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Market Moves: Week Ending 23 February 2024

Ethereum (EETH) was the top performing asset of the week as investors geared up in anticipation of the ‘Dencun’ upgrade, a system-wide enhancement scheduled for March that claims will reduce transaction costs on the blockchain by 90% and improve overall ecosystem profitability.¹
China-focussed ETFs (CETF, IZZ) were also a theme across the best performers. Chinese markets ended the week on an eight-session win streak after the PBOC cut 5-year loan prime rates by 25bps.² After falling for the majority of 2024, the CSI 300, China’s premier index, is also finally back in the green YTD.³
Clean energy ETFs (ATOM, CLNE, ERTH, HGEN, TANN, URNM) fell across the board after the Federal Reserve meeting minutes dashed investor hopes of a near-term rate cut.⁴ Solar companies, in particular, suffered after industry bellwether SolarEdge plunged on poor earnings and weak Q1 guidance.⁵
There were $529.7 million in reported inflows for the shortened week and $175.9 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.

Authored by: Justin Lin

Date:
Feb 27, 2024

Category:
Reports

Topics:
ETF Express, Market Moves

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