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- Short equity funds (BBOZ, BBUS, BEAR, SNAS) were the top performers of the week on weaker-than-expected US data prints and weak retail trading volume. The US experienced more jobless claims than expected, and consumer sentiment dipped to its lowest since November 2023. Investors also appear to be positioning for the all-important Nvidia earnings report slated for Thursday. Options have priced-in a larger-than 1% move for the S&P 500 on the day of Nvidia's earnings, highlighting just how important this one stock is to the momentum of the market.
- Australian financials (MVB, OZF, QFN) were the poorest performers after major banks suffered an A$26 billion selloff on margin pressure and higher competition. NAB and Westpac were the biggest detractors, falling 15% and 10% respectively on earnings.
- There were $643.7 million in reported inflows for the week and $128.1 million in outflows, marking a week of net inflows for the Australian ETF industry.
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