EURO STOXX 50

The EURO STOXX 50 is a stock index of Eurozone stocks designed by STOXX, an index provider owned by Deutsche Börse Group. According to STOXX, its goal is "to provide a blue-chip representation of Supersector leaders in the Eurozone". It is made up of fifty of the largest and most liquid stocks. The index futures and options on the EURO STOXX 50, traded on Eurex, are among the most liquid products in Europe and the world.

EURO STOXX 50 Index
Foundation26 February 1998
OperatorSTOXX
Constituents50
TypeMega cap
Market cap€1.962 trillion (March 2016)[1]
Weighting methodFree-float market capitalization
Related indicesSTOXX Europe 50
Websitestoxx.com

The EURO STOXX 50 was introduced on 26 February 1998. Its composition is reviewed annually in September. The index is available in several currency (EUR, USD, CAD, GBP, JPY) and return (Price, Net Return, Gross Return) variant combinations. Calculation takes place every 15 seconds between 09:00 CET and 18:00 CET for the EUR and USD variants of any return type, while the CAD, GBP and JPY variants are available as end-of-day calculation only (18:00 CET).

The EURO STOXX 50 Index is derived from the 19 EURO STOXX regional Supersector indices and represents the largest super-sector leaders in the Eurozone in terms of free-float market capitalization. The index captures about 60% of the free-float market capitalization of the EURO STOXX Total Market Index (TMI), which in turn covers about 95% of the free-float market capitalization of the represented countries.

The EURO STOXX 50 serves as the basis for single sub-indices such as the EURO STOXX 50 ex Financials, which excludes all companies assigned to the ICB code 8000. It is one of the most liquid indices for the Eurozone: an ideal underlying for financial products or for benchmarking purposes. Additionally, the index serves as an underlying for many strategy indices, such as the EURO STOXX 50 Risk Control Indices. Buffers are used to achieve the fixed number of components and to maintain stability of the indices by reducing index composition changes. Selection methodology ensures a stable and up-to-date index composition. Fast-entry and fast-exit rules ensure the index accurately represents the performance of only the biggest and most liquid stocks.

Development
Performance of the Euro Stoxx 50 stock market index since 1998
(end-of-year points)[2]

The following table shows the end-of-year values of the Euro Stoxx 50 index since 1986.[3]

A record closing high of 5,464.43 was recorded on 6 March 2000.

Year Year end
value		 Change,
in points		 Change,
in %
1986900.82
1987648.13−252.69−28.05
1988861.36213.2332.90
19891098.49237.1327.53
1990858.72−239.77−21.83
19911000.00141.2816.45
19921033.5133.513.35
19931433.34399.8338.69
19941320.59−112.75−7.87
19951506.82186.2314.10
19961850.32343.5022.80
19972531.99681.6736.84
19983342.32810.3332.00
19994904.461562.1446.74
20004772.39−132.07−2.69
20013806.13−966.26−20.25
20022386.41−1419.72−37.30
20032760.66374.2515.68
20042951.24190.586.90
20053578.93627.6921.27
20064119.94541.0115.12
20074399.72279.786.79
20082451.48−1948.24−44.28
20092966.24514.7621.00
20102792.82−173.42−5.85
20112316.55−476.27−17.05
20122635.93319.3813.79
20133109.00473.0717.95
20143146.4337.431.20
20153267.52121.093.85
20163290.5223.000.7
20173503.96213.446.47
2018 3001.42 −502.54 −14.34
2019 3745.15 743.73 24.78

Calculation

The calculation of the indices employ the Laspeyres formula, which measures price changes against a fixed base quantity weight:[4]

where:

t = Time the index is computed
n = Number of companies in the index
pit = Price of company (i) at time (t)
sit = Number of shares of company (i) at time (t)
ffit = Free float factor of company (i) at time (t)
cfit = Weighting cap factor of company (i) at time (t)
xit = Exchange rate from local currency into index currency for company (i) at time (t)
Mt = Free-float market capitalization of the index at time (t)
Dt = Divisor of the index at time (t)

Changes in weights due to corporate actions are distributed proportionally across all index components. The index divisors, which is adjusted to maintain the continuity of the values of the index across changes due to corporate actions, are calculated as follows:

where ΔMCt+1 = The difference between the closing market capitalization of the index and the adjusted closing market capitalization of the index: for companies with corporate actions effective at time (t+1), the free-float market capitalization is calculated with adjusted closing prices, the new number of shares at time (t+1) and the free-float factor at time (t+1) minus the free-float market capitalization calculated with closing prices, number of shares at time (t) and free-float factor at time (t).

Composition

As of May 2018, Euro Stoxx 50 consists of the following companies:

