The S&P/ASX 200, S&P 500 and Nikkei 225 lost 0.20%, 0.68% and 1.12% respectively after the US Federal Reserve officials released comments signalling a high probability of a rate hike in September. However, the EURO STOXX 50 rose 1.4%.
WTI crude dropped 1.8% to close at US$47.6/bbl as the US oil inventory was forecast to increase. Gold retreated 2.1% for the week along with other precious metals on the expectation of a US Fed rate hike.
The Australian dollar dropped by 83bps to US 75.6c. The Euro and Yen both dropped more than 1% against the US dollar.
The Australian ETF market saw an active week with A$30.6m in inflows and an outflow of A$15m from domestically domiciled ETFs. Inflows were into equity and bond ETFs and the only outflows were from a cash fund.
Chart of the Week – YTD performance of precious metals:
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Kris Walesby, Head of ANZ ETFS
