Australian Unity Pro-D Investment Funds – Monthly Fund Updates for November 2024

Australian Unity Pro-D Investment Funds – Monthly Fund Updates for November 2024

Share markets saw strong gains in November as bond yields declined. A "clean sweep" electoral victory for Donald Trump surprised markets, driving a rally in many risk assets from equities to Bitcoin. Late in the month, a US-brokered ceasefire deal was struck between Israel and Hezbollah amid cautious optimism regarding the longevity and terms of the deal.

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Research Insights | Market Commentary November 2024
Financial, Research Insights John Hockey Financial, Research Insights John Hockey

Research Insights | Market Commentary November 2024

In November all eyes (and markets) were focused on the US election, and with a Trump win it set the tone for a rally in developed markets. US equities posted a strong gain of 6% in USD terms with all sectors and market captilisations up. Asian equities faired worse as the potential tariffs on Chinese exports into the United States saw Asian equities and, in particular Chinese equities, sell off on negative sentiment.

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Australian Unity Pro-D Investment Funds – Monthly Fund Updates for October 2024

Australian Unity Pro-D Investment Funds – Monthly Fund Updates for October 2024

Share markets declined in October as bond yields rose sharply, signalling a rising probability of a Trump election victory and ensuing policy that may result in trade wars, elevated inflation and increased deficits and debt (bond issuance). Israeli troops made an incursion into Lebanon as the battle with Hezbollah intensified while Iran and Israel engaged in missile strikes against each other. The Bank of Canada cut interest rates by 50bp to 3.75% while the RBA held rates steady. Australia's CPI inflation for the year to the end of September came in at just 2.8% while the September employment growth report was surprisingly strong, indicating that a RBA rate cut may still be some months away.

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Research Insights | Market Commentary September 2024
Financial, Research Insights John Hockey Financial, Research Insights John Hockey

Research Insights | Market Commentary September 2024

In September, the US Federal Reserve cut the US Fed Funds rate by 0.5% to 4.75-5.00%. US inflation appears to be under control with August data revealing US inflation at an annualised rate of 2.5% p.a. much lower than the 9% p.a. peak seen in 2022. US employment whilst resilient has softened, justifying a more accommodative monetary policy stance. The European Central Bank also cut rates in the month by 25bps to 3.50% following on from their previous 25bps cut in June due to falling inflation and slower economic growth.

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Australian Unity Pro-D Investment Funds – Monthly Fund Updates for August 2024

Australian Unity Pro-D Investment Funds – Monthly Fund Updates for August 2024

Share markets posted mixed results in August. Japan's modest increase in its official cash rate during July coincided with a "flash crash" in the Nikkei, possibly reflecting investor fears of a major unwind in the "carry trade".

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Research Insights | Market Commentary August 2024
Financial, Research Insights John Hockey Financial, Research Insights John Hockey

Research Insights | Market Commentary August 2024

In early August markets were volatile as almost simultaneously the Bank of Japan hiked interest rates at the same time as US employment data was released showing that payrolls softened. This led to the Japanese currency strengthening versus the US Dollar which in turn saw Japanese equity markets fall by over 20% in a day and US technology stocks sell off as the unwinding of the infamous “carry trade” occurred. However, by month end markets were little changed as fears of a massive unwinding of the carry trade dissipated.

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The Financial Scams To Watch Out For In 2024
John Hockey John Hockey

The Financial Scams To Watch Out For In 2024

Australians lost a total of $477 million to scams last year, according to the Australian Competition and Consumer Protection (ACCC), with the majority of victims falling in the over-65 category. But there is some good news: year-on-year losses were down by $92 million, suggesting the government’s tougher approach to tackling scams is beginning to pay off.

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