Welcome to the July edition of the Market Update.
After strong rises in equity prices off the lows in February, developed market equities were weaker in June, following the decision by voters in the UK to elect to leave the European Union (“Brexit”).
Gold prices rose 9% in June and crude oil prices were a little lower during the month.
China economic data showed further softness in the manufacturing side of the economy, but other areas such as the housing and services industries were stronger in June.
US and European economic data was fairly good.
Australia’s economy is in respectable shape with consumers and businesses finding conditions reasonably good. Property prices have been rising strongly, helped by the RBA’s rate cut in May.
If you have any questions regarding this report or would like to discuss your portfolio, please contact our office.