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- Rising global bond yields were the dominant market theme during September and weighed heavily on both equities and fixed income.
- Australian equities declined as higher discount rates outweighed generally resilient earnings outcomes.
- Small-cap equities underperformed due to higher financing costs and weaker risk appetite.
- Global bond markets delivered negative returns as inflation concerns resurfaced.
- Listed property securities were among the weakest asset classes due to their sensitivity to rising yields.
- Oil prices surged above US$100 per barrel amid renewed Middle East tensions.
- Gold moved lower as rising bond yields increased the opportunity cost of holding gold.
- Japan and emerging markets were relative bright spots internationally.
