ETF Performance Report July 2024

Overall global equities rose early in July, driven by notable economic developments whereby the US reported a weaker-than-expected Consumer Price Index and labour data which suggest the US Federal Reserve might trim its federal fund rate sooner than expected. 

However, towards the end of the month, global equities weakened as major technology-related stocks stumbled due to lower-than-anticipated financial results alongside concerns over high evaluations, prompting investors to rotate out of tech stocks. Nonetheless, global equities made a rebound in the final week of the month whereby, the US Federal Reserve maintained its federal fund rate and hinted at a rate cut in September should economic data remain in their favour. Overall, the MSCI World Index gained 1.7% month-on-month (MoM) (versus 1.9% in June).