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European Equity ETF (FEZ) Hits New 52-Week High
For investors seeking momentum, SPDR EURO STOXX 50 ETF (FEZ - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 15.16% from its 52-week low price of $47.11/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 product charges 29 bps in annual fees (See: All European Equity ETFs).
Why the Move?
European market equities surged amid optimism about the possibility of a peace deal between Ukraine and Russia. President Trump's discussions with President Putin and President Zelensky have raised hopes that the nearly three-year long war may be approaching its end. The fund’s prospects also get a boost driven by strong earnings.
More Gains Ahead?
Currently, FEZ has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 11.87 (as per Barchart.com), which gives cues of a further rally.