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REITs Continue to Lead Global Markets Higher, Commodities Lag

By James PicernoStock MarketsSep 03, 2024 21:31

au.investing.com/analysis/reits-continue-to-lead-global-markets-higher-commodities-lag-200604647

REITs Continue to Lead Global Markets Higher, Commodities Lag

By James Picerno | Sep 03, 2024 21:31

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GSG

-0.20%

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VNQ

+0.60%

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VTI

-0.33%

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WIP

+0.97%

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BWX

+0.41%

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VEA

+1.70%

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BND

+0.02%

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VNQI

+0.73%

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US real estate investment trusts led global markets higher for a second straight month in August, based on set of ETFs representing the major asset classes.

Another performance redux: commodities were the outlier, posting the only monthly loss, echoing the setback in July.

The best performer: Vanguard Real Estate ETF (NYSE:VNQ), which rallied 5.2% in August, building on a strong gain in the previous month.

As a result, the fund has rebounded sharply from its slump that had left it trailing most markets earlier in the year. A similar recovery is unfolding for global property shares (VNQI), which once again posted the 2nd best monthly gain.

Asset Classes Total Returns

Asset Classes Total Returns

August witnessed widespread gains, including a solid 2.1% increase for US stocks (VTI) and a 1.5% advance in US fixed income (BND). The lone case of red ink last month: commodities (GSG), which declined 2.2%.

Reviewing year-to-date results continues to show US shares (VTI) with a wide lead of 18.2%. The second-best performance for 2024: developed-markets stocks ex-US (VEA) via an 11.0% rise. Only two of the major asset classes are nursing year-to-date losses: foreign-developed markets ex-US bonds (BWX) and foreign inflation-indexed bonds (WIP)—the latter is the worst performer this year with a 1.7% setback.

The Global Market Index (GMI) posted its fourth straight monthly gain, advancing 2.3% in August. GMI is an unmanaged benchmark (maintained by CapitalSpectator.com) that holds all the major asset classes (except cash) in market-value weights via ETFs and represents a competitive benchmark for multi-asset-class portfolios.

Year to date, GMI is up a strong 13.2% — exceeded in 2024 only by the rally in US stocks (VTI). For the one-year window, GMI continues to reflect a middling performance relative to US stocks (VTI) and US bonds (BND).

GMI vs US Stocks and Bond Markets

GMI vs US Stocks and Bond Markets

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	Central Banks		Interest Rates	Next Meeting
		RBA	4.10%	Apr 01, 2025
		BOE	4.50%	Mar 20, 2025
		ECB	2.90%	Mar 06, 2025
		FED	4.50%	Mar 19, 2025
		SNB	0.50%	Mar 20, 2025
		BOC	3.00%	Mar 12, 2025
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		PBOC	3.10%
		BCB	13.25%	Mar 19, 2025