Global equity markets rallied strongly last week with the S&P/ASX 200 gaining 2.5%, the S&P 500 up 1.2%, the EURO STOXX 50 up 3.3% and Asian bourses also in positive territory. The resources sector was the strongest performer domestically with two resource sector ETFs returning over 5% for the week. Bearish equity funds were the worst performers for the week.
WTI crude added 3.4% and precious metals also rallied, with gold up 2.3% and silver up 4.8%. Commodity and resource sectors ETFs were amongst the poorest performers for the week. ETFS Physical Palladium (ETPMPD) was the top performing commodity ETF for the week.
The Australian dollar gained added 1.8% against the US dollar to close above US 76c. Pound sterling continued to fall on further Brexit uncertainty, dropping back below US $1.30.
The Australian ETF market saw inflows of A$52m into domestically domiciled ETFs across a range of different exposures.
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