The major market indices were down this week. The Dow Jones Industrial Index fell 2.02 percent. The S&P 500 Stock Index lost 2.25 percent, while the Nasdaq Composite finished 1.68 percent lower.
Barra Growth outperformed Barra Value as Barra Value finished 2.66 percent lower while Barra Growth declined 1.84 percent. The Russell 2000 closed the week with a loss of 4.18 percent.
The Hang Seng Composite finished higher by 0.02 percent; Taiwan was up 0.68 percent and the Kospi gained 2.55 percent.
The 10-year Treasury bond yield closed at 3.20 percent, down 11 basis points for the week.
All American Equity Fund – GBTFX â€¢ Holmes Growth Fund – ACBGX â€¢ Global MegaTrends Fund – MEGAX
Domestic Equity Market
Miserable May bodes well for June-July
At U.S. Global Investors, Inc we like to use probability and statistics as an aid in our efforts to provide returns to our mutual fund shareholders. In that regard, a U.S. equity strategy report from J.P. Morgan cites some interesting statistics and probabilities with potentially positive implications for the equity market over the next couple of months. Their report shows the 7.9 percent decline in the Dow Jones Industrial Average in May was the 6th worst May decline in history. The 10 worst May declines were followed by an average 9.4 percent gain from June 1 to July 31st. Their report also shows that, on average for those 10 occasions, stocks historically troughed 8 days into June. In summary, the â€œMiserable May bodes well for June-July.â€
The figure below shows the performance of each sector in the S&P 500 index for the week. All ten sectors declined. The best-performing sector was technology, down 0.9 percent. Other better-performing sectors included telecom services and consumer staples. The three worst-performing sectors were materials, industrials, and financials.
Within the technology sector the best-performing stock was Netapp Inc, up 0.6 percent. Other top-five performers in the sector were Hewlett-Packard Co, Apple Inc, Qualcomm Inc and Dell Inc.
The managed healthcare group was the best-performing group, up 4 percent for the week. It may be that after weakness in the stocks of the healthcare insurers following healthcare reform, some investors began to seek out bargains.
The internet software & services group outperformed, gaining 2 percent. Google Inc, the largest member of the group, rose 3 percent. Two major brokerage firms reiterated their Buy / Overweight ratings on the stock. A smaller member of the group, Akamai Technologies Inc, gained 7.5 percent. A major brokerage firm raised its target price on the stock, citing a more benign competitive environment in the internet content delivery space.
The brewers group outperformed, rising 1 percent on the strength of its single member, Molson Coors Brewing Co. In the prior week, the Chairman of the company indicated interest in bidding for Foster’s Group Ltd according to press reports. Several other companies have also been cited as being interested in Foster’s after the Australian brewer announced in the prior week that it would split off its struggling wine business in 2011.
The healthcare facilities group was the worst performer, down 14 percent, led by its single member, Tenet Healthcare Corp. A major brokerage firm downgraded the hospital operator following confirmation the company was in preliminary discussions to acquire an Australian hospital operator.
The homebuilding group underperformed, losing 10 percent. On Wednesday homebuilder Hovnanian Enterprises Inc reported that new home contracts in the February-April quarter declined 17 percent from the prior-year period, citing weakness due to the expiration of the homebuyer tax credit in April.
The diversified metals & mining group lost 10 percent, led down by its largest member, Freeport-McMoran Copper & Gold Inc. The price of copper declined during the week.
There may be an opportunity for gain in M&A (merger & acquisition) transactions in 2010. Corporate liquidity is high, thereby providing the means to pursue acquisitions.
Should investors’ expectations for an improving economy not come to fruition on a reasonable time frame, it could be a threat to stock prices.
As governments around the world begin to wind-down the monetary and fiscal stimulus programs put in place during the economic crisis, it will likely present a headwind for stocks.
U.S. Government Securities Savings Fund – UGSXX â€¢ U.S. Treasury Securities Cash Fund – USTXX
Near-Term Tax Free Fund – NEARX â€¢ Tax Free Fund – USUTX
The Economy and Bond Market
Treasury bond yields continued their move higher this week as market participants begin to embrace riskier assets once again. However, on Friday the yields dropped on the weak payroll report, resulting in a net drop in yield on the 10-year Treasury of 8 basis points for the week, ending the week at 3.21 percent.
The graph shows the month-over-month change in U.S. nonfarm payrolls in thousands. The recent May report showed an increase of 431,000, but it was much weaker than the 536,000 expected. In addition, the prior two months had a net downward revision of 22,000. Also, private employment grew just 41,000, well below the consensus of 180,000.
