Market Moves: Week Ending 12 July 2024

  • Rate sensitive, tech-enabled industries such as clean energy (HGEN, T8EV, TANN) and biotechnology (CURE) were the top performers last week after a positive inflation report all but confirmed a rate-cut for the Fed’s September meeting. CPI cooled to 3.0% YoY in June, down from 3.3% a month prior and much lower than analyst expectations.1
  • Platinum group metals (ETPMPD, ETPMPT) were some of the poorest performers of the week as traders wound down short-squeeze bets. All-time high short interest combined with tightness in above ground supply had caused a short squeeze which saw prices of palladium rally as much as 18% from trough to peak over the past month.2
  • There were $748.7 million in reported inflows for the week and $29.6 million in outflows, marking a strong 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 16/07/2024. 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.