December Market Drivers
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Risk Assets were mostly stronger in November with the notable exception of Australian risk assets beset by falling commodity prices. Evidence of strong US economic growth helped to boost investor sentiment reinforced by signs of more growth supportive policy moves in China and Europe. The better news was neutralized entirely in Australia by falling commodity prices including the decision by OPEC late in the month not to cut back oil output in the face of falling oil prices. The Australian ASX 200 was the weakest major equity market by far in November falling by 3.9%. In contrast, other major equity markets rose strongly in the month. The US S&P 500 was up by 2.5%, Eurostoxx 50 was up by 4.4% and Japan’s Nikkei was up by 6.4%. The standout equity market in November was the German DAX up by 7.0% on an unexpected improvement in business sentiment and an expectation of more expansionary European economic policies.
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