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NASDAQ Weekly Market Pulse - Emerging Markets Under Pressure on Interest Rate Expectations

Developing countries are starting to see more inflows of capital as investors now expect higher interest rates. Emerging markets are beginning to see a slump, moving well off their highs of 2013 on currency concerns. In addition, these emerging economies are also powered by commodities, which have continued to be under pressure for the past few months. The NASDAQ Emerging Markets Index (NQEM) was off by 4.8%, while the NASDAQ Composite Index (IXIC) fell by 0.2%.

"Volatility came back in the market with a week of up and down movements seeing the historical monthly volatility jump from 9% to 12% this past week," said Dave Gedeon, Managing Director, NASDAQ OMX Global Indexes. "Rates are continuing their long overdue comeback with corporate bond prices continuing their fall alongside long term U.S. Treasuries. Tactical plays such as Biotech and Internet have gained traction as investors search out new opportunities."

TOP WEEKLY INDEX MOVERS (+ / --)

TOP 5 EQUITY INDEXES:

6/5/13 -
6/11/13

NASDAQ EMERGING MARKETS INDEX (NQEM)

-4.8%

NASDAQ CHINA INDEX (NQCN)

-4.3%

NASDAQ EM EUROPE INDEX (NQEMEU)

-4.0%

NASDAQ ASPA INDEX (NQASPA)

-2.4%

NASDAQ BIOTECHNOLOGY INDEX (NBI)

+2.3%

TOP 5 COMMODITY INDEXES:

6/5/13 -
6/11/13

NASDAQ COMMODITY NATURAL GAS INDEX ER (NQCINGER)

-6.8%

PHLX GOLD/SILVER SECTOR INDEX (XAU)

-5.4%

NASDAQ COMMODITY INDUSTRIAL METALS INDEX ER (NQCIIMER)

-4.8%

NASDAQ COMMODITY SILVER INDEX ER (NQCISIER)

-3.3%

NASDAQ COMMODITY LEAN HOGS INDEX ER (NQCILHER)

+3.0%

The NASDAQ China Index (NQCN) dipped 4.3% with Asia in focus after a sharp rally in the yen. Japanese equities have been rallying year-to-date on the new growth/reform strategy outlined by Prime Minister Shinzo Abe, but have seen recent sharp declines as investors showed their disappointment with the Bank of Japan's lack of additional easing measures. The NASDAQ ASPA Index (NQASPA), which includes securities in countries located in Asia Pacific, fell 2.4% over the past five trading days.

The NASDAQ Biotechnology Index (NBI) rebounded from last week's losses, gaining 2.3% in the past five trading days and over 30% year-to-date.

The NASDAQ Internet Index (QNET) rose 2.1% following renewed investor interest.

Natural Gas has hit its lowest level since mid-March, as mild weather forecasts continued to weigh on demand expectations for the fuel. The NASDAQ Commodity Natural Gas Index ER (NQCISIER) fell by 6.8% this past week.

The PHLX Gold/Silver Sector Index (XAU) declined 5.4% on subdued inflation expectations.