ETF Performance Report June 2024

Overall global equities strengthened for the second consecutive month despite the United States Federal Reserve keeping its interest rates steady at its recent monetary policy meeting. However, in its Summary of Economic Projections, the Fed indicated that there would likely be one rate cut happening before the end of the year with four rate cuts pencilled in for 2025 should US economic data remain in their favour.

Expansion in global equities during the month was also driven by robust corporate earnings delivered by US companies as well as equities that are tied to artificial intelligence and technology whereby certain counters such as Nvidia, Microsoft and Apple made notable gains. As such, the MSCI World Index rose 1.9% month-on-month (MoM) (versus 4.2% in May).