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Market Moves: Week Ending 12 April 2024

Carbon credits (GCO2, XCO2) were the best performing assets last week after the UN’s Carbon Emissions Watch Dog announced that it will allow companies to use carbon credits to offset Scope 3 emissions.¹ Scope 3 emissions includes emissions that may not be directly related to core company operations but are released in their value chain – such as transportation or manufacturing.
Precious metals (ETPMAG, ETPMPM, GLDN, GOLD, NUGG, PMGOLD) were also a theme on the top performers list as investors rushed into safe haven assets after geopolitical tensions flared in the Middle East.²
Platinum and palladium (ETPMPT, ETPMPD) also rallied after the London Metals Exchange banned the delivery of all Russian metals.³ Russia is the largest producer of palladium, and the second largest producer of platinum in the world.^4,5
A geared Australian dollar fund (AUDS) was the poorest performer of the week. The Australian dollar fell after hotter-than-expected inflation in the US pushed back the possibility of a near-term Fed interest rate cut.⁶
There were $474.6 million in reported inflows for the week and $311.9 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 16/04/2024. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.}

^{Brokerage commissions will reduce returns.}

^{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.}

Authored by: Justin Lin

Date:
Apr 16, 2024

Category:
Reports

Topics:
ETF Express, Market Moves

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