This week’s highlights:
- Global price action last week was dominated by the UK’s decision to leave the EU with safe-haven assets seeing large price appreciations on Friday and most assets seeing a high degree of volatility.
- The FTSE 100 fell 3.5% following the referendum results, but managed to finish the week in positive territory following an earlier rally. The EURO STOXX 50 dropped 8.6% on Friday and 2.6% for the week. The S&P/ASX 200 fell 1% and the S&P 500 fell 1.6%. The Nikkei 225 fell 4.2% in the face of a further strengthening of the yen.
- Gold rose 1.9% for the week and silver gained 3.9%. Precious metal-related ETFs were the top performers for the week. WTI Crude and Iron Ore both declined on Brexit-inspired growth concerns.
- Pound sterling fell 4.7% against the US dollar to levels not seen since 1985.
- The Australian ETF market saw A$40m in inflows and A$11m of outflows for the week.
Chart of the Week: YTD performance of British pound, US dollar and gold in AUD
I will bring this update to you on a weekly basis.
Kris Walesby, Head of ANZ ETFS
