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Asia ETF Roundup (Market) – July 2020

China Q2 GDP Grew 3.2%; U.S. Q2 GDP Plunged 32.9%; Gold prices set new high.

Jackie Choy, CFA 06.08.2020

For the latest ETF industry news, please refer to our “Asia ETF Roundup (Industry) – July 2020”.

Major Markets Performance

Geopolitical tensions made headlines in July. Most notably, the U.S. ordered the closure of the Chinese consulate in Houston. China responded by ordering the closure of the U.S. consulate in Chengdu. In July, COVID-19 continued to loom around the world.  The pandemic’s economic impact was clear in the U.S. second quarter GDP figures. U.S. GDP plunged at a worst-ever rate of 32.9% in the quarter ending in June. This stands in stark contrast to China’s Q2 GDP growth of 3.2% (compared to its Q1 figure of -6.8%). Despite the negative headlines, U.S. markets continued to march higher. The Morningstar US Index was up 5.8% for the month. The S&P 500 closed the month just 3.4% below the its February high. The Nasdaq hit a fresh record high in July. Elsewhere, equity markets were generally up. Chinese stocks had another positive month. The Morningstar China Index rose 9.6% (onshore A-shares were added into the index since late-June, at around 14% weight). Many emerging markets also posted gains in July. Brazil and Taiwan posted gains of 14.5% and 12.5%, respectively (proxied by the respective Morningstar indices in USD terms).

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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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