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Market Moves: Week Ending 17 May 2024

Crypto ETFs (CRYP, EBTC, EETH) were the top performers last week as the industry prepared for the SEC’s impending decision of whether spot Ethereum ETFs would be allowed to trade in the US. A Bloomberg Intelligence report estimated there was a 75% chance that spot Ethereum ETFs would be approved, boosting market sentiment.¹ The SEC’s decision is due on May 23^rd.²
Short equity funds (BBOZ, BBUS, SNAS) were the poorest performers as cooling inflation and stalled retail sales growth revived market expectations for multiple rate-cuts before the end of 2024. US CPI for April came in at 0.3%, below analyst expectations, and marking the first time it has cooled in six months.³
There were $421.8 million in reported inflows for the week and $169.1 million in outflows, marking a week of net inflow 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 21/05/2024. 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:
May 21, 2024

Category:
Reports

Topics:
ETF Express, Market Moves

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