Europe Stocks Little Changed As U.s. Shutdown Continues

The SNB intervenes in the foreign exchange markets to maintain the peg against the Euro at a floor of 1.20. The pegging led to the currency not falling beyond 1.20 thereby making it less appreciable for American investors especially in an environment where the Euro continues to be weak. Switzerland ETFs to Consider Given strong fundamentals, Switzerland has been able to hold up quite well than most European countries so far this year (read: 3 European ETFs Holding Their Ground ). Investors willing to tap the opportunity in this growing economy could choose from the following two ETFs, any of which could be a decent pick. Both products are clearly outpacing the developed Europe market funds by wide margins in the year-to-date time frame. The product is heavily concentrated across both sectors and securities. More than two-thirds of the portfolio is allocated to the top three sectors – healthcare, financials and consumer staples. In terms of holdings, the top three firms collectively make up for more than 44%, suggesting that the top firms dominate the returns of the fund (see more in the Zacks ETF Center ). The fund has amassed nearly $940 million in its asset base. It is relatively cost efficient, charging 50 bps a year while trading nearly 507,000 shares a day. EWL is up nearly 120% in the year-to-date time frame. First Trust Switzerland AlphaDEX Fund ( FSZ ) This fund provides a slightly active choice as it uses AlphaDEX methodology to select the stock. The methodology seeks to narrow this European space to only the best positioned companies. It ranks the stocks by various growth and value factors, eliminating the bottom ranked 25% of the stocks. This approach produces a basket of 40 stocks, which is widely spread across each security as none of them holds more than 4.5% of assets. From a sector perspective, financials take the top spot at 33%, closely followed by industrials (25.89%) and health care (13.43%).

Continental Europe stays on top at Seve Trophy

The U.Ks FTSE 100 added 0.1 percent, Frances CAC 40 rose 0.9 percent and Germanys DAX increased 0.3 percent. Nokian Renkaat slumped 7.6 percent to 34.69 euros. Operating profit and net sales will fall this year from 2012, the company said in a statement today. That compares to an August prediction that sales and profit could increase in the full-year. Voestalpine slipped 2.3 percent to 34.67 euros in Vienna. Citigroup cut its recommendation to neutral from buy, saying the stock is expensive after rallying more than 50 percent since April 18. The brokerage also cut its rating on the European steel sector to underweight, similar to sell, saying hopes the industry will emerge from its current weakness are unfounded. Italian Gains Italys FTSE MIB (FTSEMIB) climbed 1.6 percent as a Senate panel recommended Silvio Berlusconis expulsion from the upper house because of his conviction for tax fraud . The recommendation must still be put before the Senate for a final vote. Banks led gains in Italy, with UniCredit SpA rising 3.4 percent to 5.23 euros, its highest price since December 2011, and Mediobanca SpA advancing 4.4 percent to 5.91 euros. Lindt (LISP) climbed 3.6 percent to 44,430 francs after the worlds largest premium chocolate maker said it will begin purchasing shares at the end of this month until the end of 2014, while maintaining its current dividend policy. Deutsche Lufthansa AG rose 2.1 percent to 14.41 euros. Europes second-largest airline said operating losses at its Germanwings discount carrier will fall by 90 million euros ($122 million) this year. In a statement on its website late yesterday, Lufthansa also said that costs for upgrading cabins and lounges will exceed 500 million euros through 2015. To contact the reporter on this story: Sofia Horta e Costa in London at shortaecosta@bloomberg.net To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net Frankfurt Stock Exchange Ralph Orlowski/Bloomberg A trader monitors financial data on his computer screens at the Frankfurt Stock Exchange in Frankfurt.

“There is just a fraction of disappointment. We let a point go with the Italians; they had the match under control until the very end,” said Continental Europe captain Jose Maria Olazabal, who kept his pairing the same over the first two days. Jamie Donaldson then posted four birdies and an eagle in GB&I’s third win of the day, as he and teammate Marc Warren ousted Thomas Bjorn and Miguel Angel Jimenez, 4 & 2. “The golf that was played was beautiful; Jamie Donaldson was 9-under on his own,” said GB&I captain Sam Torrance. Aside from Colsaerts and Fernandez-Castano, the only other duo to notch a win for Continental Europe was Joost Luiten and Gregory Bourdy, who outlasted Tommy Fleetwood and Chris Wood, 1-up. Luiten and Bourdy nearly squandered a 3-up lead with four holes to play, but they held on for the win when both Fleetwood and Wood missed birdie putts inside 12 feet at the last. Colsaerts and Fernandez-Castano, who have yet to trail at this event, birdied four of their first six holes Friday, with the latter running home a 10-footer at the sixth to go 4-up. Lawrie and Gallacher briefly reduced their deficit to three with a birdie at the par-5 seventh, but they would get no closer, as Colsaerts and Fernandez- Castano birdied three of their next four holes, capped by Colsaerts’ 15-footer at the 11th, to take a commanding 6-up lead. The Continental Europe standouts then parred two straight to wrap up the convincing victory. “Overall 3 – 2 is not that bad — it’s pretty much what we’ve said all along, these guys play great golf, and you have to be on your toes,” continued Olazabal. NOTES: Bjorn and Jimenez lost both of their fourball matches over the first two days … Colsaerts and Fernandez-Castano’s 6 & 5 margin of victory tied the previous mark set by Jimenez and Olazabal, who posted the number on Ian Woosnam and Colin Montgomerie in 2000, and Anthony Wall and Chris Wood, who won by the same margin against Henrik Stenson and Robert Karlsson in 2009 … Hanson withdrew from the Seve Trophy on Monday due to a lingering back injury.