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At ECB&#39;s meeting, Lagarde opted to keep key interest rates unchanged, and signaled no rate cuts. Euro rose while European stocks paused, aided by euro strength.

ECB President Lagarde Defies Powell&#39;s Dovish Stance: &#39;We Should Absolutely Not Lower Our Guard&#39;

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European Stocks Rally As ECB Throws In Towel On Rate Hikes

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Right-Wing Italian Government Announces Soviet-Style 40% Windfall Tax On Bank Profits, Sparks Market Chaos

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Shares of Europe-related ETFs are trading lower amid weakness in US markets following hotter-than-expected March inflation data, which has weighed on global markets.

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Intel Has Decided To Postpone Its Potential Investment In Italy, 'We Are Here For Them Should They Decide To Come Back,' Industry Minister Says

European stock ETFs are higher following the ECB's meeting and rate decision.

Investors hoping for European Central Bank (ECB) President Christine Lagarde to signal a path towards interest rate cuts in 2024, in line with Federal Reserve Chair Jerome Powell&#8216;s previous day remarks, found themselves recalibrating these expectations following her hawkish <a href="https://www.benzinga.com/topic/europe">press conference on Thursday. </a>
At its final meeting of the year, the ECB opted to keep its key interest rates unchanged, marking the second straight hold and likely signaling that the end of the tightening cycle began in July 2022. However, the similarities with the Fed&#8217;s meeting ended there. 
While Powell subtly opened the door to future rate reductions, Lagarde&#8217;s narrative was decidedly different.
Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36227799/feds-unexpected-dovish-signals-spark-market-euphoria-economists-weigh-in">Fed&#8217;s Unexpected Dovish Signals Spark Market Euphoria: Economists Weigh In</a>
<h2 class="wp-block-heading">Lagarde Doesn&#8217;t Lower The Guard</h2>
&#8220;We should absolutely not lower our guard,&#8221; Lagarde asserted, countering the anticipations of market participants who were speculating on potential ECB rate cuts mirroring the Fed&#8217;s direction. 
She clarified that the ECB&#8217;s policy-making process did not entertain discussions on rate cuts and is not uninfluenced by market speculations or temporal pressures.
Lagarde stressed that the ECB will continue to be guided by a data-dependent approach in determining the appropriate level and duration of restrictions.
She stated that if the key ECB interest rates remain at their current levels for an extended period, they would &#8220;make a substantial contribution to the return of 2% inflation.&#8221;
&#8220;There&#8217;s a whole beach in between a hike and a cut&#8221; and that is a hold, Lagarde said. 
In conjunction with the decision to hold rates steady and provide a firm stance against future rate cuts, the ECB has also declared its intention to initiate active sales of securities acquired under the Pandemic Emergency Purchase Programme, proceeding at a pace of €7.5 billion monthly.
The ECB also unveiled its macroeconomic projections for the upcoming years. Headline inflation has been downwardly revised from prior estimates, with Frankfurt now expecting it to average 5.4% in 2023, 2.7% in 2024, 2.1% in 2025 and 1.9% in 2026.
Economic growth is expected to show a modest uptick from 0.6% in 2023 to 0.8% in 2024, leading up to 1.5% for 2025 and beyond.
<h2 class="wp-block-heading">Euro Strengthens, European Stocks Pause</h2>
After Lagarde&#8217;s remarks, the euro-dollar exchange rate, as tracked by the Invesco CurrencyShares Euro Currency Trust ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXE#NYSE">FXE</a>), rose to 101.52, up 1%. 
On the contrary, European equities flipped to the downside, likely impacted by the disappointing remarks regarding potential rate cuts. 
Currency-unhedged exchange-traded funds (ETFs) tracking European stocks such as the SPDR DJ Euro Stoxx 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), the Global X DAX Germany ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DAX#NASDAQ">DAX</a>), the iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>), and the MSCI France Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>), still managed to hold on minor gains for the sessions, aided by the strength of the euro. 
Now read: <a href="https://www.benzinga.com/markets/equities/23/12/36235965/with-fed-rate-cuts-on-the-horizon-equity-markets-soar-dollar-weakens-10-year-treasury-yield-fall">With Fed Rate Cuts On The Horizon, Equity Markets Soar, Dollar Weakens, 10-Year Treasury Yield Falls Below 4%</a>
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ECB President Lagarde Defies Powell's Dovish Stance: 'We Should Absolutely Not Lower Our Guard'

