iShares Inc iShares MSCI Norway ETF (BATS: ENOR)

Ultime notizie per iShares Inc iShares MSCI Norway ETF (BATS:ENOR)

iShares Inc iShares MSCI Norway ETF

Ishares MSCI Norway Capped ETF

Energy

Financial Services

Consumer Defensive

Industrials

Communication Services

Basic Materials

Other

Technology

Utilities

Real Estate

Consumer Cyclical

Healthcare

The fund generally will invest at least 90% of its assets in the component securities of the underlying index and in investments that have economic characteristics that are substantially identical to the component securities of the underlying index. The index is designed to measure broad-based equity market performance in Norway. A capping methodology is applied that limits the weight of any single issuer to a maximum of 25% of the underlying index. The fund is non-diversified.

Equinor Asa

iShares MSCI Norway ETF

Norway has stopped its deep-sea mining plans due to political pressure. Environmentalists focus on Japan's aspirations as the International Seabed Authority (ISA) develops sea mining regulations.
What happened? Norwegian government conceded to demands from the Socialist Left Party in exchange for their support for the annual budget. This pause halted what would have been the country's first deep-sea mining licensing round, initially planned for 2025.
The political compromise reflects growing global opposition to deep-sea mining. Ecological risks and insufficient research into long-term consequences support the cautious approach despite the allure of critical mineral exploitation.
Activists, scientists, and fishing communities hailed the halt as a landmark victory for ocean protection. "After extensive work by environmentalists and scientists, we've secured a historic win for the oceans," <a target="_blank" href="https://www.greenpeace.org/sweden/pressmeddelanden/hav/deep-sea-mining-plans-stopped-in-norway/" rel="noreferrer noopener">stated</a> Haldis Tjeldflaat Helle from Greenpeace Nordic.
Following the announcement, Norwegian deep-sea mining startup Green Minerals lost over 30% of its market cap. Despite the setback, the company maintains optimism, projecting that licensing might resume in 2026. Meanwhile, the government continues preparatory work, including environmental impact assessments and regulatory groundwork, keeping the possibility of future mining operations open as the situation could change after the next parliamentary elections scheduled for September 2025.
Why it matters? Norway's decision aligns with international scrutiny of deep-sea mining led by the ISA. Under the leadership of Brazilian environmentalist Leticia Carvalho, appointed in July, the ISA is formulating <a target="_blank" href="https://www.benzinga.com/government/24/08/40163564/deep-sea-mining-hits-breaks-as-carvalho-takes-isa-leadership" rel="noreferrer noopener">global regulations for seabed mining</a>. Advocates argue these regulations are essential to balance the demand for critical minerals and environmental protection.
Meanwhile, Japan's <a target="_blank" href="https://www.benzinga.com/markets/asia/24/06/39508095/japan-discovers-200-million-tons-of-rare-earth-metals-near-remote-island-expects-mining-to-begin-202" rel="noreferrer noopener">discovery of manganese nodules</a>, valued at over $26 billion, shows the stakes involved – particularly for an island nation heavily relying on mineral resources imports. These nodules are rich in minerals critical for EV batteries but rest 5,700 meters below sea level.
However, research led by Travis Washburn revealed <a target="_blank" href="https://e360.yale.edu/digest/deep-sea-mining-fish-shrimp-study" rel="noreferrer noopener">alarming environmental consequences</a>: a 43% drop in fish and shrimp populations following small-scale mining tests. "The impact of deep-sea mining could be bigger than anticipated," Washburn cautioned.
If deep-sea mining proceeds, it must be under strict regulations that preserve ocean biodiversity—particularly after discovering that these minerals might play a role in oxygen production.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/12/42278413/beyond-the-cbd-bubble-can-hemp-fiber-boost-us-manufacturing-with-eco-friendly-products" target="_blank" rel="noreferrer noopener">Beyond The CBD Bubble: Can Hemp Fiber Boost US Manufacturing With Eco-Friendly Products?</a></li>
</ul>
Photo by Sergey Novikov via Shutterstock

