The S&P/ASX 200 rebounded last week, posting a 1.7% gain despite declining commodity prices. Healthcare, real estate and financials were the leading sectors. The three top performing ETFs for the week were all domestic property funds (SLF, VAP and MVA). Globally, the S&P 500 posted a modest gain despite further declines in the technology sector. The Fed Reserve raised rates for the second time this year.
The Australian dollar ended the week 1.3% higher, pushing back above US 76c for the first time since early April.
Commodity markets were mostly weaker last week with precious metals declining in the wake of higher US interest rates. WTI crude fell to a new year-to-date low on higher OPEC output in May.
The Australian ETF market saw inflows of A$79m and outflows of A$28m from domestically domiciled ETFs. The largest inflows were into broad-based domestic equity funds (QOZ and STW) and the largest outflows were from BetaShares Australian High Interest Cash ETF (AAA).