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'Intesa Sanpaolo And Mastercard Together With Tapster For The Launch Of The New Payment Ring In Italy'

-Reuters Cited&nbsp;World Organisation for Animal Health

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Italy Reported Outbreak Of Highly Pathogenic H5n1 Bird Flu On Farm

<a href="https://www.aboutamazon.co.uk/news/operations/amazon-prime-air-drone-delivery-updates#:~:text=Prime%20Air%20will%20also%20integrate,drone%20beginning%20in%20late%202024.">https://www.aboutamazon.co.uk/news/operations/amazon-prime-air-drone-delivery-updates#:~:text=Prime%20Air%20will%20also%20integrate,drone%20beginning%20in%20late%202024.</a>
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Prime Air will also integrate drone deliveries into Amazon's existing fulfilment network, deploying from Same-Day Delivery sites.
Amazon customers in the UK, Italy and an additional U.S. city will soon have the option to get their packages delivered by a drone beginning in late 2024. The Prime Air drone delivery system is expanding to international locations, and adding a third city in the United States by the end of next year— specific cities in the U.S. and abroad will be named in the coming months. The new locations add to our existing drone delivery operations in the U.S., where we've been using drones to safely deliver packages weighing up to five pounds (approximately 2.2kg) in one hour or less, for almost a year.
David Carbon, Vice President of Amazon's Prime Air, said: "As part of our continued efforts to innovate for customers, we are excited to announce the expansion of Prime Air delivery internationally, for the first time outside the U.S. We have been delivering packages by drone for almost a year in California and in Texas. We have built a safe, reliable delivery service and have partnered very closely with regulators and communities. We will continue with that collaboration into the future to ensure we are meeting the needs of our customers and the communities we serve."
In addition to the new delivery sites, Prime Air is unveiling the new MK30 drone design, which is quieter, smaller, and lighter, than previous models. We're also announcing that drone deliveries will be integrating into Amazon's delivery network, meaning drones will deploy from some Same-Day Delivery sites. In the UK and Italy, we will start integrating into some of our fulfilment centres, which will provide Amazon customers with faster delivery of an even greater selection of items. We will start with one site in each location and expand over time.
Here are all the details on the expansion, the new drone design, and the integration of drone deliveries into Amazon's fulfilment network. &nbsp;
<h2>Amazon's Prime Air drone deliveries are coming to the UK, Italy, and a third U.S. state</h2>
We are working closely with national regulators and international regulators, and communities in the EU, Italy, the UK, and the U.S., to develop this programme. We have committed the necessary time and resources to build a safe and scalable service. We have refined the technology, and are now building the right infrastructure to ensure the service provides the ultimate convenience for our customers. We've also taken great care to ensure that our drones' design philosophy and demonstrated levels of safety are setting a higher bar for safety across the commercial drone delivery industry, working closely with regulators to design to the highest standard set within those regulations.
UK Aviation Minister, Baroness Vere, said: "Amazon's announcement today is a fantastic example of Government and industry coming together to achieve our shared vision for commercial drones to be commonplace in the UK by 2030. Not only will this help boost the economy, offering consumers even more choice while helping keep the environment clean with zero emission technology, but it will also build our understanding how to best use the new technology safely and securely."
We expect drone delivery to take flight in all three new locations by the end of 2024. Once available, eligible Amazon customers can opt in to drone delivery and choose from thousands of items that weigh five pounds or less—including household products, everyday essentials, beauty items, and office/tech supplies. More details on the cities to come.
<h2>The new MK30 drone will be faster, quieter, and lighter</h2>
Our newest drone, the MK30, is unlike any other drone. The new design can fly twice as far as previous Prime Air drone models, which will allow us to deliver to customers who live farther out from our fulfilment networks. The MK30 is quieter and will be able to fly in more diverse weather conditions—meaning customers can get super speedy deliveries even in situations like light rain, and hotter and colder temperatures. Our drones have a unique package delivery system, where packages are held inside drones during transit to protect their contents.
Like previous models, the MK30 will operate safely and autonomously, and are equipped with sense and avoid technology, which allows the drone to identify and avoid obstacles in the delivery area. The beauty of this system is it can sense and avoid objects that weren't there the day before, for example, a freshly planted tree, or mobile crane moved into its path. <a href="https://www.aboutamazon.co.uk/news/operations/photos-of-amazons-new-prime-air-drone">Check out more details and photos of the MK30</a>.
Frederic Laugere, Head of Innovation Advisory Services at the UK Civil Aviation Authority, said: "Exploring the options of how drones can be safely and successfully incorporated into more of the UK's airspace is key. It is vital that projects such as this take place to feed into the overall knowledge and experiences that will soon enable drones to be operating beyond the line of sight of their pilot on a day-to-day basis, while also still allowing safe and equitable use of the air by other users." &nbsp;
<h2>Drone deliveries will now deploy from some Same-Day Delivery sites</h2>
Drone delivery will no longer only take place out of stand-alone Prime Air Delivery Centres, like those in Lockeford, California and College Station, Texas. Moving forward, we will integrate drones into the Amazon delivery network, so customers will have traditional delivery vans, Flex delivery vehicles, and Prime Air drones leaving from the same building.
In the U.S., the drones will operate out of some Same-Day Delivery stations, which are essentially smaller versions of our fulfilment centres that process orders for delivery on the same day they were purchased. These sites offer a selection of products that are well aligned with things customers want and need fast, and what drones can safely deliver. Think of products that fit the size and weight capabilities of the drone—like cold medicines and batteries—we place them close to customers at these sites, which enables us to deliver them at our fastest speeds, and now it makes sense to make deliveries even faster via drones.
The integration aims to help Amazon streamline the retail experience, create a safer and more sustainable delivery model, and deliver products more quickly.
<h2>What's next?</h2>
We're developing drones that can fly thousands of times and deliver millions of packages annually for customers. With each delivery we make, we earn additional customer confidence in our service. We're focused on bringing ultra-fast drone delivery to as many Amazon customers as our technology can safely enable. We'll soon be taking flight from new cities, countries, and continents. Stay tuned for more details and updates in the coming months.