Government

News

Regulations

Eurozone

Commodities

Politics

ENOR

NORW

Politics Halt Norwegian Deep-Sea Mining, Environmentalists Look Toward Japan

-Reuters
<a href="https://www.reuters.com/business/autos-transportation/norways-traffic-regulator-says-no-basis-any-tesla-recall-2024-01-25/#:~:text=NPRA%20said%20that%20the%20decision,and%20X%20Models%20in%20Norway" title="https://www.reuters.com/business/autos-transportation/norways-traffic-regulator-says-no-basis-any-tesla-recall-2024-01-25/#:~:text=NPRA%20said%20that%20the%20decision,and%20X%20Models%20in%20Norway">https://www.reuters.com/business/autos-transportation/norways-traffic-regulator-says-no-basis-any-tesla-recall-2024-01-25/#:~:text=NPRA%20said%20that%20the%20decision,and%20X%20Models%20in%20Norway</a>.

TSLA

Norwegian Public Roads Administration Said Earlier, It Is Not Ordering A Recall Of Tesla Model X And S Cars In Norway

U.S. stocks are kicking off the Thanksgiving holiday week on a positive note, with all major Wall Street indices trading in the green as of <a href="https://www.benzinga.com/markets">midday in New York</a>.
The U.S. dollar index (DXY) has declined to 103.50 levels, marking its lowest point since late August, one day ahead of the eagerly anticipated release of the FOMC minutes <a href="https://www.benzinga.com/news/23/11/35872246/fomc-minutes-could-provide-markets-with-a-sobering-reminder-of-higher-for-longer">from the November meeting.</a>
Oil prices have witnessed a robust rally, with West Texas Intermediate (WTI) climbing more than 3% to breach the <a href="https://www.benzinga.com/news/23/11/35879641/opec-to-discuss-deeper-production-cuts-to-underpin-volatile-oil-prices">$78-per-barrel mark</a>. Investors are now looking ahead to the OPEC+ meeting where the cartel is expected to further cut production to bolster crude prices. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) has registered a 0.5% increase.
Treasury yields have shown little movement, with the 10-year benchmark yield remaining flat at 4.46%.
<h2 class="wp-block-heading">US Index Performance On Monday</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.79%</td>
<td>15,962.80</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.47%</td>
<td>4,535.38</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.37%</td>
<td>35,074.82</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.48%</td>
<td>1,806.38</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.4% higher to&nbsp;$452.73.</li>
<li>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.3% to&nbsp;$350.62.&nbsp;</li>
<li>The Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was up 0.8% to $389.04.</li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.5% to $179.19, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a></li>
</ul>
<h2 class="wp-block-heading">Chart Of The Day: Tech Stocks Are Only 5% From All-Time Highs</h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/20133057/QQQ_2023-11-20_17-30-41_a7edc-1024x495.png" alt="" class="wp-image-146523" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/20133057/QQQ_2023-11-20_17-30-41_a7edc-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/20133057/QQQ_2023-11-20_17-30-41_a7edc-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/20133057/QQQ_2023-11-20_17-30-41_a7edc-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/20133057/QQQ_2023-11-20_17-30-41_a7edc-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/20133057/QQQ_2023-11-20_17-30-41_a7edc.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Sector, Industry ETF Performance</h2>
Tech stocks have taken the lead in driving gains, with the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) surging by 1%, outperforming all other sectors. 
The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) and the Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) were the laggards, down 0.5%.
Among industries, solar stocks sharply outperformed, with the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) rallying by 3.4%. 
Regional banks softened, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) easing 0.5%. 
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>Microsoft rose 2% after the company hired former OpenAI CEO Sam Altman and former president Greg Brockman, along with some of their ex-colleagues to set up a new AI team.</li>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rose 1% ahead of the highly anticipated release of its earnings due Tuesday after the market close. </li>
<li>Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) was moving higher after the bank announced a massive layoff initiative, <a href="https://www.benzinga.com/etfs/sector-etfs/23/11/35877591/citigroup-restructures-targets-10-senior-management-layoffs">targeting 10% of workforce.</a></li>
<li>Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) rallied over 4% after Deutsche Bank upgraded the stock to Buy on an improved free cash flow outlook.</li>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) soared 6.5% after selling its Bellator mixed martial arts promotion to the Professional Fighters League, according to an announcement made by the PFL on Monday.</li>
<li>PENN Entertainment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NYSE">PENN</a>) rallied nearly 7% following Bank of America&#8217;s decision to upgrade the stock, driven by favorable download data for the sports gambling service ESPN Bet.</li>
</ul>
<h2 class="wp-block-heading">Commodities, Other Global Equity Markets And Crypto</h2>
The United States Oil Fund, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks the price performance of light sweet crude oil, rose 3.1%. 
Gold edged 0.4% lower&nbsp;to $1,973/oz, while silver fell 1% to $21.49.&nbsp;
European equity indices had a mixed sesssion. The SPDR DJ Euro STOXX 50 ETF&nbsp;&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) rose 0.3%. 
In emerging markets, Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>) rose as much as 12% following Javier Milei&#8216;s victory of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/35874017/mileis-election-win-fuels-major-gains-in-argentine-adrs-etfs-there-is-no-free-lunch">the country&#8217;s presidential elections. </a>
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 1% higher to $37,753, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) rose 2.2% to $2,056. 
Shanthi Rexaline contributed to this report.
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/35877295/black-friday-preview-consumers-will-likely-show-up-14-retail-technology-stock-picks">Black Friday Preview: &#8216;Consumers Will Likely Show Up&#8217; — 14 Retail, Technology Stock Picks From Analysts</a>
Photo via Shutterstock.

