Last week, indices around the globe showed a mixed bag of results – our top funds this year such as South Africa (EZA), Russia (RSX) and South Korea (EWY) continued to do well while Spain (EWP) and China (FXI) posted another lackluster performance.
[Related -Sector Rankings Stay Neutral With Few Bullish Catalysts On Horizon]
[Related -Volatility Continues as Earnings Reports Create Excitement and Despair]
click to enlarge
Among the emerging markets, Taiwan (EWT)
reversed its recent up trend and fell 1.45% last week. The selloff was
primarily driven by profit taking and concerns over exporters'
profitability from a stronger local currency. At the same time, China's
central bank announced a 25 basis points rate hike over the weekend to
gear up for the fight against inflation. FXI ended last week flat, but the Shanghai Composite has tumbled more than 4% this week.Spain (EWP)
dropped 3.5% last week. Markets are still concerned that the
debt-riddled Spanish government may be forced to seek a bailout and a
new wave of panic would be triggered in the eurozone. There does not
seem to be much clarity on this issue ahead.
The Fiscal Times advises that the “the housing market is about to perk up.” One of the reasons for the read on...
As Moore’s Law turns 50, we reflect on technology’s incredible history and limitless read on...
How does capital get allocated to the public stock read on...
After nearly three years of extremely weak economic growth, the European Central Bank is finally delivering read on...