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Fed on hold in September as US non-farm payrolls disappoint

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9 år sedan

den

The Fed has another excuse to hold off on a September rate hike. Fed on hold in September as US non-farm payrolls disappoint. Although Chair Yellen said that the case for a rate hike has strengthened in recent months at the Jackson Hole Symposium, she indicated that the decision will be heavily data dependent. A string of worse-than-expected data since that announcement – ISM manufacturing, non-farm payrolls and auto-sales – gives the Fed reason to maintain their dovish stance for now.

The Fed has another excuse to hold off on a September rate hike. Fed on hold in September as US non-farm payrolls disappoint. Although Chair Yellen said that the case for a rate hike has strengthened in recent months at the Jackson Hole Symposium, she indicated that the decision will be heavily data dependent. A string of worse-than-expected data since that announcement – ISM manufacturing, non-farm payrolls and auto-sales – gives the Fed reason to maintain their dovish stance for now.

While the Fed realises that it can’t hang too much on single data points, the central bank is very cautious about undoing the hard work in getting the US economy into a sustainable recovery that will support jobs growth.

We still believe that the Fed will raise rates this year, but that is more likely in December than in September now. The market’s expectation for a rate increase this month also fell on the release of the payrolls data (see chart). While headline CPI inflation remains low at 0.8%, core inflation at 2.2% is around the Fed’s target level. With lower energy and food prices from a year ago being transitory, the headline rate is likely to catch up to core soon. We believe that there are enough inflationary pressures for the Fed to act this year.

There were only 151,000 jobs added in August compared to a consensus estimate of 180,000. Hourly earnings only rose 0.1% mom, against a consensus of 0.2%. The unemployment rate remained flat at 4.9% while the market expected a drop to 4.8%. The numbers were affected by statistical quirks that are not fully remedied by the adjustments applied by the Bureau of Labor Statistics. Namely there was an extra working day this August compared to last August and the survey took place before the 15th of the month (which often leads to companies that pay employees on the 15th to incorrectly miss people off the payroll when filling in the survey). The weak wage data can therefore be discounted due to the quirks. Unemployment failed to decline as a result of higher labour market participation. The latter we view as a positive sign of economic strength. We believe that the September payrolls report will reverse the weakness from August. However, there are only three more payroll reports to be released before December and so we will need to see a strengthening in the data soon if the Fed is to act this year.

Nitesh Shah, Research Analyst at ETF Securities

Nitesh is a Commodities Strategist at ETF Securities. Nitesh has 13 years of experience as an economist and strategist, covering a wide range of markets and asset classes. Prior to joining ETF Securities, Nitesh was an economist covering the European structured finance markets at Moody’s Investors Service and was a member of Moody’s global macroeconomics team. Before that he was an economist at the Pension Protection Fund and an equity strategist at Decision Economics. He started his career at HSBC Investment Bank. Nitesh holds a Bachelor of Science in Economics from the London School of Economics and a Master of Arts in International Economics and Finance from Brandeis University (USA).

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Is Mobile Powering the Future of Gaming?

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33 minuter sedan

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16 oktober, 2025

Av

The global gaming industry has evolved into one of the world’s most dynamic entertainment sectors, expected to generate $188.9 billion in 2024 and surpass $200 billion by 2027, outpacing film and music combined.

The global gaming industry has evolved into one of the world’s most dynamic entertainment sectors, expected to generate $188.9 billion in 2024 and surpass $200 billion by 2027, outpacing film and music combined.

From arcades to smartphones, the gaming industry has continuously evolved with each technological shift. Today, mobile gaming is a major player the market, currently accounting for the largest share of global revenues. As digital platforms, cloud gaming, and eSports continue to grow, gaming is establishing itself as a core part of the global entertainment economy.

Mobile gaming is leading this transformation, currently accounting for the majority of industry revenues and 40% of all global app downloads. With 5G adoption and 90% smartphone penetration expected by 2030, billions of new players will join the market, making gaming more accessible than ever.

However, the rollout of 5G also carries risks, uneven global infrastructure buildout, high capital costs for carriers, and potential fragmentation across networks could delay or limit the full realization of these benefits.

Source: Vantage Market Research, 2023; Pelham Smithers, 2020

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IMPORTANT INFORMATION

This is marketing communication. Please refer to the prospectus of the UCITS and to the KID/KIID before making any final investment decisions. These documents are available in English and the KIDs/KIIDs in local languages and can be obtained free of charge at www.vaneck.com, from VanEck Asset Management B.V. (the “Management Company”) or, where applicable, from the relevant appointed facility agent for your country.

