The S&P/ASX 200 rebounded last week, posting a 1.7% gain despite declining commodity prices.
- Healthcare, real estate and financials were the leading sectors. The three top performing ETFs for the week were all domestic property funds (SLF, VAP and MVA). Globally, the S&P 500 posted a modest gain despite further declines in the technology sector. The Fed Reserve raised rates for the second time this year.
- The Australian dollar ended the week 1.3% higher, pushing back above US 76c for the first time since early April.
- Commodity markets were mostly weaker last week with precious metals declining in the wake of higher US interest rates. WTI crude fell to a new year-to-date low on higher OPEC output in May.
- The Australian ETF market saw inflows of A$79m and outflows of A$28m from domestically domiciled ETFs. The largest inflows were into broad-based domestic equity funds (QOZ and STW) and the largest outflows were from BetaShares Australian High Interest Cash ETF (AAA).
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