ETF Morning Call: Fiscal Cliff, Data In Focus

Ndubisi Onuora
November 8, 2012



  • Asian stock indexes sank as investors focused on the U.S. budget debate and China's selection of leaders.
  • The Nikkei declined 1.51 percent; S'P/ASX 200 dropped 0.72 percent; Hang Seng plunged 2.41 percent; KOSPI fell 1.19 percent; the Shanghai Composite slipped 1.63 percent.
  • Chinese industrial production grew 9.4 percent in October from the previous year, a better rate of growth than the one seen in September.
  • Chinese retail sales surged 14 percent in October and were greater than the 1.46 percent increase in September.



  • European stock indexes climbed after strong earnings results from Swiss Re and Hermes International. Look for increases in the Vanguard MSCI Europe ETF (VGK).



  • U.S. stock futures advanced, but eyes were on jobless claims and the ECB interest rate announcement.
  • Analysts estimate that weekly jobless claims increased by 7,000 to 370,000 this week. They also estimated the trade deficit increased to $45.4 billion from $44.2 billion due to a decrease in exports mainly owing to higher oil prices.



No major earnings news affecting ETFs today.



All commodities news is as of 7 a.m. ET.

Gold and Silver Drop

  • Gold declined 0.14 percent, or $2.47, to $1715.28. Expect a decline in the SPDR Gold Shares physical bullion ETF (GLD).
  • Silver descended 0.26 percent, or $0.08, to $31.74. Expect decreases in the iShares Silver Trust (SLV).


WTI and Brent Oil Advance

  • The December contract for WTI crude oil gained 1.03 percent, or $0.87, to $85.31 per barrel.
  • The December contract for Brent crude oil rallied 0.79 percent, or $0.84, to $107.66 per barrel.
  • Expect growth in the United States Oil Fund (USO) and in the United States Brent Oil Fund (BNO).


Fund Flows

On Wednesday, Nov. 7, 2012, the top ETF in nominal inflows was the SPDR S'P 500 (SPY), with creations of $1.78 billion. The top ETF in nominal outflows was the SPDR S'P MidCap 400 (MDY), with redemptions of $112.71 million.


ETF Launches

None as of yet today


ETF Filings

None as of yet today


Economic Calendar


  • International Trade - 8:30 a.m. ET
  • Jobless Claims - 8:30 a.m. ET



  • Canada


◦      Housing Starts - 8:15 a.m. ET

◦      Merchandise Trade - 8:30 a.m. ET


  • Switzerland


◦      Unemployment - 1:45 a.m. ET

  • Germany


◦      Merchandise Trade - 2:00 a.m. ET

  • France


◦      Merchandise Trade - 2:45 a.m. ET

  • EMU


◦      Retail Sales - 5:00 a.m. ET

  • U.K.


◦      BOE Announcement - 7:00 a.m. ET

  • EMU


◦      ECB Announcement - 7:45 a.m. ET


  • China


◦      Industrial Production - TBD

◦      Retail Sales - TBD

◦      Consumer Price Index - 8:45 p.m. ET

◦      Producer Price Index - 8:45 p.m. ET


Permalink | ' Copyright 2012 IndexUniverse LLC. All rights reserved