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:
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.
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.)
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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