AMZN

Amazon Is Launching Ultra-Fast Drone Deliveries In The UK, Italy, And A Third Location In The U.S.

European stocks embarked on a vigorous rally following the European Central Bank&#8217;s (ECB) latest interest-rate announcement on Thursday. The ECB took a significant step by raising interest rates for the tenth consecutive time, pushing the main refinancing operations rate to a 22-year high of 4.5%, while the deposit facility rate <a href="https://www.benzinga.com/topic/european-central-bank">reached a new record at 4%.</a>
However, the Frankfurt-based institution&#8217;s statement delivered a surprising twist. It signaled that the current interest rate levels might be sufficient to bring inflation back to its target. 
Additionally, the ECB revised down its estimates for both underlying inflation and growth. 
David Goebel, associate director of investment strategy at wealth manager Evelyn Partners, remarked that this could be the last move in their current hiking cycle. Peter Praet, the former ECB Chief Economist, who now serves as a member of Market News&#8217;s Connect Advisory Board, indicated that rate cuts might be on the table for discussion as early as the December Policy meeting.
The market&#8217;s interpretation of the ECB statement and Governor Lagarde&#8217;s press conference was clear: the ECB might have reached the end of its interest rate hiking cycle, which had commenced in July 2022.
This revelation had an immediate impact on the currency market, as the euro experienced downward pressure. The euro-dollar exchange rate dipped below 1.07, hitting lows not seen since mid-March.
Conversely, the stock market was a sea of green, with relief sweeping through investors who believed that the cost of borrowing would not rise further from its current levels.
<h2 class="wp-block-heading">European Indices Rally As ECB Tightening Ends</h2>
<ul>
<li>The pan-european Euro Stoxx 50 index, as tracked by SPDR DJ Euro STOXX 50 ETF&nbsp;&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), surged 1.6% marking its most robust session in September. </li>
<li>The UK FTSE 100 Index, monitored through iShares MSCI United Kingdom ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWU#NYSE">EWU</a>), rallied an impressive 2.2%, poised to achieve its best session since early November 2022. </li>
<li>Italy&#8217;s FTSE MIB index, tracked by the iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>), climbed 1.5%, registering its best session since the end of July 2023. </li>
<li>The French CAC 40 Index, as reflected by the iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>), recorded a 1.6% gain, its most significant daily increase since early May 2023. </li>
<li>The Germany DAX 30 Index, monitored through the iShares MSCI Germany Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWG#NYSE">EWG</a>), posted a respectable 1.2% gain.</li>
</ul>
Chart: Euro STOXX 50 Performance Heatmap On Thursday September 14, 2023
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="595" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/14120833/tradingview-stock-market-heatmap-2023-09-14_18.07.53_db5be-1024x595.png" alt="" class="wp-image-106261" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/14120833/tradingview-stock-market-heatmap-2023-09-14_18.07.53_db5be-1024x595.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/14120833/tradingview-stock-market-heatmap-2023-09-14_18.07.53_db5be-300x174.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/14120833/tradingview-stock-market-heatmap-2023-09-14_18.07.53_db5be-768x446.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/14120833/tradingview-stock-market-heatmap-2023-09-14_18.07.53_db5be-1536x892.png 1536w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/09/14120833/tradingview-stock-market-heatmap-2023-09-14_18.07.53_db5be.png 1859w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Positive economic news from both the United States and China added fuel to the fire. Retail sales in the U.S. surpassed expectations for August, while Chinese authorities reduced the reserve requirement ratio to enhance liquidity in the banking sector.
