From the desk of Steve Strazza @Sstrazza
For the week ended Friday, May 1, 2020:
Every weekend we publish performance tables for a variety of different asset classes and categories along with commentary on each.
This week we’re highlighting the underperformance from the US using our Global Index and International ETF tables.
Click table to enlarge view.
Despite the Wilshire 5000 (DWC) closing slightly higher on the week, all major Large-Cap averages in the US closed lower. While equities sold off across the board to end the week, the Eurozone still managed to book a nice gain with the German Dax (DAXX) and Stoxx 50 (STOXX) up 4-5% each in what was a short week for much of the region.
The Nikkei 225 (NI) and Shanghai Composite (SSEC) each closed almost 2% higher in what was also a short week for much of Asia.
Many International Markets were closed on Friday which skews the weekly performance data in their favor as they did not experience the selloff the US did to close out the week. We’ll be watching closely tomorrow to see how much these markets “catch-down” to the US, if at all.
We even saw some rare strength from Latin America as ILF was up over 7% on the week. This area remains under pressure though as the ETF is still trapped beneath significant overhead supply at its 2008/09 and 2016 lows.
The lackluster performance from the US really weighed on the S&P Global 100 (IOO) this week which is not something we see often.
Here is our US Index ETF table.