Employment unexpectedly increased in Spain. The unemployment rate fell by 1.8 percent, which was the largest drop in five years.
The ISM manufacturing index fell slightly in May but remains at a high level indicating continued economic expansion.
The May unemployment rate edged down to 9.7 percent from 9.9 percent in April, slightly besting the May consensus forecast of 9.8 percent.
As explained above, the May payroll report was much weaker than expected.
Canada raised rates by 25 basis points in a first step to normalize monetary policy.
China’s May purchasing managers’ index was weaker than expected and increased concerns of a broad based economic slow down.
The current environment appears similar to 2008 in many ways but also crucial differences are evident. The economy is recovering and global economic growth still looks like the most likely outcome. In addition, while some fear/risk indicators are elevated they are nowhere near the panic levels seen during the past crisis.
Until the European situation is resolved with some degree of certainty the market will be at the whims of macro risk factors.
Concerns of a full blown credit crisis have probably diminished some but can not be ruled out.
June 4, 2010
Urbanization a Key to Consumption
June 3, 2010
Is the Dollar a Zombie?
June 2, 2010
Chart of the Week SWFs and Oil Prices
World Precious Minerals Fund – UNWPX â€¢ Gold and Precious Metals Fund – USERX Gold Market
For the week, spot gold closed at $1,219.90 per ounce up $5.52 or 0.45 percent. Gold equities, as measured by the Philadelphia Gold & Silver Index fell 2.80 percent. The U.S. Trade-Weighted Dollar Index continued its upward march rising 2.03 percent.
U.S. Mint May gold coin sales hit their highest level since 1999. Silver coins sales also were halted until more silver blanks could be acquired. Rand Refinery noted sales of Krugerrand gold coins soared by 50 percent due to investor demand over the euro crises.
In an interview with The Gold Report, when asked what hedge is most favorable against a collapse of the euro, CD Capital founder Carmel Daniele stated, â€œThe safest bet is gold. It’s the safest currency. It’s become a currency.â€
In the prior week, the German five-year bond auction failed for the first time since September 2008. Dealers were left holding 22 percent of the issue, which was priced to yield only 1.47 percent. In contrast, Portugal sold bonds yielding 3.70 percent. Seems that investors figured, why buy German debt when I can buy higher yielding Portuguese debt, guaranteed by the German government?
South Africa’s first quarter gold production fell 15 percent quarter-on-quarter, continuing their decrease in output.
Kevin Rudd, Australia’s Prime Minister, said the government has no plans of reforming the resource super profits tax. KPMG, one of the top accounting firms, noted that $69 billion worth of resource projects had been placed on hold in Australia due to uncertainty over the tax.
Gold prices slipped almost $17 on Thursday and commentators cited the current strength in equities and decreased risk aversion was unfavorable for gold investors and could subdue gold prices in the short term. The sudden drop could also have been due to the International Monetary Fund (IMF) asking for a bid on some of the gold they currently have in the pipeline to sell. Latest estimates place the IMF with about 153 tonnes left to sell. Interestingly, one of the gold ETF’s inventory rose by 21.3 tonnes on the same day.
The second largest pension fund in the U.S., California State Teachers’ Retirement System, will vote soon on whether to invest in commodities as a hedge against the risk of increased inflation
Michael Jalonen, of BofA Merrill Lynch Global Research, highlighted that for 20 of the last 22 years, bullion has enjoyed late summer/early fall gains averaging 13 percent on the back of renewed jewelry demand. A rally in bullion has also tended to support some spectacular rallies in the gold mining stocks. Jalonen notes bullion could rise to $1,300 per ounce by October 2010.
While there may be days where gold could see a quick sell off, these are likely going to be opportunities to accumulate gold and gold equities as governments policies are out of step with economic reality. A recent report by Eric Sprott and David Franklin outline â€œA Busted Formulaâ€ and it is an excellent overview of economic problems our nation faces. When the U.S. government spends $117,933 to create a job that won’t pay anywhere near that amount of income, or takes on $2.5 trillion in debt to get GDP to rise by $200 billion, it is like running a business where you buy dimes for dollars.
Indications of a double dip in Europe have been becoming more visible as restrictive policies and an assortment of troublesome data, such as weakening consumer spending and manufacturing reports are becoming more consistent, according to a recent ISI Group report. What is distressing is the lack of realization that the odds of such an outcome in the U.S. are just as strong.