Equities

Bonds

Broad U.S. Equity ETFs

Emerging Market ETFs

Forex

Treasuries

Federal Reserve

Markets

Movers

ETFs

$BTC

$ETH

AMAT

ARGT

CHPT

SPDR Dow Jones Industrial Average ETF Trust

EXPE

KLAC

LRCX

NVDA

PARA

PENN

ROST

Stocks Grind Higher, Oil Rallies, Dollar Falls: What's Driving Markets Monday?

Wall Street experienced a relatively quiet session as the week came to a close, with the three major averages hovering around parity in midday trading in New York, yet still on course for their third <a href="https://www.benzinga.com/news/earnings/23/11/35846046/us-stocks-on-track-to-finish-week-on-a-high-as-positive-earnings-rate-pause-hopes-lend-support">successive week of gains.</a>
Small caps emerged as the market&#8217;s brightest pocket, with the Russell 2000 climbing 1.3% Friday and achieving a weekly increase of over 5%, its second-best performance of the year.
Mega-cap stocks, as tracked by the iShares S&amp;P 100 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OEF#NYSE">OEF</a>), were flat for the day. 
The dollar&#8217;s weakening trend persisted, marking its most challenging week since early July. Traders have now fully priced in the Federal Reserve maintaining rates unchanged next month, with an expectation of four rate cuts in the upcoming year.
Treasury yields flattened, with the two-year yield up by 6 basis points and the 30-year yield down by 3 basis points. The widely-followed iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) is on track for its fourth consecutive week of gains, the longest streak in a year.
Crude oil was a notable mover, rising as much as 4%, nearly offsetting its 4.6% drop on Thursday.
<h2 class="wp-block-heading">US Index Performance On Friday</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.09%</td>
<td>15,847.22</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.11%</td>
<td>4,514.25</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.02%</td>
<td>34,940.89</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.33%</td>
<td>1,797.37</td>
</tr>
</tbody>
</table>
</figure>
<ul>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.1% higher to $450.94.</li>
<li>The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.1% to $349.61. </li>
<li>The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was up 0.1% to $386.34.</li>
<li>The iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.5% to $178.51, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a></li>
</ul>
<h2 class="wp-block-heading">Sector, Industry ETF Performance</h2>
Among sectors, energy stocks, as indicated by the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), saw a rally, climbing 2.6%.
Conversely, the Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) and the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) lagged behind, each down by 0.3%.
Among industries, retail stocks experienced a surge, with the SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>) increasing by 2.8%. Other significant gainers included the SPDR S&amp;P Oil &amp; Gas Exploration and Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) and the VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), up 2.7% and 2.6%, respectively.
REITs showed softer performance, with the Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) declining by 0.1%.&#8221;
<h2 class="wp-block-heading">Latest Economic Data</h2>
<ul>
<li>Housing starts increased by 1.9% month-over-month, reaching a seasonally adjusted annual rate of 1.372 million in October 2023 and extending the 7% increase in the previous month, the U.S. Census Bureau reported Friday. The figure came in above market forecasts of 1.35 million. </li>
<li>In October 2023, building permits rose 1.1% month-over-month, reaching a seasonally adjusted annual rate of 1.487 million, an increase from the 1.471 million recorded in September. This marks a rebound from the 4.5% decrease experienced in the preceding month. </li>
