The S&P/ASX 200 ended the week unchanged with a recovery in the resources sector offsetting declines in the major banks on news of the federal government's new bank tax. Offshore, the S&P 500 declined 0.4% and the EURO STOXX 50 retreated 0.6%, while the Nikkei 225 and Hang Seng both gained in excess of 2%. Top performing ETFs domestically were gold miners and resource funds (MNRS, GDX, QRE, MVR and OZR), while financials-focused funds were the poorest performers (MVB, QFN and OZF).
The Australian dollar declined 0.5% last week, with the US dollar gaining ground against most of the majors.
WTI crude gained 3.5% on falling US inventories. Gold and silver gained 0.3% and 0.2% respectively.
The Australian ETF market saw inflows of A$89m and outflows of A$82m from domestically domiciled ETFs. The largest inflows were into ETFS Physical Gold (GOLD) and domestic equity strategy ETFs (HVST, MVW and YMAX). Outflows were from broad-based Australian equity funds (STW and ILC) and cash (AAA).