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Fyra nya börshandlade fonder från JP Morgan

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2 timmar sedan

den

16 oktober, 2025

Av

JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF förvaltas aktivt och investerar i en portfölj av aktier från Nasdaq 100 med en overlay-strategi. Denna strategi implementeras genom köp- och säljoptioner, med positioner som innehas under en period av tre månader. ETFen finns i både ackumulerande och utdelande andelsklasser.

JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF förvaltas aktivt och investerar i en portfölj av aktier från Nasdaq 100 med en overlay-strategi. Denna strategi implementeras genom köp- och säljoptioner, med positioner som innehas under en period av tre månader. ETFen finns i både ackumulerande och utdelande andelsklasser.

JPM US Hedged Equity Laddered Overlay Active UCITS ETF förvaltas aktivt och investerar i en portfölj av aktier från S&P 500 med en overlay-strategi. Denna strategi implementeras genom köp- och säljoptioner, med positioner som innehas under en period av tre månader. ETFen finns i både ackumulerande och utdelande andelsklasser.

nxtAssets ripple direct ETP ger enkel tillgång till utvecklingen av kryptovalutan Ripple (XRP). ETPen är fysiskt säkerställd av de underliggande kryptovalutorna. Handel är möjlig antingen i euro eller amerikanska dollar.

WisdomTree Physical Stellar Lumens ger enkel tillgång till utvecklingen av kryptovalutan Stellar. ETPen är fysiskt säkerställd av de underliggande kryptovalutorna.

NamnISIN
Kortnamn		AvgiftUtdelnings-
policy
JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF – USD (acc)IE000JIPY1U8
HEQQ (EUR)		0,50%Ackumulerande
JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF – USD (dist)IE0006UQKVQ0
HEQD (EUR)		0,50%Utdelande
JPM US Hedged Equity Laddered Overlay Active UCITS ETF – USD (acc)IE000VAZZYM3
HEOL (EUR)		0,50%Ackumulerande
JPM US Hedged Equity Laddered Overlay Active UCITS ETF – USD (dist)IE000K4JG8P9
HEDL (EUR)		0,50%Utdelande
nxtAssets ripple direct ETPDE000NXTA034
NXTX (EUR)
NTXY (USD)		1,00% 
WisdomTree Physical Stellar LumensGB00BN7K9C82
WXLM (EUR)		0,50% 

Produktutbudet inom Deutsche Börses ETF- och ETP-segment omfattar för närvarande totalt 2 595 ETFer, 203 ETCer och 282 ETNer. Med detta urval och en genomsnittlig månatlig handelsvolym på cirka 25 miljarder euro är Xetra den ledande handelsplatsen för ETFer och ETPer i Europa.

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AIFS ETF en satsning på infrastruktur för artificiell intelligens

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3 timmar sedan

den

16 oktober, 2025

Av

iShares AI Infrastructure UCITS ETF USD (Acc) (AIFS ETF) med ISIN IE000X59ZHE2, försöker spåra STOXX Global AI Infrastructure-index. STOXX Global AI Infrastructure-index spårar prestanda för företag över hela världen som är engagerade inom området AI-infrastruktur. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).

iShares AI Infrastructure UCITS ETF USD (Acc) (AIFS ETF) med ISIN IE000X59ZHE2, försöker spåra STOXX Global AI Infrastructure-index. STOXX Global AI Infrastructure-index spårar prestanda för företag över hela världen som är engagerade inom området AI-infrastruktur. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).

Den börshandlade fondens TER (total cost ratio) uppgår till 0,35 % p.a. iShares AI Infrastructure UCITS ETF USD (Acc) är den enda ETF som följer STOXX Global AI Infrastructure-index. ETFen replikerar det underliggande indexets prestanda genom full replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.

Denna ETF lanserades den 5 december 2024 och har sin hemvist i Irland.

Investeringsmål

Fonden strävar efter att uppnå avkastning på din investering, genom en kombination av kapitaltillväxt och inkomst på fondens tillgångar, vilket återspeglar avkastningen från STOXX Global AI Infrastructure Index, fondens jämförelseindex (”Index”).

Handla AINS ETF

iShares AI Infrastructure UCITS ETF USD (Acc) (AIFS ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och Euronext Amsterdam.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.

Börsnoteringar

BörsValutaKortnamn
Euronext AmsterdamUSDAINF
Borsa ItalianaEURAINF
Euronext ParisEURAINF
XETRAEURAIFS

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