Stock markets had a good start to the month with the US Dow Jones touching record highs. However this optimism wore off after President Trump’s implied support of white supremacist behaviour.

The US Federal Reserve left interest rates on hold despite unemployment hitting 16 year lows. Instead they pointed to buoyant economic conditions and muted inflation. They did add that they would begin reducing their $4.5 trillion balance sheet this year.

Australian investors focused on reporting season with some big capitalisation companies disappointing. This included CBA disclosing Austrac money laundering allegations, and Telstra cutting their dividend by 1/3.

Cash rates were left on hold in most major markets.

Best performing assets were commodities and emerging markets.