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The financial topic discussed this fortnight was portfolio turnover. The latest edition also contained the following Market Update:
Since our previous edition, Australian and global sharemarkets have seen strong gains. The S&P ASX200 Index has risen 2.38% from the 26th November to the 10th of December, up 16.85% for the calendar year so far. The S&P Global 1200, a measure of the global market, has risen 5.79% over the same period, placing the index up 11.50% for the year.
Emerging markets also saw positive movement with the MSCI Emerging Markets Index rising 5.11% for the fortnight. It is up 32.81% for the year so far. Scott Keefer is again in Indonesia visiting his wife's family. He reports that the Jakarta Stock Exchange (JSX) Composite Index has risen 54.54% over the year (5.37% in the past fortnight).
Property trusts have also experienced a strong rebound over the past fortnight with the S&P ASX 200 Property Trust Index rising by 1.47%, to be down 1.49% for the year so far. The S&P/Citigroup Global Real Estate Investment Trust (REIT) Index, a measure of the global property market, rose 8.82 % for the fortnight, and has fallen 6.91% this year so far.
As of 4pm the 10th December, the value of the Australian dollar had fallen again over the past fortnight with the Aussie dollar down 0.85% against the US Dollar at .8764, but still up 10.75% for the year so far. It was also down 0.29% against the Trade Weighted Index at 68.3, still up by 5.24% for the year so far. (The Trade Weighted Index measures The Australian dollar against a basket of foreign currencies.)
The ABS has released the 3rd quarter economic growth figures with the Australian economy growing by 1.0% in the September quarter and by 4.3% through the year. Last Tuesday, the board of the Reserve Bank of Australia decided to keep the target cash rate at 6.75%.