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TrackInsight: Sell-off in Chinese Stocks, Small Cap Resurgence

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07/21/2020 | 10:15am EDT

Week from 13 to 19 July 2020

17.7.20 Global Flows Map

Week from 13 to 19 July 2020

Equity markets rounded off the week with mixed results. In the U.S., the Russell 2000 surged 3.56% and the S&P 500 rose 1.25% though new COVID-19 cases were on the rise (77,200 on Thursday: as a result, California has just shut down all indoor activities) and jobs recovery seemed to lose steam. By contrast, the NASDAQ Composite closed lower (-1.08%) after FAANMG stocks came under heavy pressure (Microsoft down 5.05%, Amazon down 7.44%, Netflix down 10.16% as its EPS figure fell short of analysts’ consensus forecast and its forward guidance of 2.5mio subscriber additions in Q3 disappointed Wall Street).

European stock markets traded higher (MSCI EMU up 1 .71%, FTSE 100 up 3.20%) despite weak U.K. economic data and the lack of agreement on the €750bn rescue package.

Most APAC equity markets also finished in positive territory (NIKKEI 225: + 1.82%, NIFTY 50: +1.24%, S&P/ASX 200: +1.93%, KOSPI: +2.37%) except for China (Shanghai Composite losing 5%). However, the Chinese industrial output beat expectations in June (+4.8%), but this good news was unfortunately counterbalanced by weakness in retail sales (-1.8%), which raises some doubt about the sustainability of economic growth.

Among the S&P sectors, the landscape has changed dramatically. Consumer discretionary (-1.62%), technology (-1.16%) and communication services (-0.93%) lagged behind last week’s losers which led the pack this time (industrials: +5.6%, materials: +5.44%, and health care: +5.09%, boosted by a jump in Moderna Therapeutics (+51.5% WTD) on reports the European Union is in talks with various drug makers to purchase millions of doses of COVID-19 vaccines).

It was a period of dead calm for Govies (yields unchanged on the 10-year U.S. and German bonds). On the other hand, credit markets fared well (IG EUR +0.35%, IG USD: +0.72%, HY EUR: +0.47%, HY USD: +1.2%) with the exception of emerging debt (down 0.11% in local currencies).

Lastly, gold continued its 5-week winning streak (+0.45%) in spite of optimism towards a COVID-19 vaccine and treatment drugs.

Find the full report here: https://www.trackinsight.com/en/weekly-flow-report/2020-07-17/global

Download the TrackInsight 2020 Global ETF Survey. 

17.7.20 Global Aggregated Weekly Flows

17.7.20 Global Aggregated Weekly Performance

17.7.20 Global Winners Losers

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.12% 27931.02 Delayed Quote.-2.13%
KOSPI COMPOSITE INDEX -0.87% 2407.72 Real-time Quote.9.49%
MICROSOFT CORPORATION 0.10% 208.9 Delayed Quote.32.47%
MODERNA, INC. 1.95% 69.15 Delayed Quote.253.53%
NASDAQ 100 -0.12% 11164.446946 Delayed Quote.27.84%
NASDAQ COMP. -0.21% 11019.300969 Delayed Quote.22.81%
NETFLIX, INC. 0.28% 482.68 Delayed Quote.49.17%
NIKKEI 225 0.17% 23289.36 Real-time Quote.-1.55%
S&P 500 -0.02% 3372.85 Delayed Quote.4.42%
S&P/ASX 200 0.58% 6126.2 Real-time Quote.-8.35%
S&P/CITIC 300 INDEX 0.02% 4086.93 Delayed Quote.15.04%
S&P/CITIC 50 INDEX 0.02% 3969.33 Delayed Quote.6.22%

© www.trackinsight.com 2020
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