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Global Market Review - June Financial Year 2017
US Stocks hit new highs in June. Central Bank language from both the US Federal Reserve and the European Central Bank brought caution to markets. The US Fed raised interest rates a second time, leaving overnight yields at 1-1.25%.
Bond prices sold off, causing Global Bonds to be the worst performer for the Financial Year, losing 5% for investors. Japanese Equities rallied a solid 28% over the course of 12months.
The UK experienced some more unfortunate terror attacks, and PM Theresa May delivered a shock election result. The UK stock market was unimpressed with the election result, losing 2.4% for the month, +4.7% CYTD, and +17% FY. The Bank of England has left interest rates at a record low of 0.25% since August 2016.
Emerging market equity indices rallied, as China’s A-shares were included in the MSCI index. This means 222 Chinese companies will now be bought by passive investors (See more detail here ).
The RBA left interest rates on hold in June.Overall, Australian Stocks added 14% for the financial year.
