Market Moves: Week Ending 11 October 2024

  • Palladium was the best performing asset of the week likely due to short covering after the metal rallied more than 20% in the first half of September.1 The metal remains down almost 70% from its all-time high in 2022.2
  • Software ETFs (BUGG, HACK, TECH) were also top performers as investors rotated away from mega-cap tech into lesser-known software names for the Q3 earnings season.3 Cybersecurity firms in particular outperformed after American Water Works Co. was hacked last week, the firm is responsible for the water supplies of more than 14 million people in the US.4
  • China-focused ETFs (CNEW, IZZ) were the poorest performers of the week. Investors sold down the country after the Chinese National Development and Reforms Commission disappointed with its lack of meaningful policy support for the economy.5
  • There were $393.7 million in reported inflows for the week and $173.1 million in outflows, marking a week of net inflows for the Australian ETF industry.

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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 15/10/2024. 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.