Craptacular – The descriptive adopted by consultants, looking at Barclays sales in the MBS arena between 2005 and 2007 . The UK bank rejected a settlement with the US’s DoJ, daring it to sue, with the Department of Justice promptly obliging. This is in contrast with Deutsche Bank, which settled, and many others, including JPMorgan Chase, which earlier settled as well.
As for Deutsche Bank, some expressed concerns about the uncomfortable and rather poor optics of political appointees having to make decisions related to banks the President elect Donald Trump owes a lot of money to, which apparently is the case for the German lender, to the tune of some $300 MM…
- Germany – A terrorist act at a Christmas market in Germany that left 12 dead and many more injured, some critically ended up late Friday, when Italian police killed him in an exchange of gun fire. German intelligence, who apparently knew a lot about him are facing quite a few uncomfortable questions as a result.
- US FED – Forbes Magazine Editor-in Chief Steve Forbes – Begs to differ with FED Chair Janet Yellen when it comes to her position at the FED until Feb 2018, calling instead for her dismissal asap
- Trump Appointments – Corporate Financier Carl Icahn – Has been made a special Advisor to President elect Donald J Trump, charged with advising on regulatory reform. Funny how in the immediate aftermath of accepting the role, Carl’s fortune immediately rose $510 MM …
- Canada – October 2016 GDP number – Disappointed, and in the process potentially put a possible rate cut by the BoC in early 2017 back on the table. The CAD lost ground as a result…
- Italy – Italian Bank Monte Paschi – Looks to be failing as far as raising additional capital on its own, with Italy likely having to privatize it as a result. The question is – will that be enough? The other question one might ask is what were they thinking – those who earlier participated in the world’s oldest bank prior equity raises – which all proved insufficient…
Latest market numbers as seen through the ETFs providing exposure to the most commonly referred to benchmarks:
|XIU||S&P/TSX 60||0.40%||PXG||RAFI Global Fundamental||0.76%||VCN||FTSE Canada All Cap Index ETF||0.55%|
|XIC||S&P/TSX Capped Composite||0.58%||PXS||RAFI US Fundamental Index||1.19%||VCE||FTSE Canada Index ETF||0.61%|
|CRQ||RAFI CDN Fundamental||0.33%||QQC||NASDAQ 100 CAD Hedged||0.26%||VUN||CRSP US Total Market Index Unhedged||1.68%|
|XSP||S&P 500 CAD Hedged||0.19%||PZC||RAFI CDN Small-Mid Fundam||#N/A||VSP||S&P 500 CAD Hedged||0.30%|
|XUS||S&P500||1.69%||VXC||FTSE All-World Ex Canada Index ETF||1.41%|
|XMU||MSCI Min Vol US||1.82%||XXM/b||Morningstar US Value (Unh)||1.68%||VEF||FTSE Developed ex North-Am CAD H||0.38%|
|CLU||RAFI US Fund 1000 CAD H||0.46%||YXM/b||Morningstar US Momentum (Unh)||1.65%||VDU||FTSE Developed ex North-America||1.43%|
|XSU||Russell 2000 CAD Hedged||0.58%||FXM||Morningstar CDN Value||-1.95%||VE||FTSE Developed Europe||1.44%|
|XIN||MSCI EAFE CAD Hedged||0.30%||WXM||Morningstar CDN Momentum||0.34%||VA||FTSE Developed Asia Pacific||1.45%|
|XEH||MSCI Europe IMI CAD H||0.32%||VXM/b||Morningstar Intl Value (Unh)||0.30%||VEE||FTSE Emerging Mkts||0.17%|
|XEC||MSCI EM IMI||-0.22%||ZXM/b||Morningstar Intl Momentum (Unh)||2.41%||HAZ||Active Global Dividends||2.02%|
|XMM||MSCI Min Vol Emerging||-0.58%||RWE||MSCI Europe Low Risk Weighted (H)||0.43%||HHF||Morningstar Hedge Fund Index||0.94%|
|CWO||RAFI Broad Emerging||0.44%||HMF||Auspice Managed Futures||0.78%|
|CJP||RAFI Fundam Japan CAD H||0.14%||ZDJ||Dow Jones CAD Hedged||0.06%||HAC||Seasonal Rotation||0.38%|
|CDZ||CDN Div Aristocrats||0.30%||ZEQ||MSCI Europe High Quality CAD H||0.84%||HPR||Active Preferred Shares||0.35%|
|week of:||Dec 19-23, 2016||Source:||ETFinsight/Bloomberg|
Weekly Volumes for the week of Dec 19-23, 2016:
Volumes declined notably on the week, with the week ahead set to be even quieter on account of the holidays:
|weekly volume data:|
|Total Volume non-leveraged||$4,875,418,521|
|top 10 Volume non leveraged||$2,104,760,953|
|Total Volume leveraged||$1,721,317,893|
|top 5 Volume leveraged||$1,291,121,539|
|Total Volumes overall:||$6,596,736,413|
|Top 10 + Top 5:||$3,395,882,492|
|top 10 non leveraged % of total nl:||43.2%|
|top 5 leveraged % of total leveraged||75.0%|
|Top 10 + Top 5 as % of total traded:||51.5%|
First Asset –Meeting of convertible debt ETF convened Feb 23, 2017 to consider merger with a mutual fund with similar objectives => Click HERE! Value and Momentum were neck and neck in the US, Momentum pulled ahead on the international front, while in Canada, Value underperformed, with high volumes traded in FXM.
