Last week saw the Fed raise interest rates for the first time in 12 months and signal the possibility of three further increases in 2017. Europe and Japan were the big movers in global equity markets on the back of weakening currencies, with the EURO STOXX 50 gaining 1.9% and the Nikkei 225 gaining 2.1%. Infrastructure, Healthcare and Telecoms global sector funds were amongst the week’s top performers and the ANZ ETFS EURO STOXX 50 ETF (ESTX) gained 3.1% in Australian dollar terms.
Global bonds sold off, with US 10 year treasury yields hitting a 2 year high.
The recent precious metal sell-off continued with gold down 2.8% and silver off by 5.3%.
The US dollar index rose 1.3%, reaching levels not seen since 2002. The Australian dollar dropped 2% for ther week, ending at US$0.73.
The Australian ETF market saw inflows of A$45m and outflows of A$19m from domestically domiciled ETFs. The majority inflows were into equity funds, whilst the biggest outflows were from gold, oil and US dollar ETFs.
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