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The financial topic discussed this fortnight was the failure of firecasts. The latest edition also contained the following Market Update:
Since our previous edition, Australian and global sharemarkets have seen strong falls. The S&P ASX200 Index has fallen 2.38% from the 10th December to the 14th of January. It is up 6.05% from the same time last year but down 5.68% for the calendar year (2008) so far. The S&P Global 1200, a measure of the global market, has fallen 6.69% over the same period. The index is up 4.77% from the same time last year but down 3.41% for the calendar year so far.
Emerging markets have also seen negative movement with the MSCI Emerging Markets Index falling 4.83% since the 10th of December. It is up 29.41% from the same time last year but down 3.07% for the calendar year so far.
Property trusts have also experienced an even stronger downward movement since the 10th of December with the S&P ASX 200 Property Trust Index falling by 23.08% (much thanks to Centro). The index is down 22.44% from the same time last year and also down 12.74% for the calendar year so far.. The S&P/Citigroup Global Real Estate Investment Trust (REIT) Index, a measure of the global property market, also fell 15.18% over the same period. It is down 22.10% from the same time last year and also down 7.73% for the calendar year so far.
As of 4pm the 14th January, the value of the Australian dollar had risen since the 10th December with the Aussie dollar up 2.15% against the US Dollar at .8952. It is up 14.77% from the same time last year and up 1.54% for the calendar year so far. Since December 10th the Aussie has also risen 1.32% against the Trade Weighted Index now at 69.2. This puts it up by 7.12% since the same time last year and up 0.73% for the calendar year so far. (The Trade Weighted Index measures The Australian dollar against a basket of foreign currencies.)