Global equities retreated last week as fears arose that Trump’s healthcare reforms will be slowed by US Congress. The S&P/ASX 200 declined over 1.5% before recovering on Friday to end the week down 0.8%. Defensive stocks from sectors such as utilities, health care and consumer staples were the top performers for the week. Offshore, the S&P 500 lost 1.4%, the Nikkei dropped 1.3%, while the EURO STOXX 50 continued to outperform; on a one month basis ANZ ETFS EURO STOXX 50 ETF has returned 7.5%.
The Australian dollar declined 1% to end the week above US 76.2c. The US dollar generally lost ground against the other majors during the week.
Precious metals posted another positive week, with gold and silver gaining 1.5% and 1.3% respectively. Iron ore declined by 7.9%.
The Australian ETF market saw inflows of A$370m and outflows of A$4m from domestically domiciled ETFs. The largest inflows were into the SPDR S&P/ASX 200 Fund (STW).
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