The S&P/ASX 200 and S&P 500 were flat for the week following mixed messages from the FOMC on interest rates and ahead of this week’s Jackson Hole meeting of central bankers. The EURO STOXX 50 declined 2.5% and the Nikkei 225 lost 2.2% after disappointing Japanese growth numbers.
WTI crude jumped by 9.1% to close above US$48.5/bbl following speculation of an OPEC production freeze. Precious metals retreated for the week, but continued to attract strong inflows globally. Gold miner ETFs were amongst the poorest performers for the week.
The Australian dollar rose as high as US 77.5c on Tuesday before falling back towards the low US 76c mark to end the week. Euro and sterling both gained over 1% against the US dollar.
The Australian ETF market saw an active week with A$182m in inflows and A$170m of outflows from domestically domiciled ETFs. Most inflows were into domestic equity ETFs and outflows were centred around cash and fixed income funds.
Chart of the Week – YTD energy sector performance:
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