iShares Currency Hedged MSCI United Kingdom ETF

HEWU tracks an index of large- and mid-cap UK stocks, hedged against movements in the pound for US investors.

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The week ending November 3, 2023, saw a good number of new ETFs enter the market as well as several closures. In all, there were 14 new ETFs including launches from Defiance, First Trust, Innovator, Roundhill, ProShares, John Hancock, Kingsbarn Capital Management, Dimensional and SRH Funds.

This Week in ETFs: 14 New ETFs Debut From 11 Issuers

iShares MSCI United Kingdom ETF

iShares MSCI United Kingdom Small Cap ETF

First Trust United Kingdom AlphaDEX Fund

Franklin FTSE United Kingdom ETF

The Bank of England has kept rates on hold for a second consecutive meeting, and barring some major unpleasant surprises, it's fair to say the tightening cycle is over. Beneath the surface, we detect hints that the Bank is uncomfortable with markets beginning to price rate cuts for next year.

Bank Of England Keeps Policy Steady But Pushes Back Against Rate Cut Expectations

The UK economy continued to skirt with recession in October, as the increased cost of living, higher interest rates and falling exports were widely blamed on a third month of lower output. UK business activity declined for a third month running in October, suggesting the economic malaise seen at the end of the third quarter has spilled over into the fourth quarter.

Flash PMI Points To U.K. Economic Downturn Extending Into Fourth Quarter

Investors have significantly reappraised the Bank of England outlook over recent weeks, and we think rate hikes have now finished. Rate cuts are likely to be a story for next summer.

Markets Are Right To Rethink The Bank Of England As Rates Reach A Peak

The UK is a famously - or infamously, depending on the prevailing style - value-driven market. Over five years, the FTSE UK Growth index beats its value equivalent by 27% to 10.1%.

There's More To U.K. Equities Than Value Stocks

While the Bank of England (BoE) kept the “sufficiently restrictive for sufficiently long” language in its latest statement, we believe the end of the U.K. interest rate hiking cycle is here. Inflation came in well below market and BoE expectations, with declines both in core goods and services.

U.K. Inflation Looks To Have Finally Broken

The disappointing PMI survey results for September mean a recession is looking increasingly likely in the UK. UK business activity slumped in September, with output across manufacturing and services contracting for a second month running.

Flash PMI Signals Deepening U.K. Economic Downturn In September

BoE shocks markets by holding off on a rate increase. We believe it is likely we have seen the last rate hike of the cycle.

Bank Of England: A Surprise End To U.K. Rate Hikes?

The Bank of England has kept rates on hold, but today's vote was close. What's very clear, though, is that the Bank is leaving all options on the table for November.

The Bank Of England's Tightening Cycle May Well Be Over

Invesco CurrencyShares British Pound Sterling Trust

We're expecting one final rate hike from the Bank of England this week with wage growth and inflation both proving stubborn. Recent comments show the Bank is laying the ground for a pause, and we aren't ruling that out on Thursday.

Why The Bank Of England Might Not Raise Rates On Thursday

Private-sector wage growth in the UK barely increased in level terms between June and July, and alternative data from payrolls showed a second consecutive fall in median pay. We still expect a rate hike next week, but with unemployment rising too, this latest data doesn't scream a need to lift rates much further.

The U.K. Jobs Report Is More Dovish Than It Looks

High inflation and wage growth should seal the deal on a September rate hike from the Bank of England. Emerging economic weakness suggests the top of the tightening cycle is near, and our base case is a pause in November.

Cracks In The U.K. Economy Will Give The Bank Of England Pause For Thought

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ETFMG Sit Ultra Short ETF

This week saw a total of 17 ETF launches, a major rebound from last week when only six funds debuted and a reversal of the summer trend of fewer launches. ETF closures continued their march forward, with several completing during the week and another handful announced.

This Week in ETFs: Summer Doldrums Ending?

Early PMI survey data for August signal a renewed contraction of the UK economy, as an increasingly severe manufacturing downturn is accompanied by a further faltering of the service sector's spring revival. Lower levels of activity were recorded in both the manufacturing and service sectors during August.

U.K. Flash PMI Data Signal Renewed Economic Downturn In August, Selling Price Inflation Cools

A repeat 25bp hike is largely priced for September, but markets are also factoring in an almost 20% chance that the Bank of England keeps rates on hold. Investors expect Bank Rate to be just 40 basis points lower in two years' time, compared to almost 200bp at the Fed and roughly 75bp at the ECB.

To Hike Or To Hold? 3 Scenarios For The Bank Of England's Next Steps

Better news on inflation has enabled the Bank of England to pivot back to a 25-basis point rate hike this month. The Bank is keeping all its options open on future rate hikes, although another rise in September seems highly likely.

Bank Of England Opts For Smaller Rate Hike After Better Inflation News

JPMorgan BetaBuilders Canada ETF

iShares MSCI Australia ETF

iShares MSCI Canada ETF

Franklin FTSE Australia ETF

Franklin FTSE Canada ETF

Australia and Canada are experiencing a surge in population growth, while growth rates have slowed substantially in the UK due to post-Brexit frictions. The robust population growth is allowing Australia and Canada to generate stronger jobs gains without causing a tighter labor markets and strong wage growth.

The Economics Of Immigration: The U.K. Vs. Australia And Canada

UK business activity growth slowed to close to stalling in July, according to the flash PMI survey data compiled by S&P Global and sponsored by CIPS. By sector, July saw the manufacturing downturn deepen while service sector growth near-stalled.

United Kingdom Flash PMI Data Point To Cooler Inflation As Economy Stalls

While there is some uncertainty around further easing in services inflation as wage pressures remain elevated, we expect inflation pressures to continue to ease in the second half of 2023. At its June meeting, the BOE raised the policy rate by 50 basis points to 5.0%, which was its thirteenth consecutive hike.

The U.K.'S Trifle With Inflation

After some unexpectedly strong wage data last week, Wednesday's services inflation data will determine whether the Bank of England implements another aggressive 50bp rate hike in early August. While still at a lofty 18%, food inflation does appear to have peaked and we've seen more noticeable early signs of slowing in the equivalent eurozone data.

U.K. Inflation Data To Make Or Break A 50bp August Rate Hike

A few months ago it looked like UK wage growth had peaked. Now it is running at its fastest pace yet, and, depending on next week's inflation figures, it could push the Bank of England into another 50bp rate hike in August.

U.K. Wage Growth Surprise Could Spell Repeat 50bp Rate Hike

June's flash PMI survey data rounded off a solid quarter of growth for the UK economy, though the pace of expansion slowed amid signs of a growing toll from the rising cost of living and higher interest rates. One notable area of resilience in the economy is the labour market, with jobs growth accelerating in June as companies in the service sector continue to fill vacancies.

U.K. Flash PMI Surveys Signal Growth Slowdown In June As Rate Hikes Take Their Toll

Bond yields jump as they begin to price in more BOE rate hikes, and higher for longer than previously imagined. Core CPI spiked month-to-month by a scary 0.8% in May, which translates into an annualized spike of 10%, according to data from the UK Office of National Statistics (ONS) today.

Inflation Shocker In The U.K.: Core CPI Spikes To 30-Year High, Driven By Spike In Services, Even As Motor Fuel Prices Plunge

Markets are pricing almost six more rate hikes from here. While we doubt the Bank of England would endorse that, we don't think it will want to push back heavily either, given the recent tendency for inflation data to come in above expectations.

Why The Bank of England Is Unlikely To Push Back Against Lofty Interest Rate Expectations

The pattern of UK share ownership has changed significantly over the years. For more than a decade, foreign investors have owned most of the UK market.

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