ANZ Smart Choice Super Investor Update : Member Update Spring 2014
888 Investment insights Stewart Brentnall, ANZ Global Wealth Chief Investment Officer, provides his insights to market events of the last quarter as well as what we can expect for the rest of the year. Financial markets grappled with several dynamics in the September quarter. Economic data indicated that the US expansion is on an increasingly solid footing which, alongside signs of better Chinese growth following an easing in financial conditions, helped support growth assets. As the quarter progressed, however, there were worrying signs of renewed weakness in Europe and China. Euro zone growth stalled in the June quarter while inflation edged lower to just 0.3%, prompting the European Central Bank (ECB) to ease interest rates twice and to announce in September its own quantitative easing (QE) program. For China, a sharp slowing in industrial production and falling house prices increased uncertainty regarding China’s ability to transition the economy towards a more balanced growth path. This weighed on commodity prices, with iron ore prices falling over 30% in the quarter. Renewed growth concerns combined with geopolitical tensions in the Middle East, Europe and the recent pro-democracy protests in Hong Kong, weighed on growth assets in September. Meanwhile, robust US growth and falling unemployment prompted the US Federal Reserve to raise the likely path for interest rates in 2015. This saw a marked waning in investors’ appetite for higher income generating assets. Market Wrap video - September quarter In this Market Wrap Mark Rider, Head of Investment Strategy, at ANZ Wealth looks at the key market events of the September quarter and in particular focuses on the strength of the USD and the significant impact hedging can have on your investment returns.
Member Update Summer 2015
Member Update Winter 2014