All eyes are on London for the Olympics, but the iShares MSCI United Kingdom Index Fund (EWU) raced ahead last week.
EWU was up 0.9% last week, despite reports the economy suffered a larger contraction than expected in the second quarter. There was a 0.7% drop in economic growth over the second quarter, reports Ainsley Thomson and Cassell Bryan-Low for The WSJ.
Celebrating the Queen’s Diamond Jubilee meant an extra holiday, thus reducing growth. But with the Olympics in full swing, the UK is looking benefit economically from hosting the games. It’s estimated that $15 billion was spent to put on the Olympics; 9 million tickets were sold; and the stadium seats 80,000, reports CNN. [United Kingdom ETF and the Olympics]
Will this ETF bring home the gold, silver or bronze? Stay tuned.
iShares MSCI United Kingdom