Sixers head to Europe for 2 preseason games
And that could lead to stronger profits from European-based companies. So what’s the safest way to try and ride a European rebound? Investing through a mutual fund: Many funds from big money managers have a fair amount of European exposure. Take the widely held Fidelity Worldwide Fund ( FWWFX ), which has 30% of its assets invested in Europe. Holdings include Swiss bank UBS ( UBS ), German automaker Volkswagen ( VLKAY ) and French food and consumer products giant Danone ( DANOY ). The Dodge & Cox International Stock Fund ( DODFX ), one of the top 25 mutual funds by total assets, also has a 30% allocation in Europe. It owns stakes in German conglomerate Bayer ( BAYRY ) and the U.K. bank HSBC ( HBC ). Then there are funds with an even bigger weighting in Europe, like the Vanguard International Growth Fund ( VWIGX ). About 55% of this fund is invested in European stocks, such as French cosmetics leader L’Oreal ( LRLCF ) and German athletic brand Adidas ( ADDYY ). Investing via ETFs: If you want to buy a fund that focuses more directly on Europe — and pay lower fees in the process — you have many more options in exchange traded funds. The largest dedicated Europe ETF by assets is the Vanguard FTSE Europe ETF ( VGK ), with about $13 billion under management.
That level wont be reached before the final quarter of 2014, according to economists surveyed by Bloomberg. Social Tragedy Unemployment in Europe is a social tragedy and we need to address it, OECD Secretary-General Angel Gurria said in July when presenting the organizations annual employment outlook . Siemens AG (SIE) , Europes largest engineering company, will eliminate 15,000 jobs, the Munich-based corporation said on Sept. 29. It initially planned some 8,000 cuts globally, a person familiar with the program told Bloomberg News in October. Earlier this month, Air France-KLM (AF) Group, Europes biggest airline, scrapped a plan to break even at its main French unit this year, putting 2,800 jobs in the country at risk. While most Southern European economies are struggling to provide work for the unemployed, the jobless rate in Germany , the regions largest economy, remained at 6.8 percent in September, according to 31 estimates in a separate Bloomberg survey . Thats close to a two-decade low of 6.7 percent. The Federal Labor Agency is due to publish these data tomorrow at 9:55 a.m. in Nuremberg. Resurgent Economy A robust job market and Germanys economic strength in the midst of the euro areas debt crisis helped Chancellor Angela Merkel s Christian Democrats take the largest share of the vote in Sept.
That will be followed by Tuesday’s game in Manchester, England against the Oklahoma Thunder. The trip is anticipated for several reasons. After beating up each other during training camp at St. Joseph’s University, the Sixers are looking forward to taking on somebody other than themselves. And the bonding that will be done on this trip can’t be underestimated. Plus there is the cultural aspect of traveling to Europe. “I have been looking forward to this trip all summer long,” said forward Thaddeus Young on Wednesday as the Sixers concluded their training camp at St. Joseph’s University. More coverage Latest Sixers videos “We will keep growing together and this is a good chance to get to know each other,” said forward-center Spencer Hawes, who is entering his seventh NBA season and fourth with the Sixers. “Not only on the court with a couple of games but also with so many new faces, it’s a chance to become more familiar of the court as well.” This will be the Sixers’ first preseason trip to Europe since they traveled to Spain and Germany in 2006. Even though the Sixers spent the entire day on Thursday traveling, coach Brett Brown said the missed practice time was well worth it. “I am happy to sacrifice practice time for a chemistry relationship type thing where everybody can travel and be with each other and have a laugh and hear different sides of people’s background,” Brown said. “All that stuff is growth and is important and if it can be expedited on an overseas trip, I am excited more for that reason than I am watching us play basketball, really.” Yet he also wants to watch this team, although Brown understands that he won’t be viewing a masterpiece.