Property shares in the US and offshore markets posted the biggest gains for the major asset classes in the first week of trading for the third quarter, based on a set of exchange-traded funds.
US real estate investment trusts (REITs) led the way via Vanguard Real Estate (NYSE:VNQ), which popped 2.5% for the trading week ended July 5. Foreign real estate shares were in close pursuit: Vanguard Global ex-U.S. Real Estate (NASDAQ:VNQI) gained 2.0%, rising to its highest weekly close since early 2018.
Foreign bonds posted the biggest losses last week. The steepest setback was in SPDR Bloomberg Barclays International Treasury Bond (NYSE:BWX), which shed 0.7%. The decline marks the first weekly loss for the ETF in three weeks.
Foreign corporates suffered the second deepest loss last week. Invesco International Corporate Bond (NYSE:PICB) shed 0.5%.
Meanwhile, an ETF-based version of Global Market Index (GMI.F) continued to rise last week. This unmanaged benchmark, which holds all the major asset classes (except cash) in market-value weights, added 0.8% — the fifth consecutive weekly gain for GMI.