The S&P/ASX 200 declined by 0.7% as more hawkish statements from RBA saw the market dip on Tuesday. The S&P 500 gained 0.5%, also led by shifting rate expectations. The EURO STOXX 50 lost 2.1% for the week. BetaShares Global Gold Miners ETF (MNRS) was the top performing equity fund for the week as the market continued to turn positive for precious metals.
The Australian dollar gained another 1.1% against the US dollar last week. The euro gained 1.7% and the yen also gained 1.2% as the US dollar fell on lower interest rate expectations and potential delays to Trump's policy agenda.
Commodities posted a strong week with gold up 1.5% and silver jumping 4.6%. ETFS Physical Silver (ETPMAG) was the top performing fund for the week. Iron ore also rallied on higher than expected Chinese growth.
The Australian ETF market saw inflows of A$196m and outflows of A$141m from domestically domiciled ETFs last week. The largest flows for the week were in the cash sector with inflows into BILL and QPON and outflows from AAA.