Global markets bounced Monday, with Europe-related exchange traded funds leading the charge, after polls revealed a rising number of Brits leaning toward “remain” in the upcoming “Brexit” vote.
On Monday, the iShares MSCI United Kingdom ETF’s (NYSEArca: EWU), the largest U.K.-related ETF, and iShares MSCI United Kingdom Small-Cap ETF (NYSEArca: EWUS), which provides exposure to small-cap U.K. stocks, were among the best performing ETFs, surging 4.5% and 5.0%, respectively. Both ETFs popped back above their 50- and 200-day simple moving averages as well.
Meanwhile, the broader Vanguard FTSE Europe ETF (NYSEArca: VGK) rose 3.2% and also pushed above its short- and long-term trend lines.
European equities have experienced heightened volatility due to an impending United Kingdom referendum that would decide whether the U.K. would remain within the European Union, or so-called Brexit vote, on June 23. Markets have been depressed following a number of polls that revealed a higher number of those in the leave camp last week.[related_stories]