This news gave an additional boost to European companies that heavily rely on exports. The luxury sector rallied, with the heavyweight LVMH-Moet Hennessy Louis Vuitton (OTCPK: LVMHF) surging by 2.2%. European banks also saw significant gains, with French giant BNP Paribas (OTCPK: BNPQY) leading the pack with a 3.2% increase.
In the United Kingdom, materials and energy stocks were the driving force behind the stock market&#8217;s ascent. Anglo American plc (OTCPK: NGLOY) recorded an impressive gain of over 8%, while Rio Tinto plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) came close with nearly a 5% increase.
Read now: <a href="https://www.benzinga.com/news/large-cap/23/09/34584211/inflation-surges-consumer-demand-ignites-reflation-trade-top-5-etfs-dominating-thursdays-market">Inflation Surges, Consumer Demand Ignites Reflation Trade: Top 5 ETFs Dominating Thursday&#8217;s Market</a>

Italy&#8217;s right-wing government made an unprecedented decision by applying a windfall tax charging a 40% <a href="https://www.benzinga.com/topic/banks">withdrawal from banks' profits.</a>
The tax, which strategically targets the net interest margin, disrupted the financial landscape Tuesday despite its aim to inject fresh resources into Rome&#8217;s debt-challenged coffers. 
By tapping into the heavy gains that banks have amassed due to the favorable interest rate environment, revenue can be channeled toward a housing mortgage fund and alleviate the tax burden experienced by both households and businesses, the Council of Ministers wrote. 
<h2 class="wp-block-heading">Italian Bank Revenues Soared As ECB Hiked Interest Rates</h2>
Italy&#8217;s decision to unveil this substantial tax policy comes against the backdrop of an unforeseen 0.3% contraction in the country&#8217;s GDP for the second quarter of 2023.
Major players within the Italian banking sector have recently reported stronger-than-anticipated balance sheets, coupled with upgraded forecasts, bolstered by the European Central Bank&#8217;s string of interest rate hikes, which have contributed positively to the banks&#8217; financial health.
Over the past year, the European Central Bank (ECB) has hiked interest rates for nine consecutive times, propelling the main refinancing operations rate to 4.25%, the highest it has been since October 2008, and the deposit facility rate to an over 22-year high of 3.75%. Italy&#8217;s leading financial institution, Intesa Sanpaolo Spa (OTCPK: ISNPY) reported record-high quarterly revenues that soared to an astonishing $6.34 billion.
<h2 class="wp-block-heading">Markets Punished The Move</h2>
The Milan stock market was the worst performer in Europe, with the FTSE MIB index plummeting by 2.5%, marking its most significant decline since mid-March. This downward trend is anticipated to extend to the iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>) on Tuesday. 
The banking sector, in particular, bore the brunt of the tax announcement. Intesa&#8217;s shares experienced a considerable drop of 8%, representing its most significant single-session decline since March 2022. Similarly, Unicredit Spa (OTCPK: UNCRY) witnessed a 6.5% decrease, underscoring the sector-wide impact of the tax decision.
Read Now: <a href="https://www.benzinga.com/news/large-cap/23/08/33628213/us-banking-sector-shaken-moodys-drops-credit-ratings-of-10-banks-sounds-alarm-for-more-downgrades">US Banking Sector Shaken: Moody&#8217;s Drops Credit Ratings Of 10 Banks, Sounds Alarm For More Downgrades</a>

