We integrate The ETF iShares FXI (China Large Cap), which tracks the performance of an index composed of large-capitalization Chinese equities that trade on the Hong Kong Stock Exchange. 

• China's manufacturing activity grew faster than expected in June 2017. According to China's National Bureau of Statistics (NBS), the manufacturing Purchasing Managers Index (PMI) increased to 51.7 in June compared with 51.2 in May and above market estimates of 51.

We decided to exit the ETF Lyxor MAL (Malaysia) from the Euro Active portfolio, while the upward trend of the index is reversing, particularly in light of the weakness of certain commodities, primarily oil. We are adopting a more cautious approach because of the ongoing correction in the markets and replace this line with a cash position.

We integrate into our Watchlist the ETF Lyxor DSB (Double Short Bund index listed in euro) whose objective is to provide the daily inverse x2 performance of a German government 10 years bonds portfolio. Expenses related to the ETF are rather low at around 0.2%.

Our Robot Allocator increased the Commodities share in the Global Macro Portfolio, and selected JJC (iPath Bloomberg Copper Subindex Total Return). It also proceeded to an arbitrage within the equity allocation, selling TEL (Telecom Europe) and buying XBI (US Biotech).

XBI, weekly charts :

 

We decided to exit the ETF Lyxor TEL (Telecom Europe) from the Euro Active Portfolio, while the upward trend of the Index is invalidated and the relative performance versus the stoxx600 is deteriorating rapidly. The theme of the change in monetary policy by the ECB and the prospect of higher yields harms this sector that uses leverage while Telecoms are considered to be value stocks.