</ul>
<h2 class="wp-block-heading">Stocks In Focus</h2>
<ul>
<li>The Gap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPS#NYSE">GPS</a>) soared 29% on an extraordinary earnings beat. </li>
<li>Ross Stores, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROST#NASDAQ">ROST</a>) rose nearly 8% on strong quarterly results. </li>
<li>Expedia Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NYSE">EXPE</a>) rose 5.3%, reaching levels last seen in May 2023, after Evercore ISI upgraded the stock to Outperform and raised the price target from $135 to $200. </li>
<li>Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) fell nearly 5% despite reporting better-than-expected results last quarter. The stock faces pressure following a report suggesting the company is facing a U.S. criminal investigation for possibly&nbsp;evading export restrictions on China&#8217;s SMIC. Peers KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>) and Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) also moved lower.</li>
<li>ChargePoint Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NASDAQ">CHPT</a>) plunged more than 30% in reaction to its preannouncement.</li>
</ul>
<h2 class="wp-block-heading">Commodities, Other Global Equity Markets And Crypto</h2>
The United States Oil Fund, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks the price performance of light sweet crude oil, rose 4.04%. 
Gold edged 0.1% higher to $1,982/oz, while silver inched 0.2% higher to $23.77. 
European equity indices closed in the green. The SPDR DJ Euro STOXX 50 ETF&nbsp;&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) rose 1.3%, but the best performer was the iShares MSCI Norway ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENOR#NYSE">ENOR</a>), up 2.3%. 
In emerging markets, Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>) rose 1.9% ahead of the second round of the country&#8217;s presidential election over the weekend. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 0.9% higher to $36,479, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) fell 0.8% to $1,945. Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) rallied 5.2%. 
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/35817579/feasting-on-profits-does-thanksgiving-week-cook-up-stock-market-gains">Feasting On Profits: Does Thanksgiving Week Cook Up Stock Market Gains?</a>
Shanthi Rexaline contributed to this report.
Photo via Shutterstock.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Large Cap

Sector ETFs

Emerging Markets

Specialty ETFs

New ETFs

Currency ETFs

Small Cap

Econ #s

Economics

Tech

$DOGE

iShares Trust Barclays 20+ Year Treasury Bond Fund

Large-Cap Stocks Pause, Small Caps Shine, Oil Makes Comeback: What's Driving Markets Friday?

Macro Economic Events

Global

EDEN

EFNL

U.S. President Biden Says Finished Very Productive U.S.-Nordic Summit

Market Vectors Russia ETF Trust Shares of Beneficial Interest

Norway's Justice Ministry  is Strengthening Preparedness and Control on the Norwegian-Russian Border; May Impose Ban on Russian Tourists

Futures

iShares MSCI Belgium Ivestable Market Index Fund

German Energy Regulator Klaus Mueller Said Germany is Seeking to Diversify Gas Import Routes From Neighboring EU Countries, Including Norway, Belgium, Netherlands and France

- Reuters Citing Norwegian Media Report

Outbreak Of Omicron Coronavirus Variant Confirmed In Oslo, Norway

Norway Tightens COVID-19 Restrictions Due To Higher Infections

Norway's Finance Minister Says Government Is Prepared To Respond Quickly With New Measures

Following up on a <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/06/2636695/not-even-norway-enor-norw">bullish view of Norway and the Nordic country's corresponding ETFs</a>, Street One Financial is forecasting increased activity for ETFs tracking Scandinavian countries in the coming weeks.

