Markets shaken as indices reach new low

Cowen and Lyxor both present weekly summaries showing that risk reduction remains in force as uncertainty turns into fear and pushes indices below or close to year-to-date lows.

Cowen confirms that last week's close saw the S&P 500 down 6.5% and Eurostoxx 50 falling by 6.2%.

"ETF volumes were mixed. US was again above average as per the previous week whilst those of Europe again were below the norm with -10% on average of their respective six month average flows."

Lyxor reports the weekly on-exchange ETP turnover fell by as much as 9.4% the previous week to €13.6bn. Underlying equity market activity (as measured by the Stoxx Europe 600 Index turnover) fell by 0.28% on the previous week at €129bn.

In terms of market share, iShares nudges into top position with a market share of 24.04% and Lyxor takes close second place with a share of 24%.

The Deutsche Boerse continues its hold on the highest market share on both a five and 20 day basis, with a 20 day share of 31%.

Cowen adds that it was a tough week which saw commodities tumble last Friday on panic liquidations as investors continued to price a global slowdown and possible recession.

"Silver prices crumbled losing 13%, well below the $32.31 support level of May's correction and Gold was dragged by Silver, 4.79% down and more than $40m redemptions on ETF Securities gold ETCs."