For the latest ETF industry news, please refer to our “Asia ETF Roundup (Industry) – June 2019”.
Major Markets Performance
During the month, markets speculated whether the U.S. would cut rates later in the year. Stock markets seemed to think that there are good odds a rate cut is in the cards as the S&P 500 notched a new record high during the month, closing the month up 6.9%. The UK’s FTSE 100, Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index rose 3%-6%. Tensions over U.S.-China trade talks also showed some signs of easing during the month. The Chinese equity markets rebounded some 3%-5%. Emerging markets’ performance generally followed the broader markets’ rebound with the exception of Pakistan. The Pakistani government announced a budget during the month aimed at securing a US$6 billion bailout package from the IMF that was preliminarily agreed upon in May.
