Search

Market Moves: Week Ending 8 March 2024

Crypto ETFs (EBTC, EETH) were the best performers last week as Bitcoin surged passed US$70,000 to new all-time highs on positive sentiment and US ETF demand. Bitcoin investors have also begun to gear up for the impending supply crunch of the ‘halving’ event estimated to be due in April.¹
Gold and gold mining ETFs (GDX, GLDN, NUGG, QAU) also outperformed as gold hit an all-time high of ~US$2200 on improved rate-cut odds after weak US employment data.² Central bank purchases have also been a driver of the rally – the People’s Bank of China now owns 2200 tonnes of the precious metal after almost two years of continuous accumulation.³
Big tech ETFs (FANG, HYGG) were the poorest performers of the week. Investors appear to be taking some profits after a blistering rally saw companies such as Nvidia climb almost 75% year-to-date.⁴
There were $554.1 million in reported inflows for the shortened week and $183.1 million in outflows, marking a week of net inflows for the Australian ETF industry.

Download our weekly ETF monitor here.

Looking for more ETF Express content? Check out this week’s Thematic Spotlight and Commodity Calls.

Authored by: Justin Lin

Date:
Mar 12, 2024

Category:
Reports

Topics:
ETF Express, Market Moves

Back to All Entries

This document is issued by Global X Management (AUS) Limited (“Global X”) (Australian Financial Services Licence Number 466778, ACN 150 433 828) and Global X is solely responsible for its issue. This document may not be reproduced, distributed or published by any recipient for any purpose. Under no circumstances is this document to be used or considered as an offer to sell, or a solicitation of an offer to buy, any securities, investments or other financial instruments. Offers of interests in any retail product will only be made in, or accompanied by, a Product Disclosure Statement (PDS) which is available at www.globalxetfs.com.au. In respect of each retail product, Global X has prepared a target market determination (TMD) which describes the type of customers who the relevant retail product is likely to be appropriate for. The TMD also specifies distribution conditions and restrictions that will help ensure the relevant product is likely to reach customers in the target market. Each TMD is available at www.globalxetfs.com.au.

The information provided in this document is general in nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information in this document, you should consider the appropriateness of the information having regard to your objectives, financial situation or needs and consider seeking independent financial, legal, tax and other relevant advice having regard to your particular circumstances. Any investment decision should only be made after obtaining and considering the relevant PDS and TMD.

This document has been prepared by Global X from sources which Global X believes to be correct. However, none of Global X, the group of companies which Mirae Asset Global Investments Co., Ltd is the parent or their related entities, nor any of their respective directors, employees or agents make any representation or warranty as to, or assume any responsibility for the accuracy or completeness of, or any errors or omissions in, any information or statement of opinion contained in this document or in any accompanying, previous or subsequent material or presentation. To the maximum extent permitted by law, Global X and each of those persons disclaim all any responsibility or liability for any loss or damage which may be suffered by any person relying upon any information contained in, or any omissions from, this document.

Investments in any product issued by Global X are subject to investment risk, including possible delays in repayment and loss of income and principal invested. None of Global X, the group of companies of which Mirae Asset Global Investments Co., Ltd is the parent, or their related entities, nor any respective directors, employees or agents guarantees the performance of any products issued by Global X or the repayment of capital or any particular rate of return therefrom.

The value or return of an investment will fluctuate and an investor may lose some or all of their investment. All fees and costs are inclusive of GST and net of any applicable input tax credits and reduced input tax credits, and are shown without any other adjustment in relation to any tax deduction available to Global X. Past performance is not a reliable indicator of future performance.

git