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ETF Morning Call: Greek Debt Weighs On Markets

Ndubisi Onuora




  • Asian stock indexes dropped today, as investors grew worried about the fiscal issues in the U.S. and as Australia's business confidence dropped.
  • The Nikkei fell 0.18 percent; S'P/ASX 200 sank 1.53 percent; Hang Seng slipped 1.13 percent; KOSPI dropped 0.59 percent; the Shanghai Composite declined 1.51 percent.



  • European stock indexes slipped today, as finance ministers disagreed on how Greece should repay its debt. Look for drops in the Vanguard MSCI Europe ETF (VGK).
  • The ZEW Survey in Germany showed that in October, businesses in that country had a weaker economic outlook than many had expected. That outlook was also weaker than it had been in September.



  • U.S. stock futures dropped on continued "fiscal cliff" woes as well as on concerns that European leaders have yet to agree on how Greece will repay its debt.
  • The yield on 10-year Treasurys declined to 1.62 percent as investors rushed to bonds ahead of the fiscal cliff. Adding to concerns were expectations that GDP would fall by about 0.3 percent.



Home Depot – Third quarter

  • Expected EPS = $0.70; actual EPS = $0.74
  • ETF movements


◦      Market Vectors Retail ETF (RTH)



All commodities news is as of 7:05 a.m. ET.

Gold and Silver Advanced

  • Gold climbed 0.07 percent, or $1.15, to $1729.35. Expect gains in the SPDR Gold Shares (GLD).
  • Silver rose 0.62 percent, or $0.20, to $32.61. Expect increases in the iShares Silver Trust (SLV).


WTI and Brent Oil Dropped

  • The December contract for WTI crude oil fell 0.13 percent, or $0.11, to $85.46 per barrel.
  • The December contract for Brent crude oil descended 0.39 percent, or $0.42, to $108.65 per barrel.
  • Expect declines in the United States Oil Fund (USO) and in the United States Brent Oil Fund (BNO).


Fund Flows

On Monday, Nov. 12, 2012, the top ETF in nominal inflows was the Vanguard S'P 500 ETF (VOO), with creations of $69.62 million. The top ETF in nominal outflows was the SPDR S'P 500 (SPY), with redemptions of $864.19 million.


ETF Launches

None as of yet today


ETF Filings

None as of yet today


Economic Calendar


  • Treasury Budget - 2:00 p.m. ET



  • Switzerland


◦      Producer and Import Price Index - 3:15 a.m. ET

  • Italy


◦      CPI - 4:00 a.m. ET

  • U.K.


◦      CPI - 4:30 a.m. ET

◦      Producer Price Index - 4:30 a.m. ET

  • Germany


◦      ZEW Survey - 5:00 a.m. ET


  • New Zealand


◦      Retail Trade - 4:45 p.m. ET


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