Weekly Market Monitor – Week Ending 3 March 2023

  • Commodity and resource sector ETFs (WIRE, GDX, OZR, QRE, ETPMPT, XMET) were top performers last week as strong economic data in China hinted at a sharp recovery to consumer demands. Copper in particular (WIRE), surged as Chinese manufacturing reportedly expanded at its fastest pace in more than a decade.
  • Australian property ETFs (SLF, VAP, MVA) were a theme across the poorest performers last week. Investor sentiment on the property sector is negative as the RBA looks set to raise rates for a 10th straight meeting. The Australian Bureau of Statistics also released data showing the largest percentage drop in house lending approvals in 6 months, further reinforcing near-term price pressures.
  • There were $660.8 million in reported inflows last week, the largest week of inflows year-to-date. Large broad-based ETFs (A200, VGS, VHY) took in most flows; bond and income ETFs (SUBD, VBND, VIF, BILL) were also prevalent.
  • There were $228.8 million in reported outflows last week, marking yet another week of positive net flows for the industry.
  • The top traded funds for the week were large vanilla index trackers (VAS, IOZ, VTS, VGS, STW) as usual.

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