The latest edition of our fortnightly email publication - The Financial Fortnight That Was - has been emailed to subscribers. This edition looks at our bias against actively managed funds. It also gives a market update of for the past fortnight which reads as follows:
Market News
Market Indices
Since our previous edition, Australian and global sharemarkets have had strong improvements. The S&P ASX200 Index has risen 5.64% from the 20th August to 3rd September, up 10.54% for the calendar year so far. The S&P Global 1200, a measure of the global market, on has also risen, up 3.86% over the same period, placing the index up 5.74% for the year.
Emerging markets also experienced strong upward movements with the MSCI Emerging Markets Index rising 8.94% for the fortnight and is now up 17.94% for the year so far.
Property trusts have had seen strong growth over the past fortnight rising 7.74% as measured by the S&P ASX 200 Property Trust Index. Since the beginning of the year this index has fallen 0.20%. The S&P/Citigroup Global Real Estate Investment Trust (REIT) Index, a measure of the global property market, was up 3.83% for the fortnight and has fallen 4.84% this year so far.
Exchange Rates
As of 4pm the 3rd September, the value of the Australian dollar had risen strongly over the past fortnight with the Aussie dollar up 3.34% against the US Dollar at .8225, up 3.94% for the year so far, and up 3.11% against the Trade Weighted Index at 64.3, now up 2.16% for the year so far. (The Trade Weighted Index measures The Australian dollar against a basket of foreign currencies.)
General News
The Australian Bureau of Statistics published the gross domestic product (GDP) figures for the June quarter on the 4th of September with the economy growing 0.9% over the quarter and 4.3% through the year. The Reserve Bank board met on Tuesday and has decided to keep the official cash rate target unchanged at 6.50%.
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Regards,
Scott Keefer