"With the Eurozone tensions and EU in focus seemingly every day in the headlines as we head into the summer, we would expect these ETFs to see above average activity in sympathy with the mainland European equity ETFs," said Paul Weisbruch, Street One's vice president ETF/Options Sales and Trading. The comments were made in a research note published today.

By "these ETFs," Weibruch is referring to the iShares Sweden Index Fund (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>), the largest of the Scandinavian ETFs, the Global X FTSE Nordic Region ETF (NYSE: <a class="ticker" href="/stock/gxf#NYSE">GXF</a>), the iShares MSCI Denmark Capped Investable Market Index Fund (BATS: EDEN) and the iShares MSCI Finland Capped Investable Market Index Fund (BATS: EFNL). 

While the Scandinavian ETFs have been weak in the past month, incurring double-digit losses as the Euro Zone's sovereign debt crisis has escalated, some the funds have offered better year-to-date returns than the MSCI Europe Index, which is tracked by the Vanguard MSCI Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>). Year-to-date, VGK is off 6.6% compared to a 5.2% loss for EWD. GXF, which offers exposure to Sweden, Norway, Denmark and Finland, has lost just 3.2% this year.

"We imagine that there will be a handful of market participants that are using ETFs that are not currently aware of exposure being available to the Nordic countries, seeing current appeal from a valuation standpoint in the region," Weisbruch added.

EDEN, the only ETF devoted exclusively to Denmark, has lost less than 5% since its late January debut. Only EFNL, the only Finland ETF, has performed worse than VGK since its late January introduction. That fund has lost 22.3%, making it by far the worst performer among Scandinavian ETFs on a year-to-date. That's probably not a coincidence. Finland's status as a member of the Euro Zone and EFNL's large weight to the dead money stock known as Nokia (NYSE: <a class="ticker" href="/stock/nok#NYSE">NOK</a>) have no doubt been drags on the ETF.

For more on Scandinavian ETFs, please click <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/06/2638099/the-definitive-scandinavian-etf-guide-ewd-gxf-eden">HERE</a>.

Analyst Color

Long Ideas

Short Ideas

Events

Intraday Update

Trading Ideas

Scandinavian ETFs Could See Increased Activity (EDEN, EWD, GXF)

The Definitive Scandinavian ETF Guide (EWD, GXF, EDEN)

By any metric, things are ugly in Europe and poised to get worse. Exchange traded funds tracking the various Euro Zone constituents paint the ugly picture. 

Here's a hypothetical situation that illustrates how dangerous investing in Europe is these: Assume an investor bought a basket of six country-specific Europe ETFs a month ago. Three ETFs tracking PIIGS countries, one each for France and Germany and one tracking a central European nation. Let's say that basket was comprised of the following: The iShares MSCI Germany Index Fund (NYSE: <a class="ticker" href="/stock/ewg#NYSE">EWG</a>), the iShares MSCI France Index Fund (NYSE: <a class="ticker" href="/stock/ewq#NYSE">EWQ</a>), the iShares MSCI Italy Index Fund (NYSE: <a class="ticker" href="/stock/ewi#NYSE">EWI</a>), the iShares MSCI Spain Index Fund (NYSE: <a class="ticker" href="/stock/ewp#NYSE">EWP</a>), the Global X FTSE Greece 20 ETF (NYSE: <a class="ticker" href="/stock/grek#NYSE">GREK</a>) and the iShares MSCI Austria Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ewo#NYSE">EWO</a>).

The average loss among that motley crew is 17.3%. Conversely, the ProShares UltraShort MSCI Europe (NYSE: <a class="ticker" href="/stock/epv#NYSE">EPV</a>) has surged 32% over the same time. 