Corporate debt markets continue to struggle. Global new issues declined to $70 billion in May, less than half of what was issued in April and the lowest since August 2003. Investment bankers are hesitant to bring new deals that may not go well.
Warren Buffett, recently subpoenaed to testify before Congress, predicts a negative outcome for municipal debt in the U.S. In fact, New York, recently has stopped paying contractors of private construction companies and told them to continue work or they will sue them for breach of contract.
Global Resources Fund – PSPFX â€¢ Global MegaTrends Fund – MEGAX
Energy and Natural Resources Market
Natural gas futures climbed 12 percent to $4.85 per mmbtu this week on potential supply disruptions in the Gulf of Mexico and forecasts of warmer weather.
The U.S. Mint sold 190,000 ounces of American Eagle gold bullion coins last month, the most since sales of 231,500 ounces in December, according to data on its website.
ArcelorMittal is to idle three of its European blast furnaces in the third quarter, Steel Business Briefing reported, citing Antoine Van Schoolen, the company’s Chief Marketing Officer. He did not reveal which furnaces will be affected, but said one would be idled in July and two in August.
According to the China Automotive Technology & Research Center, China’s auto production in May was down 14.36 percent month-over-month, while inventories increased by 12 percent month-over-month. A source from Maanshan Iron & Steel told Steel Business Briefing that auto sheet orders were down by about 20 percent in May. The source noted that the slower summer sales season is approaching and demand for auto sheet could pick up in September at the earliest.
Taiwan, which imports all of its coal needs, reduced purchases for the first time in five months as power producers cut shipments. Coal imports fell 9.3 percent from a year earlier to 4.73 million metric tons in April, the Bureau of Energy in Taipei said.
According to the ministry of finance, Japan’s refined copper exports fell 28 percent in April from a year earlier to 47,645 tonnes.
Kazakh mining companies will invest $16 billion in the next five years, Deputy Industry and New Technologies Minister Derik Kamaliev said at a conference in Almaty. 85 percent of the investment will come from private companies, including Kazakhmys Plc and Eurasian Natural Resources Corp, Kamaliev said.
China announced a 24.9 percent rise in natural gas prices on Monday in a reform to spur supply of the cleaner-burning fuel, use of which is growing fast as the country gives more weight to the environment.
Xstrata Plc shelved spending on projects worth $5.6 billion in Australia, intensifying pressure on the government to wind back its proposed tax on mine profits.
China’s coking coal import growth rate may slow in the second half of the year compared with the first half, according to Huang Jingan, General Director at the China Coking Industry Association as government measures to curb speculation in the property market may impact demand for steel.
According to Russian news agencies, the country may restore an export tariff on copper and adjust a 5 percent export tariff on nickel this year after lifting tariffs in February last year.
China Region Opportunity Fund – USCOX â€¢ Eastern European Fund – EUROX
Global Emerging Markets Fund – GEMFX
South Korea’s exports climbed 41.9 percent year-over-year in May, better than expected thanks to still robust demand from China and the U.S. The Bank of Korea revised up first quarter GDP growth to 2.1 percent quarter-over-quarter from its April estimate of 1.8 percent.
Macau’s casino revenue almost doubled in May to $2.1 billion from a year earlier, representing a 22 percent rise month-over-month, driven by surging VIP gaming.
ASUR traffic in May increased by 86 percent year-over-year, mainly thanks to a low base effect in May 2009 due to the flu scare. Compared to May 2008, the traffic declined by 8.5 percent.
Mexico consumer confidence index in May rose to 84.6 from 82.3 in April.
Russia’s economy expanded last month at the fastest pace since November 2008 as companies continued hiring and domestic demand accelerated, according to VTB Capital GDP rose an annual 2 percent, after 1.2 percent growth in April.
The Russian jobless rate in April fell to 8.2 percent from 8.6 percent a month earlier, while retail sales rose for a fourth month, jumping 4.2 percent after growing 2.9 percent in March.
Turkey’s exports in May increased an annual 25 percent to USD 9.07 billion, despite the plunge of the euro value of its exports. Cumulatively, Turkey’s exports reached USD 44.15 billion in the first five months of the year.
Meanwhile, Turkish May manufacturing PMI rose to 56.5 from 56.0 in April. The index recorded the highest value since the survey began in June, extending its growth run to a thirteenth consecutive month. The rise in the PMI is largely due to increasing domestic demand.
Some 9.4 million passengers travelled through airports in Turkey in May, up 25 percent from last year, according to state airports authority. Istanbul Ataturk airport saw twice the increase of international passengers (+14 percent), compared to domestic travelers (+7 percent).
