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.

Share markets posted gains in September despite the ongoing war in Gaza and a significant escalation in the conflict between Israel and Hezbollah in Lebanon.

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".

Share markets gained strongly in July despite further unrest in the Middle East and softer than expected earnings from mega-cap US technology firms Alphabet (Google) and Tesla.

In June, share markets gained as the European Central Bank, Bank of Canada, and Swiss National Bank cut cash rates by 25bp, while US inflation remained steady and the ISM manufacturing measure exceeded expectations.

Share markets gained in May as the US Federal Reserve suggested that the next move in interest rates will be down, and announced a reduction in the pace of its balance sheet tightening.

After a number of months’ gains, share and bond markets declined in April. Geopolitical risks took to centre-stage and inflation prints were above expectations in Australia and abroad, pushing back potential interest rate cuts.

Investment markets performed strongly during March, with Australian and international shares each rising over 3% for the month and yield-sensitive sectors (including Australian REITs, up 9.6%) performing very strongly. US Fed Chairman Jerome Powell acknowledged strength in the US economy and labour market while also noting that recent inflation readings have been in line with expectations.

Share markets gained in February, led by US technology stocks as NVIDIA’s earnings demonstrated huge AI-driven revenue growth. Bond yields rose (prices fell slightly) during the month as consumer inflation remains high and investment markets push-back the anticipated timing of cash rate cuts.

Share markets extended recent months’ gains in January, following a strong US GDP print and further signs that US and Australian inflation is weakening. Bond yields rose marginally after sharp declines in recent months, muting fixed interest returns.

Share markets surged in December following an indication from the US Federal Reserve that it expects to cut interest rates three times in 2024, as US economic and inflation data releases show signs of slowing.

Investment markets achieved strong returns in November, breaking a run of negative monthly returns. 

US inflation was near-zero for October, the US Federal Reserve hinted that its cash rate hiking cycle may have ended, and Australia’s October monthly inflation came in below expectations, leading some market participants to conclude that Australia may also have seen its last rate rise in the current cycle.

The Pro-D funds declined in value during October, with most underlying holdings falling in price during the month.

Investment markets, and the portfolios, were impacted by Hamas’ deadly attack on Israel, and the Israeli response in the Gaza Strip.

Investment markets struggled during the month of September, with bond yields rising, equity prices falling and yield-sensitive assets such as listed Real Estate Investment Trusts declining sharply. Against this backdrop the Funds declined during the month, with most underlying investments falling in value. 

Softer economic data pushed share markets lower during August. Partially offsetting this, bond yields fell slightly (adding to fixed interest returns) across much of the world, as most global central banks paused their interest rate hikes.

Most investment markets lost ground in May. The Australian share market declined (-2.4%) with Consumer Discretionary, Financials and Consumer Staples stocks impacted most.

Most investment markets lost ground in May. The Australian share market declined (-2.4%) with Consumer Discretionary, Financials and Consumer Staples stocks impacted most.

Most investment markets lost ground in May. The Australian share market declined (-2.4%) with Consumer Discretionary, Financials and Consumer Staples stocks impacted most.

Investment markets delivered mostly positive returns in April.

Markets were mixed in March as investors shifted their focus to the solvency and viability of the global Banking system and the implications for future global central bank monetary policy.