The U.S. stock market wasn&rsquo;t the only one to rally in 2023, and many U.S.-based investors would have found it beneficial to diversify their portfolios with global stocks and ETFs from <a href="https://www.benzinga.com/money/best-emerging-markets-etfs" rel="noreferrer noopener" target="_blank">roaring emerging market economies.</a>
Venturing thousands of miles south of the American continent and crossing the Atlantic, three stock market indexes emerged as standout performers, surpassing not only the S&amp;P 500 represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which gained 14% so far this year, but also the tech-dominated Nasdaq 100 represented by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which achieved its best half-year performance with a remarkable 34% year-to-date rally.
Benzinga delved into the top-performing Country ETFs for 2023, evaluating their returns and their respective best-performing stocks. It is essential for U.S.-based investors to note that although these ETFs trade in U.S. dollars on U.S. exchanges, they are not currency hedged. Hence, their performance is exposed to local currency&rsquo;s fluctuations relative to the U.S. dollar.
<h2 class="wp-block-heading">Top Performing Country ETFs For 2023</h2>
5) iShares MSCI Poland ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPOL#NYSE">EPOL</a>)
<ul>
<li>Description: The EPOL ETF tracks the performance of Polish companies, providing exposure to the Polish stock market by replicating the MSCI Poland IMI 25/50 Index. The fund invests at least 80% of its total assets in the securities of the underlying index and in American Depositary Receipts (&ldquo;ADRs&rdquo;) and Global Depositary Receipts (&ldquo;GDRs&rdquo;).</li>
<li>Year-to-date performance (as of June 27): 23%</li>
<li>Quarter-to-date performance: 23%</li>
<li>Local currency performance against USD (year to date): 8%</li>
<li>Best-performing stocks (ytd): Santander Bank Polska S.A. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BKZHF#OTC">BKZHF</a>) (+48.9%), Grupa Pracuj S.A. (+38%).</li>
</ul>
4) iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>)
<ul>
<li>Description: The EWW ETF offers exposure to the Mexican stock market, allowing investors to participate in the performance of Mexican companies by replicating the MSCI Mexico IMI 25/50 Index. The fund invests at least 80% of its total assets in the securities of the underlying index and in ADRs and GDRs.</li>
<li>Year-to-date performance (as of June 27): 28%</li>
<li>Quarter-to-date performance: 5.7%</li>
<li>Local currency performance versus USD (ytd): 14%</li>
<li>Best-performing stocks (ytd): Alsea, S.A.B. de C.V. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ALSSF#OTC">ALSSF</a>) (+56%), CEMEX, S.A.B. de C.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CX#NYSE">CX</a>) (+50%)</li>
</ul>
Read also:<a href="https://www.benzinga.com/money/best-performing-mutual-funds" rel="noreferrer noopener" target="_blank"> 5 Best Performing Mutual Funds Right Now</a>
3) Global X MSCI Greece ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GREK#NYSE">GREK</a>)
<ul>
<li>Description: The GREK ETF tracks the Greek stock market, providing investors with access to Greek companies by replicating the MSCI All Greece Select 25/50 Index. The fund invests at least 80% of its total assets in the securities of the underlying index and in ADRs and GDRs.</li>
