The etf industry, big numbers are par for the course. Our analyst Eric Balchunas is used to big numbers. Eric this is no exception. This is the end of the year, the last show, so normally go over weekly. You today numbers are big. 324 billion. That is the second biggest year of etf flows ever. 7 organic growth. Lets look at the top leaderboard of the year. Bti broad market. 31 , that is the best return for the s p since 1997, even though it did not feel like that. Usmv was a shocker. Interesting for smart data. By one basisee point, enough to win this internal the battle. That is the hangover from 2018 and rates falling. Take a look at the Asset Classes. January to october, equities not that big. 40 of their flows in the past two months. Fixed income, look at that drop off. Gold as well. Look at their growth this year. A little below average but 18 look at their growth this year. Fixed, way above last year. Lets look at the leaderboard in terms of the issuers who won and lost. For the
Investors wait for stimulus clues from the ecb accounts, as pmi data today is set to confirm further contraction for European Manufacturing. Fedsak with kansas city astor george today at jackson hole. Angela merkels 30 day challenge. The german chancellor gives Boris Johnson a month to find a brexit solution, though francis says a no deal is france says a no deal is most likely. If we approach this with sufficient patience and optimism, as i say, we can get this done. Silence onbreaks its the unrest in hong kong, as the city faces an earnings recession not seen since the financial crisis. Good morning and welcome to Bloomberg Markets european open. The threeday moves on the 10 year yield, just up and down, up and down. Yesterdays spike was after we got the minutes. At first it looked like they were not telling us much, then it was a little bit confusing. Markets still expect a cut. Now you have the yield going back down, as we await all of this pmi data in the u. S. Sorry, pmi data in
European union, but then that has been awesome movements in this sense. So them all know parties that have this idea before, but now they are moving away from it and saying more, well, we want to keep our National Voice in this, but theyre not saying anymore that they want to get out of the european parliament. And when i said things, im moving right now what im trying to say there is fed, it all depends on the how the coalition for me will look after the european elections and how strongly spot is will be in the entry. So we have just heard that marina pens and some of them on us tonight does not want to work any more if its a german alternative for germany. And theyre right now form a group together, which is called a fall right group. Its called identity and democracy. So if so if theyre not working together so these things are still moving and even have to see how the drums are really all off to the european elections. Ok, lets see. Let me interrupt there because im going to take o
Board almost in ascending order the nasdaq gaining the most as we continue to see a comeback in technology shares. Have seen strength in small caps consistently over the past month. The larger cap averages dont quite retain those levels. A chart of the small caps and one interpretation of them. Jim paulsen wrote in a report caps perform especially well when traders and investors expect inflation to accelerate. This is the ratio to the s p 500. When it is rising small caps are outperforming. We are looking at a marketbased inflation gauge. One measure of perceived inflation. Essentially we have seen a bounce in the blue line at the same time we have seen small caps outperforming larger caps. Speaking of inflation as well we are taking a look at the bond market this morning. We have quite a notable measure in the twoyear yield. 1. 4 7 this behind it has been since 2008 on the heels of Janet Yellens speech yesterday in which she seemed to indicate the fed is going to continue with Interes
It has got for Sports Companies later this hour. Have a look at where european equities are trading right now. We are under 30 minutes away from the end of the wednesday session. Stocks are rising for a consecutive fifth day, the best run since september 12, the highest run for the stoxx 600 since july 19. All of these currencies falling against the dollar, bond yields gaining. Some Corporate News to tell you h utility fortum could turn into europes biggest acquisition. For a deal were e. On the offer of 22 euros per share of all unit per investors. Niper is thebuy upi biggest plan since germany split their utilities in 2016. Shares are down one half of 1 . A tough month for precious metals. Buying as little as. 71 ounce of gold on tuesday. That is the least going back to 1987. Taking a hit for diesel cars is compounding the impact for the diverting and diverting some investors from metals. That is the focus of that chart. More thanrst time in a year, local currency and egyptian bonds