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It’s a frustrating thing when writing occasionally funny yet always insightful market commentary that something you’ve been putting together for a week on the unwinding of bond proxies suddenly becomes temporarily moot.
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It has often been said the Australian market is made up of banks and miners and little else. The banks are facing headwinds of a housing bubble, regulatory scrutiny & increased taxation. The miners are facing declining oil prices, erratic iron ore pricing and a slowing down of Chinese growth.
The VFS Global Macro Fund with an update on current events. Everything you need to know to get you through the week ahead.
On the 31st May the ASX 200 Index closed at 5724 points.
On the 30th June the ASX 200 Index closed at 5721 points.
A whole month with no outcome was a welcome relief following the 3.3% hammering the market took the month previous. Before too many eyes turn to the seasonally strong month of July (up 4.4% & 6.3% in ’15 & ’16) it might be worth having a look at some of the better hits of a “June Swoon” we’ll soon forget.
We’re being a little dramatic, we know. Last week’s note stressing the closeness to the recessionary precipice on which Australia currently stands is still being circulated and we still stand behind it. (The note, not the precipice)
We, as a country, are in real trouble and the market is screaming that at us as well.
Business Insider: My dire April prediction for Australia
With reports of a third aircraft carrier heading to the Korean Peninsula maybe it’s time for a little levity. I stress that, although significant, the risk of nuclear war isn’t the most immediate risk to local equities markets at this current point in time.