Unfortunately, the Euro Zone's sovereign debt crisis is probably a contagion and it has dragged equity markets lower even in the European countries that had the good sense to not participate in the ill-conceived euro common currency. Yes, even the Scandinavian countries. 

While there's no ignoring the fact that Scandinavian equities and their corresponding ETFs have been tumbling recently, there are still opportunities among some of these countries, implying investors would be wise to remember that not all of Europe is as bad as say Greece or Spain. With that, use this guide to navigate the major Scandinavian ETFs.

iShares MSCI Finland Capped Investable Market Index Fund (BATS: EFNL)
A few disclaimers to start. First, if the ETFs featured in this guide were ranked in order of preference, the iShares MSCI Finland Capped Investable Market Index Fund would NOT be at the top list. That leads us to the second disclaimer: Finland uses the euro. 

Another thing to remember about EFNL: Nokia (NYSE: <a class="ticker" href="/stock/nok#NYSE">NOK</a>) is the ETF's top holding at 10.5% of the fund's total weight. Nokia is sort of like the Research In Motion (Nasdaq: <a class="ticker" href="/stock/rimm#Nasdaq">RIMM</a>) of Finland except for the part where RIM shares have performed better than Nokia's.

In fairness to EFNL, which debuted in January, it should be noted that <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/02/2368487/under-the-hood-feeling-finland-efnl-nok-aapl">Finland has a reasonable debt/GDP ratio and is one of the remaining members of the AAA credit rating club</a>. The fund has been hit with significant redemptions though. In late February, EFNL had $2.8 million in AUM. As of June 1 that number was below $2.1 million.

iShares MSCI Denmark Capped Investable Market Index Fund (BATS: EDEN)
When we profiled EDEN <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/01/2301349/escaping-europes-escapades-in-the-garden-of-eden">shortly after its late January debut</a> we noted Denmark has its fiscal house in order relative to Euro Zone members, of which is not one. Denmark's public debt load will reach 44.6% of the economy this year, compared with an average of 90.4% in the 17-member euro region, Bloomberg reported, citing the European Commission earlier this year.

EDEN's sector composition is conservative with 37.1% of the fund's weight going to health care names. In terms of individual holdings, Danish pharma giant Novo Nordisk (NYSE: <a class="ticker" href="/stock/nvo#NYSE">NVO</a>) represents 23.6% of the fund's weight. Home to 33 stocks, EDEN has over $2.5 million in AUM and charges 0.53%. 

The biggest issue with Denmark and EDEN is one U.S. investors are all too familiar with: Unemployment. Denmark has a U.S.-esque 8.1% jobless rate.

iShares MSCI Sweden Index Fund (NYSE: <a class="ticker" href="/stock/ewd#NYSE">EWD</a>)
The iShares MSCI Sweden Index Fund hasn't exactly been a peach in the past month, tumbling almost 16%, a slide that indicates even the largest Scandinavian economy hasn't been impervious to the Euro Zone's ills. That slide also means EWD now has a yield north of 4%, but let's not forget <a href="http://www.benzinga.com/markets/bonds/11/12/2227659/got-good-credit-these-countries-do-but-for-how-long">Sweden is another AAA country and that rating is not in any jeopardy at the moment</a>.

Sweden posted first-quarter GDP growth of 0.8%, which may not sound like much, but economists expected 0.2% and GDP growth is hard to find anywhere in Europe in these days. Consumer confidence has risen in Sweden for three consecutive months, indicating the $500 billion economy is more resilient than investors are currently giving it credit for. 

For now, EWD remains infected by the Euro Zone virus, but if it falls to and holds support at $22, that could be a fine point to get into Sweden game. As Sweden's greatest export, Abba, once crooned "Take A Chance On Me."

Global X Norway ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>)
The Global X Norway ETF has a <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/03/2402481/four-budding-etf-rivalries-worth-watching-norw-sil-smin">stealth rivalry going with another Norway ETF</a>, but no matter which Norway fund investors decide to roll the dice on, they're arguably getting exposure to one of the more dependable developed Europe economies.

