View from the Hill

Market Update – August 2017

View from the hill

Central bank cash rates and their outlook were the major features impacting markets over July. Overseas most central banks, except Japan, indicated that monetary conditions and interest rates had bottomed and were likely to tighten, albeit gradually, from here. In Australia, the RBA noted that the neutral cash rate is around 3.5% p.a., or some 200 basis points above the current cash rate.

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Market Update – July 2017

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The financial year ended 30 June 2017 was very good to well-diversified, growth-orientated investors. Equities enjoyed well above average returns, whereas property and fixed income were far more subdued (particularly A-REITs whose annual returns were mostly driven by the results for the single month of June).

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Market Update – May 2017

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Several political tensions characterized April, including Eurozone elections, tensions between the US and North Korea and simmering conflict in the Middle East. However, markets looked through these threats and were largely unaffected by them.

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Market Update – March 2017

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February was dominated by political news from the United States and more recently the potential for a rate hike in March, however in Australia the improving economic outlook as well as the recent reporting season received relatively little attention.

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Market Update – January 2017

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2016 was a notable year for investors as it started with a sell-off and poor sentiment driven by concerns around global growth and deflation and ended with all major asset classes delivering solid returns.  The best performing asset class was Australian listed property, recording a return of 13.2%, followed by Australian equities at 11.8%.

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Market Update – December 2016

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The election of Donald Trump as the next President of the United States saw markets initially fall and then rally strongly with the Dow Jones Industrial Index subsequently
rallying to an all-time high. Other global equity markets also rallied as did Australian equities.

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Market Update – November 2016

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At the time of writing the US election outcome was tending toward a Trump victory.  Post-election markets will most likely turn to consideration of an interest rate by the US Fed. Most economists see a December rate hike as likely however there are a number of factors that make for a more muted market response than that of January/February this year.

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