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Market Moves: Week Ending 18 October 2024

22 Oct 2024
  • Cryptocurrency ETFs (BTXX, CRYP, EBTC, EETH, IBTC, VBTC) were the top performers of the week as traders priced-in the increasing likelihood of a Trump presidency.1 Betting averages across the US have increasingly favoured Trump for president after recent polls from influential electoral colleges leaned red. Trump has repeatedly touted numerous crypto-friendly policies throughout his campaign this year.2
  • Uranium ETFs (ATOM, URNM) also rallied as European countries motioned to support nuclear power, and the BRICS looked to introduce a new platform to promote nuclear energy in the global south.3,4
  • Crude oil (OOO) was the worst performing asset of the week. China, the world’s top oil importer, saw its economy grow at its slowest pace since 2023.5 Chinese oil refinery output also fell for a sixth month straight as demand weakened.6
  • There were $593.4 million in reported inflows for the week and $60.6 million in outflows, marking a week of net inflows for the Australian ETF industry.

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Looking for more ETF Express content? Check out this week’s Thematic Spotlight and Commodity Calls.

Forecasts are not guaranteed and undue reliance should not be placed on them. This information is based on views held by Global X as at 22/10/2024. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.

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This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information is not intended to be individual or personalised investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and/or tax situation.

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