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Market Moves: Week Ending 21 June 2024

Platinum group metals (ETPMPD, ETPMPT), also known as PGMs, were the top performing assets of the week. Spot palladium prices hit one-month highs after a burst of institutional allocations caused a mini-short squeeze due to thin liquidity in the physical ETP market.¹ The availability of physical palladium has been tight in London ever since the LME sanctioned Russian-sourced PGMs in response to the Russian invasion of Ukraine.
Clean energy ETFs (CLNE, T8EV, TANN) were the poorest performers on worsening outlook for solar companies in the EU. SMA Solar Technology, a German solar equipment provider, plummeted 30% on weak earnings guidance, and industry bellwether SolarEdge suffered a severe price target downgrade from analysts at J.P. Morgan.^2,3
There were $787.3 million in reported inflows for the week and $275 million in outflows, marking a 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 25/06/2024. 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:
Jun 25, 2024

Category:
Reports

Topics:
ETF Express, Market Moves

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