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European equity markets surged today on the back of the first round of the French elections on Sunday, April 23rd. Below is a look at Bespoke’s Asset Class Performance Matrix. The matrix shows the total return performance of various ETFs across financial markets over three time periods. In this matrix, our time periods of reference are today (4/24), since President Trump’s Inauguration on January 20th, and year-to-date for 2017.
The left side of the matrix contains mostly US equity ETFs, while the right side contains international equity markets, commodities, and fixed income ETFs. As you can see, European equity markets like France (EWQ), Germany (EWG), Italy (EWI), and Spain (EWP) have exploded higher today by more than 4%. Notably, though, the China equity market ETF (ASHR) is in the red as regulators crack down on speculative trading.
Year-to-date, Spain’s equity market (EWP) is up more than any other ETF in our matrix. It’s also the only ETF up more than 20% YTD.
In the US, the Financial sector (XLF) is the clear outperformer today, but it’s still one of the weaker sectors year-to-date. Technology (XLK) remains in the top spot YTD with a gain of 11.40%, while Energy (XLE) is the biggest loser with a drop of 9.12%.
Commodities are in the red across the board today. Year-to-date, the broad commodities ETF (DBC) is down 5.81%, but it would be down much more if it weren’t for the precious metals, which are up 10%+.
Finally, fixed income ETFs are pulling back a bit today as investors shift into riskier assets. Even still, though, they all remain in the black year-to-date.
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