The official and private China Manufacturing Purchasing Managers’ Index declined to 53.9 and 52.7, respectively, in May from 55.7 and 55.2, respectively, in April. This partly reflects ongoing uncertainty in Europe and weakened outlook for China’s property market, which resulted in lower new orders.
China registered 885,800 in passenger car sales in May, representing a continued slowdown in year over year growth to 25 percent from April’s 34 percent, due to diminishing wealth effect from a slumping domestic stock market.
Domestic car sales in Brazil in May declined by 10 percent month-over-month, which was attributable to the end of a tax incentive in March.
Bank Credit Analyst research highlights that Hungary has been in a classic debt deflation, as its nominal GDP has been contracting while government borrowing costs have held above 6 percent. Hungary’s domestic demand has been contracting for three years and the current government is planning to reflate via massive interest rate cuts, fiscal spending, and a weaker currency.
Recent wage increases in some Chinese cities following media reports of worker suicides and strikes are congruent with the central government’s commitment to promote consumption, especially when exports to Europe might fade and a difficult real estate market could discourage investment. Soon after rolling over auto subsidies, China extended the existing â€œold-for-newâ€ home appliance subsidy program to December 31, 2011, and expanded program coverage to include 19 additional provinces, mostly inland regions where rapid urbanization is occurring, to reach 85 percent of total population.
Telefonica of Spain raised its offer for Portugal Telecom’s (PT) stake in Vivo to EUR 6.5 billion from EUR 5.7 billion. Unlike the previous offers that had been rejected outright, the board of PT will vote on the latest offer, which, if accepted, would resolve a long lasting dispute between PT and Telefonica about the future strategy of Vivo.
In light of recent production issues with BP’s well in the Gulf of Mexico, followed by the U.S. government’s ban on deepwater exploration drilling, the relative cost advantages of Russian onshore producers will become more evident, according to Renaissance Capital, and the valuation gap to the global peer group should start to close.
The IMF recently revised its 2010 GDP forecast for Turkey to 6.25 percent from 5.2 percent, and the Organisation for Economic Co-operation and Development (OECD) is expecting Turkey’s economy to grow 6.8 percent.
The latest reduction of steel product prices by China’s largest steelmaker can be an initial sign of the ripple effect of tightening policies in the country’s real estate sector. Activities related to property construction and sales are at the risk of slowdown given no official backtrack in restraining the property market.
GAP airport group in Mexico was suspended both on the NYSE and Mexican Bolsa after reports that its chairman and independent directors were removed. Apparently the company installed 7 temporary directors and is working with the exchanges to resolve the situation â€œexpeditiously.â€
Current rosy projections for demand growth for both electricity and gas in Russia and Poland are unrealistic, argues Troika Dialog. Simple economics would imply that when prices for very cheap goods like gas and electricity rise, then demand will fall as consumers economize.
Leaders and Laggards
The tables show the performance of major equity and commodity market benchmarks of our family of funds.
Weekly Performance Index Close Weekly
Change(%) Natural Gas Futures 4.80 +0.45 +10.46% Oil Futures 71.09 -2.88 -3.89% XAU 169.06 -4.87 -2.80% S&P/TSX Canadian Gold Index 359.41 -2.76 -0.76% Gold Futures 1,221.20 +6.20 +0.51% Hang Seng Composite Index 2,768.22 -0.53 -0.02% Russell 2000 633.97 -27.64 -4.18% 10-Yr Treasury Bond 3.20 -0.11 -3.24% Korean KOSPI Index 1,664.13 +41.35 +2.55% Nasdaq 2,219.17 -37.87 -1.68% S&P Basic Materials 175.96 -9.68 -5.21% S&P BARRA Growth 548.40 -10.26 -1.84% S&P 500 1,064.88 -24.53 -2.25% S&P BARRA Value 508.51 -13.88 -2.66% S&P Energy 386.22 -10.09 -2.55% DJIA 9,931.97 -204.66 -2.02%
Monthly Performance Index Close Monthly
Change(%) S&P/TSX Canadian Gold Index 359.41 +7.52 +2.14% Gold Futures 1,221.20 +44.80 +3.81% Natural Gas Futures 4.80 +0.80 +20.15% XAU 169.06 -3.80 -2.20% Korean KOSPI Index 1,664.13
% DJIA 9,931.97 -936.15 -8.61% S&P BARRA Value 508.51 -51.76 -9.24% Russell 2000 633.97 -64.60 -9.25% S&P 500 1,064.88 -101.02 -8.66% Nasdaq 2,219.17 -183.12 -7.62% S&P BARRA Growth 548.40 -48.18 -8.08% S&P Basic Materials 175.96 -20.57 -10.47% Oil Futures 71.09 -8.88 -11.10% 10-Yr Treasury Bond 3.20 -0.35 -9.86% S&P Energy 386.22 -49.08 -11.27% Hang Seng Composite Index 2,768.22 -332.01 -14.83%
