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- Australian small caps had their best August in well over a decade outperforming large caps as market
breadth improved. - Global and emerging market equities posted solid US-dollar gains, but a stronger Australian dollar pared back unhedged l;ocal currency returns.
- Global bond yields pushed higher across Europe, the UK and Japan on fiscal sustainability and inflation concerns, even as US Treasuries were little changed.
- The RBA held rates at 4.35% but stayed hawkish.
- Australian listed real estate was the weakest major asset class, falling sharply as rising long-term bond yields weighed on valuations. Global infrastructure also lagged.
- Oil prices firmed on an uneasy US-Iran standoff, keeping energy markets and inflation expectations on edge.
- Gold was the standout asset class, surging as the dollar debasement trade returned to the fore following a surprise US Treasury buyback announcement.
