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Market Moves: Week Ending 10 May 2024

Precious metals and their miners (ETPMAG, MNRS, GDX, ETPMPM, ETPMPD, GLDN) were the top performers of the week. Renewed US rate-cut optimism and returning geopolitical tensions have benefited precious metals pricing, in turn raising miner profits.^1,2
Short equity funds (BBOZ, BBUS, SNAS) suffered after a poor US labour market report raised the odds of multiple rate-cuts in 2024.³ Market pricing currently indicates that the first of two expected interest rate cuts will occur from the Fed’s September meeting.⁴
There were $581.6 million in reported inflows for the week and $493.2 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 14/05/2024. 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 14, 2024

Category:
Reports

Topics:
ETF Express, Market Moves

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