Market Moves: Week Ending 3 May 2024

  • Risk-on, rate-reliant industries (CLNE, CURE, ERTH, HGEN, TANN) such as biotech and clean energy technologies, were the top performers of the week after poor US economic data fuelled the return of rate-cut narratives. US unemployment rose more than expected and factory activity fell into contraction.1
  • Cryptocurrency ETFs (CRYP, EBTC, EETH) were the poorest performers after multiple highly anticipated Hong Kong crypto ETF listings failed to garner the expected launch day interest.2 Bitcoin fell as low as US$58,000 before recovering over the weekend.3
  • There were $743.4 million in reported inflows for the week and $509.3 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 7/05/2024. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.