Key Points:

• The Reserve Bank of Australia (RBA) kept the overnight cash rate steady at 3.50% during the September board meeting (since reduced 25 basis points to 3.25% during the October meeting).
• The 3 month Bank Bill Swap Rate fell during September, in anticipation of the lower cash rate, falling by eleven basis points (bps).
• 10 Year Bond yield also fell, ending the month priced at 2.89%, down 1.35% over the past 12 months.
• Australian Shares again had a positive month, with the All Ordinaries Index rising 1.55%, while the S&P/ASX200 Index gained 1.64%.
• Australian Listed Property reversed its losses during August rising 1.21% during September, as measured by the ASX 300 A-REITS Index.
• Most global equities markets performed well in September with the US market, represented by the S&P 500 continuing its strong growth rising 2.42%. The Asian markets including Japan and Hong Kong also registered positive returns, with Hong Kong’s Hang Seng Index increasing by 6.97% over the period.
• Gold (+4.73%) increased again during September however Oil (-4.44%) fell during the month takings its gains over the past 12 months to 16.40%, while the more broad CRB Spot Commodity Index increased by 1.35%.
• The Australian Dollar (AUD) continued to fall against the European currencies (-1.66% against Euro and -1.33% against the Pound). The Australian dollar did increase against the USD rising by 0.54%.

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Source:       Zenith Investment Partners