NEW YORK (ETF Expert) -- Developed markets have been weighing the perceived positives in Greek exit polls against the perceived negatives in Spanish bank bailouts. In contrast, emerging markets seem less concerned with the European drama; the "emergers" are focused squarely upon China.
Need proof? Consider the post-holiday headlines for Tuesday. The euro slid to its lowest level against the U.S. dollar in more than two years. A prominent ratings agency downgraded Spain's sovereign debt. And U.S. consumer confidence via the Conference Board's Consumer Consumer Index fell to its lowest level in eight months. Yet single-country ETFs, as well as global-sector ETFs with significant ties to China's economic well-being, skyrocketed.
|ETFs that are incredibly dependent on China's growth|
|May 29 Approx %|
|Market Vectors Rare Earth Strategic Metals (REMX)||4.75%|
|iShares MSCI Taiwan (EWT)||4.24%|
|SPDR S&P Russia (RBL)||3.33%|
|iShares MSCI Australia (EWA)||3.06%|
|Market Vectors Steel (SLX)||2.90%|
|Market Vectors China (PEK)||2.86%|
|iShares MSCI South Africa (EZA)||1.71%|
|S&P 500 SPDR Trust (SPY)||1.21%|