Market Moves: Week Ending 26 April 2024

  • Risk-on tech-oriented ETFs (CRYP, GGUS, IBUY, LNAS, SEMI) outperformed last week after a busy week of US earnings saw over 80% of companies outperform expectations.1 Three of the four “Magnificent Seven” that have reported also saw positive market reactions.2
  • Chinese equity ETFs (ASIA, IAA, IZZ) were also a theme in the top performers as shares of Chinese property developers rallied on hopes of incoming government stimulus.3 A recovery in the property market could facilitate a return to health for the overall Chinese economy.
  • Precious metals (ETPMAG, ETPMPD, ETPMPM, GOLD, NUGG, PMGOLD) were the worst performing non-leveraged assets of the week. US PCE, a measure of inflation, rose 3.1% through Q1 2024 stoking fears that the Fed may push back their already delayed plans for interest rate cuts in 2024.4
  • There were $380.2 million in reported inflows for the week and $70.2 million in outflows, marking a week of net inflow 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 30/04/2024. 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.