<li>Year-to-date performance (as of June 27): 35%</li>
<li>Quarter-to-date performance: 18.7%</li>
<li>Local currency performance versus USD (ytd): 3%</li>
<li>Best-performing stocks (ytd): Aegean Airlines (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AEGN#OTC">AEGN</a>) (+96%), Piraeus Financial Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BPIRY#OTC">BPIRY</a>) (+86%)</li>
</ul>
2) Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>)
<ul>
<li>Description: The ARGT ETF allows investors to gain exposure to the Argentine stock market by replicating the MSCI All Argentina 25/50 Index. The fund invests at least 80% of its total assets in the securities of the underlying index and in ADRs and GDRs.</li>
<li>Year-to-date performance (as of June 27): 35%</li>
<li>Quarter-to-date performance: 17.4%</li>
<li>Local currency performance versus USD (ytd): -30%</li>
<li>Best-performing stocks (ytd): Empresa Distribuidora y Comercializadora Norte Sociedad An&oacute;nima (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDN#NYSE">EDN</a>) (+100%), IRSA Inversiones y Representaciones Sociedad An&oacute;nima (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IRS#NYSE">IRS</a>) (+85%)</li>
</ul>
1) Global X MSCI Nigeria ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGE#NYSE">NGE</a>)
<ul>
<li>Description: The NGE ETF focuses on the Nigerian stock market, offering investors access to Nigerian companies by replicating the MSCI All Argentina 25/50 Index. The fund invests at least 80% of its total assets in the securities of the underlying index and in ADRs and GDRs.</li>
<li>Year-to-date performance (as of June 27): 41%</li>
<li>Quarter-to-date performance: 18.3%</li>
<li>Local currency performance versus USD (ytd): -42%</li>
<li>Best-performing stocks (ytd): Transnational Corporation of Nigeria Plc (+203%), Access Holdings Plc (+102%)</li>
</ul>
<table>
<thead>
<tr>
<th>Country ETF</th>
<th>% Return (year to date)</th>
<th>% Return (quarter to date)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Global X MSCI Nigeria ETF</td>
<td>40.9</td>
<td>18.3</td>
</tr>
<tr>
<td>Global X MSCI Greece ETF</td>
<td>35.3</td>
<td>18.7</td>
</tr>
<tr>
<td>Global X MSCI Argentina ETF</td>
<td>34.6</td>
<td>16.3</td>
</tr>
<tr>
<td>iShares MSCI Mexico ETF</td>
<td>27.8</td>
<td>5.7</td>
</tr>
<tr>
<td>iShares MSCI Poland ETF</td>
<td>23.2</td>
<td>23</td>
</tr>
<tr>
<td>iShares MSCI Ireland ETF ARCA: EIRL)</td>
<td>23.1</td>
<td>2.7</td>
</tr>
<tr>
<td>iShares MSCI Spain ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWP#NYSE">EWP</a>)</td>
<td>18.4</td>
<td>2.7</td>
</tr>
<tr>
<td>iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>)</td>
<td>17.9</td>
<td>4.5</td>
</tr>
<tr>
<td>iShares MSCI Taiwan ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWT#NYSE">EWT</a>)</td>
<td>17.7</td>
<td>4.3</td>
</tr>
<tr>
<td>iShares MSCI Brazil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWZ#NYSE">EWZ</a>)</td>
<td>17.3</td>
<td>19.9</td>
</tr>
</tbody>
</table>
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/06/33022480/its-a-bear-market-fomo-bubble-in-early-stage-of-collapse-warns-hedge-fund-manager-w">It&rsquo;s A Bear Market FOMO Bubble In Early Stage Of Collapse, Warns Hedge Fund Manager Who Foresaw 2008 Crisis</a>
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