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Euro notes

Euro Stoxx 50 inflows make a comeback


The first week of July delivered healthy inflows of EUR1.5bn making it the third best cash flow week for the European ETP industry this year, according to Deutsche Bank.

Flows were directional and diversified across equity, fixed income and commodities, thus reflecting improved market sentiment.

ETFs were the largest beneficiary with EUR1.4bn of inflows.

Equities received EUR787m of inflows, primarily channelled towards developed market (DM) equity diversified indices (EUR700m). Most of the inflows into equity diversified indices were received by Euro Stoxx 50 benchmarked ETFs (EUR410m).

This week’s inflows into DM diversified equity indexed ETFs solidified their gains into positive territory for 2012. YTD diversified DM equity benchmarked ETFs received EUR864m of inflows while the Euro Stoxx 50 YTD flows are still well in negative territory, totalling EUR1.2bn of outflows.

The US S&P 500 and MSCI Europe are the two largest YTD diversified DM equity benchmarked ETF beneficiaries with inflows of EUR645m and EUR691m respectively.

Germany’s DAX benchmarked ETFs continued to experience outflows this week (-EUR122m) bringing their YTD outflows to EUR375m.

Fixed income ETFs saw another good flows week with inflows totalling EUR568m, bringing their YTD inflows to EUR3.2bn. YTD fixed income ETF inflows continue to come in at healthy levels and they now outweigh those of equity ETFs by 1.6x times, even though fixed income comprises 21 per cent of the European ETF market, while the comparable number for equity benchmarked ETFs is at 67 per cent.

The biggest fixed income beneficiary this week was again corporate bond benchmarked ETFs, receiving inflows of EUR248m, bringing their YTD inflows up to EUR3.3bn. Corporate benchmarked ETF inflows remain this year’s biggest trend across all asset classes in Europe.

Commodity ETPs netted inflows of EUR106m this week, primarily driven by inflows into gold benchmarked ETPs totalling EUR145m. These gold flows are at comparable levels as those of the prior week (EUR157m) and they have brought YTD gold ETP inflows up to EUR1.8bn. Gold ETPs continue to dominate the commodity ETP space, where all other non precious metal commodity ETPs saw marginal outflows this week (EUR39m). YTD non-gold benchmarked ETPs saw inflows totalling just under EUR200m.

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