TickerMain listingNameCorporate formRegistered
office		IndustryFounded
ADS.DEFWB: ADSAdidas Aktiengesellschaft GermanySportwear1924
AD.ASEuronext: ADAhold Delhaize Naamloze vennootschap NetherlandsRetail2016 (1867)
AI.PAEuronext: AIAir Liquide Société Anonyme FranceChemistry1902
AIR.PAEuronext: AIRAirbus Societas Europaea NetherlandsAerospace1970
ALV.DEFWB: ALVAllianz Societas Europaea GermanyInsurance1890
ABI.BREuronext: ABIAnheuser-Busch InBev Société Anonyme/
Naamloze vennootschap		 BelgiumFood and beverage2008 (1366/1888/1852/1895)
ASML.ASEuronext: ASMLASML Holding Naamloze vennootschap NetherlandsTechnology1984
CS.PAEuronext: CSAXA Société Anonyme FranceInsurance1816
BBVA.MCBMAD: BBVABanco Bilbao Vizcaya Argentaria Sociedad Anónima SpainBanking1857
SAN.MCBMAD: SANBanco Santander Sociedad Anónima SpainBanking1857
BAS.DEFWB: BASBASF Societas Europaea GermanyChemistry1865
BAYN.DEFWB: BAYNBayer Aktiengesellschaft GermanyChemistry1863
BMW.DEFWB: BMWBMW Aktiengesellschaft GermanyAutomotive industry1916
BNP.PAEuronext: BNPBNP Paribas Société Anonyme FranceBanking2002 (1848/1872)
CRG.IRISEQ: CRGCRH Public Limited Company IrelandConstruction and materials1970 (1936)
SGO.PAEuronext: SGOCompagnie de Saint-Gobain Société Anonyme FranceConstruction and materials1665
DAI.DEFWB: DAIDaimler AG Aktiengesellschaft GermanyAutomotive industry2007 (1926)
DPW.DEFWB: DPWDeutsche Post Aktiengesellschaft GermanyLogistics1995
DTE.DEFWB: DTEDeutsche Telekom Aktiengesellschaft GermanyTelecommunication1995
ENEL.MIBIT: ENELEnel Società per azioni ItalyElectric utility1962
ENGI.PAEuronext: ENGIEngie Société Anonyme FranceElectric utility2008
ENI.MIBIT: ENIEni Società per azioni ItalyPetroleum1953
EOAN.DEFWB: EOANE.ON Societas Europaea GermanyElectric utility2000
EL.PAEuronext: EIEssilorLuxottica Société Anonyme FranceOptical industry1849
FRE.DEFWB: FREFresenius SE Societas Europaea GermanyHealth care equipment1912
BN.PAEuronext: BNGroupe Danone Société Anonyme FranceFood and beverage1919
IBE.MCBMAD: IBEIberdrola Sociedad Anónima SpainElectric utility1992 (1907/1944)
ITX.MCBMAD: ITXInditex Sociedad Anónima SpainRetail1985
INGA.ASEuronext: INGAING Group Naamloze vennootschap NetherlandsBanking1991
ISP.MIBIT: ISPIntesa Sanpaolo Società per azioni ItalyBanking2007 (1563)
LIN.DEFWB: IE00BZ12WP82Linde plc Public limited company IrelandChemicals1879
OR.PAEuronext: ORL'Oréal Société Anonyme FrancePersonal and household goods1909
MC.PAEuronext: MCLVMH Moët Hennessy Louis Vuitton Societas Europaea FrancePersonal and household goods1987 (1743 / 1765 / 1854)
MUV2.DEFWB: MUV2Munich Re Aktiengesellschaft GermanyInsurance1880
NOKIA.HENasdaq Helsinki: NOKIANokia Julkinen osakeyhtiö FinlandTechnology1865
ORA.PAEuronext: ORAOrange S.A. Société Anonyme FranceTelecommunication1988
PHIA.ASEuronext: PHIAPhilips Naamloze vennootschap NetherlandsHealth care equipment1891
SAF.PAEuronext: SAFSafran Société Anonyme FranceAerospace2005
SAN.PAEuronext: SANSanofi Société Anonyme FrancePharmaceutical industry2004 (1834/1899/1973)
SAP.DEFWB: SAPSAP SE Societas Europaea GermanyTechnology1972
SU.PAEuronext: SUSchneider Electric Societas Europaea FranceGoods and Services1836
SIE.DEFWB: SIESiemens Aktiengesellschaft GermanyGoods and Services1847
GLE.PAEuronext: GLESociété Générale SA Société Anonyme FranceBanking1864
TEF.MCBMAD: TEFTelefónica Sociedad Anónima SpainTelecommunication1924
FP.PAEuronext: FPTOTAL S.A. Société Anonyme FrancePetroleum1924
URW.ASEuronext: ULUnibail-Rodamco Societas Europaea FranceReal estate2018 (1960)
UNA.ASEuronext: UNAUnilever Naamloze vennootschap NetherlandsFood and beverage1930 (1867/1885)
DG.PAEuronext: DGVinci SA Société Anonyme FranceConstruction and materials1899
VIV.PAEuronext: VIVVivendi Société Anonyme FranceMedia1853
VOW.DEFWB: VOWVolkswagen Group Aktiengesellschaft GermanyAutomotive industry1937

[5]

gollark: The countercounterargument is that workers can be wrong/non-altruistic managementwise too.
gollark: The counterargument is that nonworker management might be good in terms of profit maximization but bad in other ways.
gollark: It could be argued that workers could just make their own company if they think they'd run it better.
gollark: i.e. are you required to provide people food and whatever, or just not steal it from them etc.
gollark: The difference is probably positive vs negative rights.

See also

References
  1. "EURO STOXX 50 website". STOXX. Retrieved 26 March 2016.
  2. http://www.boerse.de/historische-kurse/Euro-Stoxx-50/EU0009658145
  3. "Euro Stoxx 50 Historie | Kurshistorie | Schlusskurse". boerse.de.
  4. http://www.stoxx.com/download/indices/rulebooks/stoxx_calculation_guide.pdf
  5. "STOXX Digital | EURO STOXX 50®". www.stoxx.com.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.