Entering Tuesday, the Utilities Select Sector SPDR (XLU A), the largest utilities sector ETF, was up nearly 21% year-to-date after hitting another record high on Monday. All XLU did Tuesday added to those gains on its way to another all-time high. The utilities sector is one of this year’s best-performing groups, underscoring the notion that many investors will embrace utilities stocks and ETFs during favorable interest rate environments. The Federal Reserve recently obliged by lowering interest rates last week for the second time this year and another rate cut is…
Day: September 30, 2019
No One Chasing India ETFs Rally
India ETFs have been surging, rallying as much as 8% in five days on the heels of an unprecedented corporate tax rate cut many say could boost earnings sooner rather than later. However, investor enthusiasm remains muted at best. The biggest India ETFs, the $5 billion iShares MSCI India ETF (INDA), and the $1.2 billion WisdomTree India Earnings Fund (EPI), each gained roughly 7% last week. The iShares India 50 ETF (INDY), which has $744 million in total assets, jumped 8.3%. No Asset Inflows While the one-week performance charts are impressive, assets…
Data Shows Homeowners Are Sitting On Home Equity
While homeowners often borrow equity in their homes for expenditures such as home improvements, car payments, or medical bills, recently it seems this trend has reversed. Despite broadening equity percentages in many homeowner markets, homeowners are nonetheless hoarding cash, keeping equity in the home. As a whole, mortgage holders saw their home equity increase by 4.8% annually at the end of the second quarter. This is market dependent of course, as some areas have greater home appreciation than others. This is a collective gain of nearly $428 billion, according to…
U.S. Personal Income Climbs In Line With Estimates In August
A report released by the Commerce Department on Friday showed U.S. personal income rose in line with economist estimates in the month of August, although personal spending inched up by less than expected. The Commerce Department said personal income climbed by 0.4 percent in August after ticking up by 0.1 percent in July. The increase in income matched economist estimates. Disposable personal income, or personal income less personal current taxes, increased by 0.5 percent in August after rising by 0.3 percent in the previous month. Meanwhile, the report said personal…
IRCTC IPO: IRCTC IPO commands strong premium in grey market
State-run Indian Railway Catering and Tourism Corporation (IRCTC), which is set to launch its initial public offer, is trading at over a 50 per cent premium over its issue price band in the unofficial grey market. Analysts said improved market sentiment, the firm’s monopoly in the business and relatively cheaper pricing of the IPO are driving investor interest in the grey market, usually a harbinger of the stock’s prospects on listing. In the grey market, shares of IRCTC are changing hands at a premium of Rs 160 compared to its…