying?
As Rosenberg notes:
It’s not private clients – stock funds registered net outflows of $1.33bn last week.
Frightful fixed income funds
Standard & Poor’s has just released its mid-year Index vs Active Fund Scorecard (SPIVA), which measures active funds against their passive index benchmarks. And whereas the last SPIVA was rather unequivocal in its findings,
Flows into emerging market equity funds hit 18-month high
Funds dedicated to emerging market equities attracted some $4bn of investor cash during the week to June 03, according to data from fund tracker EPFR.
Michael Hartnett, chief global equity strategist at Merrill Lynch,
Equity fund managers see bottom in equities
Talk about talking one’s book. This is the latest press release from Standard & Poor’s Fund Services unit:
London, 27 May, 2009 – The US equity market has bottomed out, according to a number of fund managers interviewed by Standard & Poor’s Fund Services for its latest sector update,
Positive flows into emerging markets trigger a “sell” at Merrill
Dedicated emerging market equity funds posted a fourth consecutive week of positive flows during the week ended April 1, according to data from fund-tracker EPFR.
Investors poured just over $1bn into these funds during the week,
Won’t somebody please think of the children?
This is Caitlin.
In August, Caitlin’s friends at HM Treasury gave her a gift of £250 to invest in the future. Perhaps, she thought, with prudent investment this sum may one day grow enough to fund a term or two at a former polytechnic,
A lack of money to manage?
There were outflows in the billions for US equities last week according to the latest research from TrimTabs:
TrimTabs Investment Research estimates that all equity mutual funds posted an outflow of $31.8 billion in the week ended Wednesday,
Cash trickles back into emerging market equities
Emerging market equity funds finally snapped a prolonged losing streak as investors once more found something to like about the asset class.
Dedicated emerging market equity funds registered inflows of around $413m in the week to November 5,