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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 (EZA), Russia (RSX) and South Korea (EWY) continued to do well while Spain (EWP) and China (FXI) posted another lackluster performance.

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.

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

(EWW)

12.9%

12.6%

^

Austria

(EWO)

12.26%

9.84%

^

Malaysia

(EWM)

11.11%

11.21%

v

Hong Kong

(EWH)

10.14%

9.89%

^

Switzerland

(EWL)

9.87%

7.78%

^

Canada

(EWC)

9.37%

8.41%

^

Australia

(EWA)

9.33%

9.41%

v

India

(INP)

8.91%

8.15%

^

Germany

(EWG)

8.63%

7.84%

^

United Kingdom

(EWU)

7.42%

6.19%

^

Japan

(EWJ)

6.95%

6.74%

^

Singapore

(EWS)

6.41%

7.63%

v

The Netherlands

(EWN)

3.66%

2.32%

^

France

(EWQ)

3.46%

2.23%

^

Belgium

(EWK)

2.89%

1.8%

^

Brazil

(EWZ)

2.45%

4.4%

v

China

(FXI)

0.62%

0.57%

^

Italy

(EWI)

-0.51%

-3.9%

^

Spain

(EWP)

-5.74%

-6.53%

^

click to enlarge

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