ETF Scorecard: August 5 Edition

• Markets were mostly down this week, although only slightly.

• U.S. GDP growth for the second quarter came in much lower than expected, 1.2% versus expectations of 2.6%. The figures for the second quarter were also revised down to 0.8% from 1.1%. The downbeat figures pushed the dollar lower and squashed expectations for an interest rate hike in the upcoming period, supporting equities.

• A stress test of European banks conducted by the European Banking Authority revealed that the banking system overall is in a better shape than it was just two years ago, but Italian financial institutions are particularly at risk.

• The Chinese manufacturing PMI delved into contraction territory at 49.9. Analysts had expected the index to show a slight expansion of 50.1.

• In the U.K., manufacturing PMI was well below expansion mode at 48.2, signaling the Brexit vote has already taken a toll on the economic activity.

• To counter the negative effects of Britain’s decision to leave the EU, the Bank of England readily provided new stimulus to the economy by cutting interest rates from 0.50% to 0.25%, and authorizing an expansion of its asset-buying program by 170 billion pound.

• U.S. crude oil inventories rose this week by 1.4 million barrels versus expectations of a 1.6 million fall. On the bright side, gasoline stockpiles dropped 3.3 million barrels, underpinning oil prices.

• On Friday, the Bureau of Labor Statistics said the U.S. economy added 255,000 jobs against 185,000 forecasted. The upbeat jobs report confirms the mixed outlook of the American economy.

For more ETF news and analysis, subscribe to our free newsletter.

• The broad market is effectively flat for the week, with the S&P 500 (SPY A) falling 0.02%.

• Low Volatility ETF (SPLV A) is down 0.35% since last Thursday.

• The high beta ETF (SPHB B-) has again had the best performance of all, jumping 0.49%, confirming investors’ appetite for riskier assets.

• All major indexes have dropped slightly this week, with the exception of emerging markets and technology stocks.

• Emerging markets (EEM A-) have posted the best performance for the week, rising 0.47%, as investors shrugged off concerns about the Chinese economy and the commodity-dependent bloc to focus on the interest rate hike delay by the Federal Reserve.

• Nasdaq 100 (QQQ A-) has had the best performance for the rolling month, up 7.52%, as a swathe of technology companies delivered impressive financial results for the last quarter.

• iShares MSCI EAFE Index Fund (EFA A) has edged down 0.59% for the week, representing the worst performance of the bunch, dragged down primarily by European financial institutions.

• For the rolling month, Dow Jones (DIA A-) is the worst performer, with a 2.73% gain.

• Foreign ETFs were all up for the week, with two exceptions.

• The best performer for the week and the rolling month is Brazil (EWZ B+), up 3.34% and 13.14%, respectively, as the upcoming Olympic Games clearly boosted investor optimism about the country’s prospects, despite a fall in oil prices.

• India (EPI B+) has dropped 0.84% this week and has risen 3.27% for the rolling month, representing the worst monthly performance of the bunch. India’s market is hovering near one-year highs, but concerns abound about stretched valuations. The Japanese central bank’s disappointing stimulus package proved another headwind, while Bank of England’s rate cut supported equities.

• Germany (EWG B+) has had the worst performance for the week, decreasing 0.90%.

• Commodities were mixed for the week.

• Oil (USO A) has had the best weekly performance, up 2.18%, but tumbled the most for the rolling month, 13.30%, on renewed concerns about a supply glut. This week, the oil was helped by encouraging demand figures, with gasoline inventories dropping unexpectedly.

• Copper (JJC A) has fallen 1.90% this week on a report by the largest producer, Chile, that costs for extracting the metal dropped 13%, largely because of efficiencies.

• Silver (SLV C+) is the best performer for the rolling month, rising 2.54%, as precious metals continued the bull market following the Brexit vote.

• Currencies were mixed for the week.

• The Japanese yen (FXY C+) is again the best performer for the week, soaring 1.76%, after a disappointing stimulus plan from the Bank of Japan and the government, which on Tuesday announced $132 billion in fiscal measures.

• The British pound (FXB A-) has dipped the most this week, 0.70%, as Bank of England announced new stimulus measures on Thursday.

• The Australian dollar (FXA A-) is the best performer for the rolling month, edging up 1.99%, in spite of Reserve Bank of Australia cutting interest rates by 25 basis points to 1.5%.

• The Euro (FXE A) has dropped the most for the rolling month, 0.27%.

For more ETF analysis, make sure to sign up for our free ETF newsletter.

Disclosure: No positions at time of writing.