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Market Moves: Week Ending 30 August 2024

Palladium (ETPMPD) was the top performing asset of the week on reports of growing adoption of hybrids over electrical vehicles in the EU. Demand in Europe for EVs stagnated in July, falling by 11% YoY, while hybrids jumped 24% YoY. Hybrid vehicles use more palladium as catalytic converters are required for its combustion engine.¹
Crypto ETFs (CRYP, BTXX, EBTC, EETH, IBTC, VBTC) were the poorest performers as bitcoin fell on low liquidity and negative investor sentiment driven by a large overhang of global governments’ supply obtained through confiscation.² It’s estimated that there is US$33 billion of government owned bitcoin which could enter liquidation at any time.³
There were $557.6 million in reported inflows for the week and $111.4 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 3/09/2024. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.}

^{Brokerage commissions will reduce returns.}

^{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.}

Authored by: Justin Lin

Date:
Sep 3, 2024

Category:
Reports

Topics:
ETF Express, Market Moves

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