ETF Outlook for Friday, November 29, 2013
iShares MSCI Philippines ETF (NYSE:
The country reported seven percent GDP growth in the third
quarter yesterday, below the previous 7.6 percent and not quite
at the 7.1 percent estimate. However, it is the fifth consecutive
quarter of growth of at least seven percent and that was good
enough to send stocks in the country higher.
Next quarter growth is expected to drop after Typhoon Haiyan
took a big toll on the country. Looking ahead the rebuilding may
end up boosting GDP next year. The good news is that inflation
remains moderate and domestically the Philippines has strong
Rydex CurrencyShares British Pound ETF (NYSE:
The Bank of England announced it would scale back it's Funding
for Lending Scheme to help cool off the robust housing market. By
not focusing on mortgages the BOE believes this could help divert
the housing market from going into a bubble.
Where is the Bottom for Gold Miners? (GDX, GDXJ,
The news sent the Pound higher as it would be less "easing."
The currency and ETF are now sitting at a one-year high and not
far from a multi-year high.
Rydex CurrencyShares Japanese Yen ETF (NYSE:
Yesterday the yen continued its freefall as Japanese stock hit
a six-year high as measured by the Nikkei. FXY is trading at the
lowest level in years and attempting to fight the Bank of Japan
appears to be a losing battle.
The lower trade yen is not over as many analysts have been
calling for. The combination of weak yen and strong Japanese
stocks has been pushing the WisdomTree Japan Hedged Equity ETF
) to new six-month highs. The ETF is long Japanese stocks and
short the Yen; a win-win for investors.
iShares MSCI Germany ETF (NYSE:
The German unemployment rate did not change from last month
and came in at 6.9 percent for November. But the number of
unemployed rose to the highest since April 2011.
German stocks were up after the news slightly. EWG is trading
at new all-time high as investors continue to put money into
European stocks that appear to be trading undervalued versus
their American peers.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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