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Asia ETF Roundup (Market) – July 2019

U.S. cuts rates – first time since 2008; China Q2 GDP growth at 6.2%.

Jackie Choy, CFA 08 August, 2019 | 8:00
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For the latest ETF industry news, please refer to our “Asia ETF Roundup (Industry) – July 2019”.

Major Markets Performance

As expected, the U.S. Federal Reserve cut rates by 25bps, marking the first rate cut since 2008. The S&P 500 marked a new record high during the month, closing the month up 1.3%. In the U.K., Boris Johnson became the country’s new Prime Minister. The FTSE 100 Index edged up 2.2% for the month. U.S.-China trade talks resumed in Shanghai towards the end of the month. Instead of a breakthrough there was a setback as the U.S. announced a fresh round of tariffs on Chinese goods in early August. Chinese equity markets generally edged down during the month (HSCEI -1.9%; Shanghai Composite -1.6%; CSI 300 +0.3%). The South Korean equity market was one of the weakest performing markets in Asia, falling 5.0%, in response to North Korea launching a number of missile tests during the month. Emerging markets’ performance was mixed. Vietnamese equities rose 4.0% while Indian stocks fell 5.5% (as measured by their respective MSCI indices in U.S. dollar terms).

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About Author

Jackie Choy, CFA  is the Director of ETF Research for Morningstar Investment Management Asia

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