July saw markets continue to worry about the global growth profile. Some key readings of economic activity in June were lower than in previous months, leading markets to revisit the “peak growth theme”. Potential disruption from the accelerating Covid-19 waves around the world added to these concerns. This narrative outweighed some stronger than expected inflation figures.

Download the report to read the full economic snapshot.

FY2020/21 was a dramatic year that started with serious concerns about public health and the global economy and finished on an optimistic note, delivering historic gains in equity markets along the way. Although Covid-19 continued to cause problems in many countries through the year, progress on developing and distributing vaccines helped mitigate concerns about the impact of further lockdowns.

Download the report to read the full economic snapshot.

February was a re-run of January in that markets started on a strong note, with equities posting very good gains in the first half of the month, only for conditions to reverse later in the month. However, while online trading caused the volatility in January, it was the bond market that caused the trouble in February.

Download the report to read the full economic snapshot.

September saw a break in the rally in global equity markets. Several factors contributed to this, including signs that the global recovery, while proceeding, is nevertheless slowing down. Growing concerns about prospects for fiscal stimulus in the US added to the volatility, as did reports that Japanese firm Softbank had purchased billions of dollars of equity options, driving tech stocks up on speculative positions. 

Cardena Director Tom McDonald shares his insights on key investment and market factors during the first quarter 2020

January was a dramatic month for the world economy and financial markets, starting with hostilities between the US and Iran and ending with fears about the new coronavirus (2019-nCoV) from China. Here in Australia, we had the extra difficulties from the terrible bushfires.

December closed out 2019 on a positive note with equities, bonds and commodites all raling as key economic data steadied and the US and China agree to sign the Phase One trade deal. Central banks, including our Reserve Bank, flagged their intention to keep providing liqudity support for the foreseeable future. 

November was a good month for euity markets as the broad risk-on thesem continued. Both the local and US equity markets reached new highs. In contract, the performance of bond markets was mixed, especially for the global bond markets. where expectations of further interest rate cuts have diminished. 

After starting October on a cautious note, markets became a little more optimistic about global economic conditions as the month progressed. News that the US  and Chine would sign the so-called "Phase 1" agreement in the trade dispute contributed to the markets improved mood, as did the Ferderal Reserve cutting the cash rate by another 0.25%.

Cardena Director Tom McDonald shares his insights on key investment and market factors during the quarter ending September 2019