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Market Moves: Week Ending 18 October 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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^{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.}

^{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:
Oct 22, 2024

Category:
Reports

Topics:
ETF Express, Market Moves

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