NORW is down 17% in the past month and much of that decline is attributable to falling oil prices. Then again, Norway's status as a major non-OPEC oil producer has served the country well. This is another AAA-rated country with a fair debt/GDP ratio and the world's second-largest sovereign wealth fund. Norway also has one of the highest standards of living in the world and was recently ranked the second-happiest country on earth behind Australia.

Norway also has <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/06/2636695/not-even-norway-enor-norw">low unemployment and has been on the receiving end of some of the bank deposits that have recently been departing Greece and Spain</a>. Consider NORW or its rival the...

iShares MSCI Norway Capped Investable Market Index Fund (BATS: ENOR)
ENOR, which also debuted in late January, is tad more expensive than NORW with an expense ratio of 0.53% compared to 0.5% for its rival. On the other hand, the iShares fund is home to 50 stocks, compared to 30 for the Global X fund. 

ENOR is almost 51% allocated to the energy sector while NORW's energy weight is just over 49%. Each devotes more than 28% of their respective weights to Statoil (NYSE: <a class="ticker" href="/stock/sto#NYSE">STO</a>) and SeaDrill (NYSE: <a class="ticker" href="/stock/sdrl#NYSE">SDRL</a>). Over the past month, NORW has outperformed ENOR by 90 basis points.

Global X FTSE Nordic Region ETF (NYSE: <a class="ticker" href="/stock/gxf#NYSE">GXF</a>)
For those that just can't decide on a country-specific Scandinavian fund, the Global X FTSE Nordic Region ETF is the place to turn. Sweden dominates this ETF with a weight of 46.1% while Norway and Denmark both receive allocations north of 20.5%. Finland gets the rest.

GXF's sector composition is an important factor. Relatively light energy exposure (9.1%) means the fund can be paired with the likes of ENOR or NORW for those that really want to ratchet up their Scandinavian exposure. In addition, GXF's 30% weight to financials, its largest sector allocation, could prove useful going forward if fleeing deposits from the PIIGS continue to find their way north.

Technicals

Pre-Market Outlook

GREK

RIMM

SDRL

The Definitive Scandinavian ETF Guide (EWD, GXF, EDEN)

Norway, what happened? Along with Sweden, Norway and the other Scandinavian countries were expected to be lights among the darkness that is the Euro Zone. After all, Denmark, Finland, Norway and Sweden have on primary advantage: They're not Euro Zone members. 

Even with that important feather in its cap, Norway and the two ETFs that track the country, the Global X Norway ETF (NYSE: <a class="ticker" href="/stock/norw#NYSE">NORW</a>) and the newly minted iShares MSCI Norway Capped Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/enor#NYSE">ENOR</a>), have struggled recently. Part of the struggles can be attributed to <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/02/2375791/developed-markets-a-commodities-vs-country-fund-comparison-ew">Norway's status as an oil exporter</a>, but much of the blame lies on the fact if an ETF has deep ties to anything Europe, it's going to trade lower.

Combine the Euro Zone calamity with the fact that the United States Brent Oil Fund (NYSE: <a class="ticker" href="/stock/bno#NYSE">BNO</a>) has lost almost 15% in the past month and it's easy to see why NORW and ENOR have been battered. Year-to-date, NORW and ENOR have outperformed the MSCI Europe Index, which can be invested in if one dares via the Vanguard MSCI Europe ETF (NYSE: <a class="ticker" href="/stock/vgk#NYSE">VGK</a>), but in the past month things have turned ugly.

As oil prices have plunged and the sovereign debt crisis has worsened, NORW and ENOR are down 18% and 15.6%, respectively, in the past month compared to a 14.7% loss for VGK. NORW's 18% slide is actually worse than what the iShares MSCI Italy Index Fund (NYSE: <a class="ticker" href="/stock/ewi#NYSE">EWI</a>) has done over the same time and only slightly better than the iShares MSCI Spain Index Fund (NYSE: <a class="ticker" href="/stock/ewp#NYSE">EWP</a>). That's infamous company to say the least.

Still, it pays to remember there are reasons to be bullish on Norway going forward. The smallest Scandinavian country is also the world's second-happiest country with a low unemployment rate, healthy banks and no currency or debt issues to be afraid of. 