Quarterly Performance Index Close Quarterly
Change(%) S&P/TSX Canadian Gold Index 359.41 +30.57 +9.30% Gold Futures 1,221.20 +85.70 +7.55% XAU 169.06 +1.03 +0.61% Russell 2000 633.97 -18.50 -2.84% Korean KOSPI Index 1,664.13 +45.93 +2.84% Nasdaq 2,219.17 -73.14 -3.19% S&P BARRA Value 508.51 -25.79 -4.83% S&P 500 1,064.88 -58.09 -5.17% DJIA 9,931.97 -512.17 -4.90% S&P BARRA Growth 548.40 -32.06 -5.52% S&P Basic Materials 175.96 -21.62 -10.94% Hang Seng Composite Index 2,768.22 -132.95 -4.58% S&P Energy 386.22 -38.55 -9.08% Oil Futures 71.09 -9.12 -11.37% Natural Gas Futures 4.80 +0.22 +4.81% 10-Yr Treasury Bond 3.20 -0.41 -11.26%
Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting Home – U.S. Global Investors or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Distributed by U.S. Global Brokerage, Inc.
An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. By investing in a specific geographic region, a regional fund’s returns and share price may be more volatile than those of a less concentrated portfolio. The Eastern European Fund invests more than 25 percent of its investments in companies principally engaged in the oil & gas or banking industries. The risk of concentrating investments in this group of industries will make the fund more susceptible to risk in these industries than funds which do not concentrate their investments in an industry and may make the fund’s performance more volatile. Because the Global Resources Fund concentrates its investments in a specific industry, the fund may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries. Gold, precious metals, and precious minerals funds may be susceptible to adverse economic, political or regulatory developments due to concentrating in a single theme. The prices of gold, precious metals, and precious minerals are subject to substantial price fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. We suggest investing no more than 5 percent to 10 percent of your portfolio in these sectors. Investing in real estate securities involves risks including the potential loss of principal resulting from changes in property value, interest rates, taxes and changes in regulatory requirements.
Tax-exempt income is federal income tax free. A portion of this income may be subject to state and local income taxes, and if applicable, may subject certain investors to the Alternative Minimum Tax as well. Each tax free fund may invest up to 20 percent of its assets in securities that pay taxable interest. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes. Bond funds are subject to interest-rate risk; their value declines as interest rates rise. The tax free funds may be exposed to risks related to a concentration of investments in a particular state or geographic area. These investments present risks resulting from changes in economic conditions of the region or issuer. Past performance does not guarantee future results.
These market comments were compiled using Bloomberg and Reuters financial news.
Holdings as a percentage of net assets as of 3/31/10:
Netapp Inc.: 0.0%
Hewlett-Packard Co.: 0.0%
Apple Inc.: All American Equity Fund 4.17%, Holmes Growth Fund 3.67%
Dell Inc.: 0.0%
Google Inc.: 0.0%
Akamai Technologies Inc.: All American Equity Fund 1.12%
Molson Coors Brewing Co.: 0.0%
Foster’s Group Ltd.: 0.0%
Tenet Healthcare Corp.: 0.0%
Hovnanian Enterprises Inc.: 0.0%
Freeport-McMoRan Copper & Gold Inc.: Gold and Precious Metals Fund 0.73%, World Precious Minerals Fund 0.37%, Global Resources Fund 1.53%. All American Equity Fund 1.73%, Holmes Growth Fund 1.96%, Global MegaTrends Fund 2.09%, Global Emerging Markets Fund 1.99%
Maanshan Iron & Steel: 0.0%
Kazakhmys Plc: 0.0%
Eurasian Natural Resources Corp.: 0.0%
Xstrata Plc: Global Resources Fund 2.21%
Bank of Korea: 0.0%
Portugual Telecom: 0.0%
Vivo Participacoes SA: Global MegaTrends Fund 2.06%, Global Emerging Markets Fund 2.45%
BP Plc: 0.0%
Grupo Aeroportuario del Pacifico SAB de CV: 0.0%
TNK-BP Holding: Eastern European Fund 0.23%
Exxon Mobil Corp.: All American Equity Fund 0.99%
Royal Dutch Shell: 0.0%
Chevron Corp.: Global Resources Fund 3.89%
Total SA: 0.0%
PetroChina Co Ltd.: Global Emerging Markets Fund 0.90%
Petroleo Brasileiro SA: 0.0%
CNOOC Ltd.: China Region Fund 0.91%
Tatneft: Eastern European Fund 0.47%
Rosneft Oil Co.: Eastern European Fund 5.97%, Global Emerging Markets Fund 1.72%
Gazprom OAO: Eastern European Fund 5.62%, Global Emerging Markets Fund 0.85%
Lukoil OAO: Eastern European Fund 5.99%, Global Emerging Markets Fund 1.23%
SPDR Gold Trust: Gold and Precious Metals Fund 1.57%, World Precious Minerals Fund 1.29%, China Region Fund 0.30%
*The above-mentioned indices are not total returns. These returns reflect simple appreciation only and do not reflect dividend reinvestment.
