Market Moves: Week Ending 5 July 2024

  • Big tech and risk-on growth ETFs (FANG, HYGG, LNAS, MCGG, WCMQ) were the top performers last week after US data releases signalled a broad weakening of the economy, providing support for the Fed to cut rates in the second half of 2024. Traders now assign a 76% possibility that the Fed will cut rates at its September meeting.1
  • Crypto ETFs (EBTC, EETH, IBTC, VBTC) were the poorest performers of the week. Investors backed off as the German government and Mt.Gox initiated the liquidation of their Bitcoin wallets.2 The German government now holds 23,788 BTC after their latest selling spree, less than half of the 50,000 BTC they started with at the beginning of June.3
  • There were $1.1 billion in reported inflows for the week and $172.6 million in outflows, marking a strong week of net inflows 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 09/07/2024. 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.