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Last week, indices around the globe showed a mixed bag of results – our top funds this year such as South Africa (NYSEARCA:EZA), Russia (NYSEARCA:RSX) and South Korea (NYSEARCA:EWY) continued to do well while Spain (NYSEARCA:EWP) and China (NYSEARCA:FXI) posted another lackluster performance.

Among the emerging markets, Taiwan (NYSEARCA: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.

Assets Class

Symbols

12/24
Trend
Score

12/17
Trend
Score

Direction

South Africa

(EZA)

15.93%

14.58%

^

Russia

(RSX)

15.55%

13.71%

^

South Korea

(EWY)

13.68%

12.74%

^

Taiwan

(EWT)

13.5%

17.12%

v

Mexico

(NYSEARCA:EWW)

12.9%

12.6%

^

Austria

(NYSEARCA:EWO)

12.26%

9.84%

^

Malaysia

(NYSEARCA:EWM)

11.11%

11.21%

v

Hong Kong

(NYSEARCA:EWH)

10.14%

9.89%

^

Switzerland

(NYSEARCA:EWL)

9.87%

7.78%

^

Canada

(NYSEARCA:EWC)

9.37%

8.41%

^

Australia

(NYSEARCA:EWA)

9.33%

9.41%

v

India

(NYSEARCA:INP)

8.91%

8.15%

^

Germany

(NYSEARCA:EWG)

8.63%

7.84%

^

United Kingdom

(NYSEARCA:EWU)

7.42%

6.19%

^

Japan

(NYSEARCA:EWJ)

6.95%

6.74%

^

Singapore

(NYSEARCA:EWS)

6.41%

7.63%

v

The Netherlands

(NYSEARCA:EWN)

3.66%

2.32%

^

France

(NYSEARCA:EWQ)

3.46%

2.23%

^

Belgium

(NYSEARCA:EWK)

2.89%

1.8%

^

Brazil

(NYSEARCA:EWZ)

2.45%

4.4%

v

China

(FXI)

0.62%

0.57%

^

Italy

(NYSEARCA:EWI)

-0.51%

-3.9%

^

Spain

(EWP)

-5.74%

-6.53%

^

click to enlarge

Source: Country ETF Trends Largely Unchanged: Russia Shines, Spain Tumbles