The Dow Jones Industrial Average is a price-weighted average of 30 blue chip stocks that are generally leaders in their industry.
The S&P 500 Stock Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies.
The Nasdaq Composite Index is a capitalization-weighted index of all Nasdaq National Market and SmallCap stocks.
The S&P BARRA Growth Index is a capitalization-weighted index of all stocks in the S&P 500 that have high price-to-book ratios.
The S&P BARRA Value Index is a capitalization-weighted index of all stocks in the S&P 500 that have low price-to-book ratios.
The Russell 2000 Index® is a U.S. equity index measuring the performance of the 2,000 smallest companies in the Russell 3000®, a widely recognized small-cap index.
The Hang Seng Composite Index is a market capitalization-weighted index that comprises the top 200 companies listed on Stock Exchange of Hong Kong, based on average market cap for the 12 months.
The Taiwan Stock Exchange Index is a capitalization-weighted index of all listed common shares traded on the Taiwan Stock Exchange.
The Korea Stock Price Index is a capitalization-weighted index of all common shares and preferred shares on the Korean Stock Exchanges.
The Philadelphia Stock Exchange Gold and Silver Index (XAU) is a capitalization-weighted index that includes the leading companies involved in the mining of gold and silver.
The U.S. Trade Weighted Dollar Index provides a general indication of the international value of the U.S. dollar.
The S&P/TSX Canadian Gold Capped Sector Index is a modified capitalization-weighted index, whose equity weights are capped 25 percent and index constituents are derived from a subset stock pool of S&P/TSX Composite Index stocks.
The S&P 500 Energy Index is a capitalization-weighted index that tracks the companies in the energy sector as a subset of the S&P 500.
The S&P 500 Materials Index is a capitalization-weighted index that tracks the companies in the material sector as a subset of the S&P 500.
The S&P 500 Financials Index is a capitalization-weighted index. The index was developed with a base level of 10 for the 1941-43 base period.
The S&P 500 Industrials Index is a Materials Index is a capitalization-weighted index that tracks the companies in the industrial sector as a subset of the S&P 500.
The S&P 500 Consumer Discretionary Index is a capitalization-weighted index that tracks the companies in the consumer discretionary sector as a subset of the S&P 500.
The S&P 500 Information Technology Index is a capitalization-weighted index that tracks the companies in the information technology sector as a subset of the S&P 500.
The S&P 500 Consumer Staples Index is a Materials Index is a capitalization-weighted index that tracks the companies in the consumer staples sector as a subset of the S&P 500.
The S&P 500 Utilities Index is a capitalization-weighted index that tracks the companies in the utilities sector as a subset of the S&P 500.
The S&P 500 Healthcare Index is a capitalization-weighted index that tracks the companies in the healthcare sector as a subset of the S&P 500.
The S&P 500 Telecom Index is a Materials Index is a capitalization-weighted index that tracks the companies in the telecom sector as a subset of the S&P 500.
The ISM manufacturing composite index is a diffusion index calculated from five of the eight sub-components of a monthly survey of purchasing managers at roughly 300 manufacturing firms from 21 industries in all 50 states.
The China Purchasing Managers’ Index, a gauge of nationwide manufacturing activity, is issued by the China Federation of Logistics & Purchasing and co-compiled by the National Bureau of Statistics.
The Consumer Confidence Index (CCI) is an indicator which measures consumer confidence in the Economy.
The Purchasing Manager’s Index is an indicator of the economic health of the manufacturing sector. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment.