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News & Research
Most Recent News & Research
Analytics | Portfolio Risk Management
Multi-Asset Class Risk Monitor Highlights | Week Ended February 2, 2024
Strong labor-market report smashes March rate-cut hopes but boosts the dollar; Short Gilt yields rise despite dovish signals from BoE; Portfolio risk falls further as US stocks book fourth week of gains.
Index | Listed Derivatives
Eurex introduces options on EURO STOXX 50 index dividend futures, expanding popular derivatives offering
Mid-curve options on dividend futures give market participants a more targeted instrument, with quarterly expirations, to gain exposure on the direction of European dividend payments.
Investor sentiment ended mixed last week, rising in the US, Europe, Japan, Global Developed, and Global Developed ex-US markets, but declining in Asia ex-Japan, Australia, Global Emerging Markets, the UK, and China. Investors in the latter are becoming increasingly bearish in the face of a silent response from the authorities. Sentiment in the major markets of the US, Europe, and Japan continues to be driven by the pivot industrial complex, and despite last week’s push-back from central bankers, investors remain convinced that the future direction of interest rates has decidedly pivoted to the downside now. #NotIfButWhen.
Analytics | Portfolio Risk Management
Multi-Asset Class Risk Monitor Highlights | Week Ended January 26, 2024
Bund curve steepens over disinflation hopes; Persistent UK inflation puts question mark on early rate cuts; Lower FX and interest-rate volatility reduce portfolio risk.
Sentiment declined globally in the past two weeks as investors face an increasingly negative geopolitical world that really burns their toast. Sentiment had risen since November last year on the belief that both the Fed and the ECB would start to cut interest rates as early as this March. The mood reversal of the past two weeks indicates that most of them now acknowledge that this was less of theory and more of a guess. They have now set the May FOMC meeting as the absolute bar-is-closing, last call time limit for a rate cut. Global Developed ex-US investors have retained their bullish hopes, despite weak economic data out of Germany in the prior week. Their thinking seems to be that if the US can avoid a recession, so can the rest of the (developed) world, even though that is 100 percent not grounded in reality as most of the time in the past 20 years, the opposite was true.
Index | ESG & Sustainability
Q&A with BlackRock’s Moufti: Capturing the upside from essential metals miners
Omar Moufti, Thematics and Sectors Product strategist at BlackRock, says the transition to a low-carbon economy is just one of the forces propelling the copper and lithium industries, and explains why investing in the miners’ stocks may be an attractive long-term proposition for investors.
STOXX Ltd. has announced unscheduled component changes in the MDAX, SDAX and TecDAX indices.
The past week saw a complete reversal of the first week of 2024, with the US and other Developed markets up sharply. Within Developed Markets, the Medium-Term Momentum factor was particularly strong. Simultaneously, the Size factor, which had an exceptionally positive 2023 may have begun to reverse (Japan excepted, once again).
Index | Listed Derivatives
New STOXX Europe 600 SRI futures on Eurex broaden sustainable derivatives offering for investors
Eurex will launch futures on the STOXX Europe 600 SRI (Socially Responsible Investing), an index with extended exclusions as well as emissions and best-in-class ESG filters. The offering follows the successful adoption of similar contracts on the STOXX EUROPE 600 ESG-X, launched in 2019.
Analytics | Portfolio Risk Management
Multi-Asset Class Risk Monitor Highlights | Week Ended January 12, 2024
US Treasury yields drop despite inflation uptick; Lower FX and equity volatility reduces portfolio risk.
Investor sentiment softened slightly last week but remains mostly positive. Sentiment was bullish in five of the ten markets we follow (Asia ex-Japan, Global Developed Markets ex-US, Global Emerging Markets, the UK, and (briefly?), with the continued hope for a global (ex-Japan) pivot to a more dovish monetary policy, by major central banks. In contrast, sentiment among Chinese investors retreated from last week’s bullish feeling, returning to just positive this week, after further signs of deflation were met by a lack of stimulus response from the authorities, like an iPhone that’s (temporarily?) lost communication with its cloud.