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Global equity markets fell on trade concerns last week, with the S&P 500 down 0.9%, the EURO STOXX 50 dropping 1.8% and the Nikkei 225 down 1.5%. Chinese equities also took a hit, with the Shanghai Composite Index down 4.4%. Locally, the S&P/ASX 200 defied the trend, gaining 2.2% as the financial sector rebounded from its recent dip. Financial sector ETFs (MVB, OZF and QFN) were all amongst the top performing funds for the week, returning in excess of 5%. Chinese equity funds (CETF and IZZ) were amongst the week's poorest performers, declining by more than 4%. The Australian dollar ended the week slightly lower at US74.40c, having dropped to a mid-week low of US73.46c. The euro and yen also gained against the U.S. dollar. U.S. 10-year Treasury yields declined by 3 basis points. OPEC agreed to loosen output restrictions last week, though the added production fell short of expectations sending WTI Crude 5.4% higher to US$68.58/bbl. Precious metals declined across the board, with gold down 0.7%. ETFS Physical Silver (ETPMAG) and ETFS Physical Palladium (ETFMPD) were amongst the week's biggest decliners. The Australian ETF market saw inflows of $60m into and outflows of $14m from domestically domiciled funds last week. The largest inflows were into BetaShares Australian High Interest Cash ETF (AAA) and global sustainability ETFs (ETHI and ESGI). The largest outflows were from BetaShares Australian Dividend Harvester Fund (HVST). ...
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Global equity markets were mixed last week with North Korea talks dominating the news flow, though with limited market reaction. The U.S. announced tariffs on $50bn of Chinese imports late in the week, sending index futures lower after market close on Friday. The S&P/ASX 200 added 0.8%, with Utilities and Telcos being the top performing sectors. The S&P 500 ended marginally higher, while the EURO STOXX 50 added 1.7% as the euro weakened. ETFS Morningstar Global Technology ETF (TECH) and iShares Global Consumer Staples ETF (IXI) were the top sector plays for the week. The Federal Reserve raised its target rate by 25 basis points, in line with market expectation. The Australian dollar fell by 2.1% to US74.42c. The euro declined by 1.4% against the U.S. dollar as the ECB said it would end QE by year-end. Commodities mostly declined last week. WTI Crude was down by 1.0% to US$65.06/bbl as speculation mounted that this week's Opec meeting will see an agreement on increased supply. Precious metals declined across the board following the tariff announcement, with gold down 1.5%. ETFS Physical Silver (ETPMAG), which fixed its NAV before the announcement, was the top performing ETF for the week. The Australian ETF market saw inflows of $64m into and outflows of $25m from domestically domiciled funds last week. The largest inflows were into iShares S&P/ASX 200 ETF (IOZ) and domestic and global sustainability funds (FAIR and ETHI). The largest outflows were from USD and YMAX. ...
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