Other – BMO ETFs – 2016 Capital Gains distributions reinvested => Click HERE!
Upcoming – ETFinsight: I will dispense with the Week that Was in terms of the week of December 26-30 on account of the holidays, with January 2017 Perspectives coming out shortly after New Year’s!
All the best for the holidays!
Top and Bottom performing ETFs for the week of Dec 19-23, 2016:
|Ticker||Name||% Change||Avg Price||Weekly Volume||$ Volume traded|
|Top Performers||week of||Dec 19-23, 2016)|
|XBZ CN Equity||iShares MSCI Brazil Index ETF||5.16%||$11.77||92,942||$1,084,475|
|HNY CN Equity||Horizons Natural Gas Yield ETF||4.35%||$15.89||25,636||$404,781|
|XGD CN Equity||iShares S&P/TSX Global Gold Index ETF||3.28%||$11.10||15,419,393||$171,000,028|
|ZBK CN Equity||BMO Equal Weight US Banks Index ETF||3.25%||$24.47||682,211||$16,634,711|
|RPD CN Equity||RBC Quant European Dividend Leaders ETF||2.77%||$21.48||24,594||$527,436|
|HUN CN Equity||Horizons NYMEX Natural Gas ETF||2.68%||$7.10||96,444||$682,713|
|ZJG CN Equity||BMO Junior Gold Index ETF||2.67%||$7.18||1,084,635||$7,799,999|
|RID CN Equity||RBC Quant EAFE Dividend Leaders ETF||2.32%||$22.58||197,721||$4,449,292|
|ZIC CN Equity||BMO Mid-Term US IG Corporate Bond Index ETF||2.21%||$18.81||425,437||$8,013,543|
|ZGD CN Equity||BMO S&P/TSX Equal Weight Global Gold Index ETF||2.20%||$8.67||526,336||$4,562,727|
|XCH CN Equity||iShares China Index ETF||-1.10%||$22.65||260,451||$5,923,043|
|UXM CN Equity||First Asset Morningstar US Dividend Target 50 Index ETF||-1.36%||$13.18||51,970||$687,797|
|ZEO CN Equity||BMO S&P/TSX Equal Weight Oil & Gas Index ETF||-1.46%||$12.99||994,861||$12,951,443|
|ZEM CN Equity||BMO MSCI Emerging Markets Index ETF||-1.52%||$16.39||166,401||$2,734,264|
|FXM CN Equity||First Asset Morningstar Canada Value Index ETF||-1.95%||$14.24||2,876,256||$40,891,522|
|SVR CN Equity||iShares Silver Bullion ETF||-2.44%||$8.92||411,935||$3,706,245|
|ZMT CN Equity||BMO S&P/TSX Equal Weight Global Base Metals Hedged to CAD Index ETF||-2.64%||$9.38||460,992||$4,285,451|
|NXF CN Equity||First Asset Energy Giants Covered Call Etf||-2.67%||$8.53||52,329||$447,357|
|MXF CN Equity||First Asset Can-Materials Covered Call ETF||-2.89%||$14.69||27,652||$407,177|
|HUV CN Equity||Horizons Betapro S&P 500 VIX Short Term Futures ETF||-5.33%||$8.63||102,996||$889,385|
Top Performing ETFs on the week – to see long suffering Gold related ETFs amongst gainers (US Banks – expected), but also US Corporates (less so) is perhaps what was noteworthy amongst the latest moves across ETFs.
Bottom Performing ETFs on the week –Canadian Value shows up amongst bottom performers, on high volumes. Will there be any predictive value to be derived from this move?