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Europe ETF (FEZ) Hits New 52-Week High
For investors seeking momentum, SPDR EURO STOXX 50 ETF (FEZ - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 54.93% from its 52-week low of $30.13 per share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
FEZ In Focus
The underlying EURO STOXX 50 Index is designed to represent the performance of some of the largest companies across components of the 19 EURO STOXX Supersector Indexes. The fund charges 29 bps in fees.
Why The Move?
Europe investing has outperformed the United States in the initial phase of 2023. Cheaper valuation, upbeat corporate earnings and still-lower interest rates in Europe than United States have led to the rally.
In addition, in April, business activity in the Eurozone accelerated. The services industry of the single currency bloc, a dominant sector, experienced an increase in demand that surpassed its already strong performance boosting growth.
More Gains Ahead?
Though FEZ has a Zacks ETF Rank #4 (Sell) currently, it might continue its strong performance in the near term, givena positive weighted alpha of 31.10.