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Some notable events during last week:
1) IPOX Global Indexes unchanged, large moves in individual securities have little impact on overall performance: The IPOX Global Indexes traded unchanged on a weekly basis, outperforming the MSCI World Index (MXWO), while slighlty underperforming the S&P 500 (SPX). There was substantial dispersion in individual securities’ returns, with previous weeks losers (such as miners KAZ LN or ENRC LN), becoming last week’s winners. Investors sold stocks of companies meeting or beating analyst’s estimates such as shares of global payment processer Mastercard (MA) (-9.97%). Global Exchange operators retreated anew, led by NYX (-12.82%). Returns dispersion in the underlying IPOX Global Composite was large, with the average equally-weighted constituent losing 0.17% (median: -0.65%).
2) IPOX Emerging Markets Focus: Most emerging markets action was in Turkish constituents, after a constitutional court refjected the closure of the Justice and Development party (AKP), supporting companies such as Turkiye Halk Benkase AS (+29.46%) or Turkiye Vakiflar (+39.78%). Russia’s Mechel Steel Group (-22.71%), like other Russian companies, continued to retreated in the aftermaths of the previous week’s events involving state official’s comments. Latin Amercian IPOs and spin-offs contineud to slightly outperform local benchamrks MSCI Latin America (MXLA) and the Bovespa (IBOV), as OGX (+12.36%) rose, supported by a UBS buy recommendation with a target more than double the current share price.