Market Moves: Week Ending 19 July 2024

  • Bitcoin ETFs (EBTC, IBTC, VBTC) were the top performers of the week after reports emerged that the German government had completed the liquidation of their Bitcoin wallets, alleviating significant selling pressure.1 The CrowdStrike induced global IT outage also highlighted the resiliency of decentralised finance after airlines, banks, and business across the world were forced to halt operations.2
  • Clean energy and transition metal ETFs (ATOM, GMTL, T8EV, URNM, WIRE, XMET) were a theme across the poorest performers last week. Investors may be disappointed with the lack of a significant policy shift for China upon the conclusion of the historically impactful Third Plenum.3 China is the world’s leading producer of clean technology and drives demand for transitional metals such as lithium, copper, uranium, etc.4 A weak economy may impact demand for these commodities.
  • There were $943.9 million in reported inflows for the week and $369.4 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 23/07/2024. 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.