Market Insights
Market Commentary 11 August 2014
Read more...Fund Update
The Fund returned 0.80% over the month of July, delivered 2.53% for the previous three months and 9.48% over the past 12 months. The Net Asset Value (NAV) of the Fund, as at 31 July 2014, was $47.2 m1 and the redemption price was 1.3477772. The key objectives of the... Read more...Market Drivers
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Risk Assets started July on a strong note but weakened later in the month, notably in Europe and the United States leading to very mixed performances over the month. During July, US economic indicators were consistent with moderate economic growth but geopolitical events proved unsettling for risk markets which, after the rally over recent years, had become priced for close to perfect conditions. European markets suffered from the increasing likelihood of stronger economic sanctions against Russia after the downing of flight MH17 in Eastern Ukraine. China, in contrast, sidestepped geopolitical issues and showed signs of strengthening economic growth assisting its sharemarket. Australian risk assets were more influenced by positive developments in China. Major equity markets responded to the different influence. The US S&P 500 fell by 1.5%, while in Europe, the British FTSE 100 was down by 0.2% and the German DAX fell by 4.3%. In the Asia-Pacific region the late month sell-off was less pronounced and Japan’s Nikkei finished the month up by 3.0% and the Australian equity market was a star performer with the ASX 200 up by 4.4%.
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