robo23 schreef op 23 augustus 2016 12:49:
[...]
Sorry, maar is toch echt van vandaag.....
Flow Traders released its own market reference data on July 2016 yesterday after market close. While we have previously seen data on global ETP turnover in July reported by the World Federation of Exchanges which showed July at a -14% decline YoY and -8% versus the second quarter of 2016, Flow Traders’ data shows an even worse picture. According to Flow Traders’ data, global ETP turnover in July 2016 declined -19% YoY and -12% versus the average level in 2Q16. The slowdown versus 2Q16 is largest (-16%) in the already troubled APAC market while the Americas and EMEA markets have seen declines of -12% and -3% respectively.
While no data on ETP trading is available for August as of yet, data on total equity value traded in European markets so far in August shows a further slowdown of -31% YoY, -24% vs 2Q16 and -19% versus July 2016.
Last week we published a note on Flow Traders in which we cut our rating from NEUTRAL to SELL and set a €25 price target (€31 previously) partly because we believed difficult trading conditions have continued into Q3, making it highly improbable for Flow Traders to reach consensus estimates for FY16. These data points confirm that belief in our view.