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Asia ETF Roundup (Market) – July 2017

The U.S. Federal Reserve keeps rates on hold and hints it will implement a balance sheet normalisation programme “relatively soon”; Hong Kong RQFII quota expanded to Rmb 500 billion.

Jackie Choy, CFA 03.08.2017
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For the latest ETF industry news, please refer to our “Asia ETF Roundup (Industry) – July 2017”.                                                                                                                            

Major Markets Performance
Most major global markets ended the month of July with gains. Hong Kong’s Hang Seng Index rose 6.1% in July. The share price of Tencent, one of the HSI's largest constituents, notched new all-time highs during month. Stocks in Singapore also rallied, climbing 3.2% during the month. China’s equity markets also advanced 2-4% (HSCEI +4.5%; CSI 300 +1.9%; Shanghai Composite +1.9%). The monthly performance of emerging- and frontier-markets was mostly positive. The Brazilian stock market rocketed 10.8% in July, while shares in India rose 7.4% (measured by the respective MSCI indices in USD terms).

The ICE USD Spot Index fell another 2.9% in July, putting its year-to-date decline at 9.1%. The Euro’s momentum from the two prior months carried over into July as it gained another 3.4% against the U.S. dollar. On a year-to-date basis, the Euro has gained 11.8% versus the greenback. Asian currencies’ performance against the U.S. dollar were generally favorable in July. The Korean Won appreciated 2.2% against the U.S. dollar. The Chinese yuan continued its rally against the U.S. dollar, appreciating by 0.8%, which puts its year-to-date gain at 3.3%.

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About Author

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

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