"We love the investment opportunities in Norway and the Scandinavian area in general," Street One Financial President Scott Freeze told Benzinga in an interview. "Specific to Norway - they are one of the top oil exporters in the world, have the second highest sovereign wealth fund, and the highest standard of living in the world. They have very low unemployment and are not part of the euro, so they give you the ability to get European exposure without having exposure to the euro."

Beyond NORW and ENOR, which <a href="http://www.etftrends.com/2012/06/etf-chart-of-the-day-norway/">were highlighted today</a> Freeze also mentioned the Global X FTSE Nordic Region ETF (NYSE: <a class="ticker" href="/stock/gxf#NYSE">GXF</a>). That $22 million ETF is 46% allocated to Sweden while Norway and Denmark combine for another 41%. Finland makes up the rest. GXF is down almost 17% in the past month.

"The Scandinavian economies are one of the few in the world that do not have sovereign debt issues, currency issues, or outsized deficits to deal with. Scandinavian banks have been the recipients of a number of the withdrawals from Spain and Greece, and their economies continue to be stronger than almost anywhere in the world," Freeze said.

Along those lines, it's worth noting financials are GXF's largest sector weight at almost 30%. NORW is more than 14% allocated to bank stocks while ENOR features a 12.5% weight to that sector. Perhaps the argument can be made that Norway and the aforementioned ETFs are beneficiaries, not victims of the PIIGS' problems.

"I wholly expect for Greece to leave the euro and for Spain to see unsustainable yields, crushing the euro and having a carryover effect on the other world markets," Freeze said. "Add in the Indian and Chinese issues and we see a doubled digit drop from already weak markets, but we expect the Scandinavian countries to outperform the US, European and Asian markets."

For now, it's probably best to wait for oil prices to stabilize before rushing into NORW or ENOR, but the bottom line is if and when Europe rebounds, the Scandinavian ETFs are likely to be leaders not laggards.

For more on Scandinavian ETFs, please click <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/02/2368487/under-the-hood-feeling-finland-efnl-nok-aapl">HERE</a>.

Not Even Norway? (ENOR, NORW)

Inflation Progress May Be Bumpy, But Is Likely To Continue

Weekly Commentary: Monetary Disorder

iShares MSCI Norway ETF declares semi-annual distribution of $0.8753

Highest And Lowest Country ETF Dividend Yields

Nordic nations tell residents to prepare for war; undersea cable cuts fuel sabotage fears

What's Next For Global Monetary Policy?

Argentina ETF up 66%, surpassing all country ETFs by far

iShares MSCI Norway ETF declares semi-annual distribution of $0.5431

ACTV

AFMC

AFSM

AFTY

ARKK

ASHR

ASHS

AVUV

BAPR

BBCA

BBEU

BBJP

BNDX

CBON

CHIM

CHIQ

CHIR

CHIU

CHIX

CNXT

CNYA

CQQQ

CXSE

DBEU

DBEZ

DBJP

DFEN

DXJS

ECNS

EIDO

EIRL

ENZL

EPHE

EPOL

EUDG

EUDV

EURL

EUSC

EWJV

EWUS

FEUZ

FIBR

FLAU

FLCA

FLCH

FLEE

FLEU

FLGB

FLGR

FLHK

FLIN

FLJH

FLJP

FLKR

FLMX

FLSW

FLTW

FPXE

GBIL

GLIN

GOVT

GOVZ

GSEU

GSJY

HEDJ

HEWG

HEWJ

HEZU

IEUR

IEUS

IGOV

INCO

INDA

INDF

INDY

ISRA

IVOO

IVOV

JPXN

KALL

KBUY

KEJI

KFVG

KGRN

KORU

KSTR

KTEC

KURE

Comments

iShares Inc iShares MSCI Norway ETF

Notizie

Ultime notizie per iShares Inc iShares MSCI Norway ETF (BATS:ENOR)

Notizie

PARTNER/COLLABORATORE

BENZINGA NEL MONDO