Resource Markets · daily · 5 economies vs ACWI · as of Aug 21, 2026
The natural-resources market monitor
Five resource economies as one board: Canada, Australia and South Africa — the classic mining trio — plus Brazil for the broad-commodity read, plus Norway as the energy-driven fifth deliberately outside the Middle East. Each market rides its USD country ETF, so every line is the equity market and the currency together, measured against global equities via ACWI.
Mechanical read
Broad resource bid — 9/10
4/5 beat ACWI over 1 month · 5/5 above their 50-day MA · leader South Africa +15.80% rel · laggard Brazil -7.26% rel
Equal-weight resource composite ÷ ACWI · rebased 100 · dashed = parity · 1 year
Resource composite (red) vs ACWI (blue, dashed) · both rebased 100 · 1 year
The five markets
| Market | ETF | 1w | 1m | 3m | YTD | 1m vs ACWI | 50d MA | Local benchmark |
|---|---|---|---|---|---|---|---|---|
| Canadaoil, gas, uranium, gold, potash, base metals | EWC | +0.21% | +6.02% | +6.95% | +16.18% | +1.83% | above (+4.94%) | S&P/TSX Composite 36,620.2 · 1m +3.20% |
| Australiairon ore, met coal, LNG, lithium, gold | EWA | +1.65% | +5.79% | +3.97% | +15.08% | +1.60% | above (+4.13%) | S&P/ASX 200 9,058.9 · 1m +2.49% |
| Braziliron ore, oil, soy, sugar, pulp | EWZ | +3.33% | -3.07% | -5.27% | +10.36% | -7.26% | above (+0.20%) | Bovespa 171,031.7 · 1m -3.22% |
| South AfricaPGMs, gold, manganese, chrome, coal | EZA | +7.37% | +19.99% | +6.23% | +5.39% | +15.80% | above (+11.58%) | USD ETF only |
| Norwayoil & gas, seafood, shipping — the non-Mideast energy leg | ENOR | +2.14% | +7.26% | +0.94% | +33.63% | +3.07% | above (+8.95%) | USD ETF only |
| Global equitiesbenchmark | ACWI | -0.91% | +4.19% | +3.29% | +13.65% | — | — | iShares MSCI ACWI |
How to read it
The board answers one question: is capital rotating toward resource economies as a group, or is a single market carrying the impression? The composite-versus-ACWI ratio is the headline line — rising means the five resource markets are beating global equities together. The breadth signal keeps it honest: a 9/10 built on five markets all confirming is a different animal from a 5/10 where one market's gold rally does all the work, even if the ratio line looks the same.
The trifecta shorthand behind the basket: Canada + Australia + South Africa is the strongest traditional mining and hard-assets trio; swap South Africa for Brazil and it is the strongest broad natural-resources trio; the board carries the differentiated four, plus Norway so an energy-driven market sits in the basket without Middle-East event risk driving that leg directly.
Sources: US-listed country ETFs (adjusted closes, house data lake) and daily local index series where the plan serves them — the JSE All Share and Oslo benchmarks carry no live series on the current plans, so South Africa and Norway ride their ETFs alone. A data surface, not advice — an investment diary. Related: ratio chart · factor regime · sovereign pressure.
FAQ · from the current data
Resource Markets — data Q&A
What does the Resource Markets board track?
Five natural-resource economies as one monitor: Canada, Australia, Brazil, South Africa, and Norway as the energy-driven fifth deliberately outside the Middle East. Each is carried by its US-listed iShares country ETF (EWC, EWA, EWZ, EZA, ENOR) — a USD country fund is the equity market and the currency in one line — with local benchmarks (S&P/TSX, ASX 200, Bovespa) shown for context where the data plan serves them. The board refreshes nightly.
Where does the resource-market signal stand right now?
As of the Aug 21, 2026 close, the breadth signal reads 9/10 — broad resource bid. 4 of 5 markets beat global equities (ACWI) over the last month and 5 of 5 closed above their own 50-day average. The strongest relative leg is South Africa (+15.80% vs ACWI over one month); the weakest is Brazil (-7.26%).
How is the 0–10 signal computed?
Two mechanical checks per market, one point each: does the ETF's 21-session return beat ACWI's, and does it close above its own 50-day moving average. Five markets, ten possible points. 8–10 reads as a broad resource bid, 5–7 as rotation building, 3–4 as a mixed tape, 0–2 as no resource bid. No judgment enters the number — the bands are fixed.
Why these five markets, and why Norway rather than a Gulf market?
Canada, Australia and South Africa are the classic mining and hard-assets trio; adding Brazil makes the broad-commodity four. The fifth leg needed an energy-driven market deliberately outside the Middle East, so that local conflict headlines never drive the energy leg directly — Norway (Equinor-weighted, oil and gas, seafood, shipping) is that market. South Africa and Norway carry no live local-index series on the current data plans, so their USD ETFs carry the read alone.
Is this investment advice?
No. Closelook publishes an investment research diary, not investment advice. The board describes what daily ETF and index series show. Past performance may not be an indication of future performance.