Key Points:

• The Reserve Bank of Australia (RBA) left the cash rate unchanged at 3.25% during the November board meeting, however at the December board meeting the RBA lowered the overnight cash rate to 3.00%, a reduction of 25 basis points.
• The 3 month Bank Bill Swap Rate rose during November to end the month priced at 3.00%, an increase of 0.12%.
• The Australian 10 Year Bond yield rose, ending the month priced at a yield of 3.16%; an increase of 0.03% over the previous month.
• Australian Shares lost ground after five months of positive growth, as the All Ordinaries Price Index fell by 0.38% and the S&P/ASX 200 Price Index lost 0.24%.
• Australian Listed Property decreased by 1.28% during November, as measured by the ASX 300 A-REITS Index, however this index has gained 18.40% over the previous 12 months.
• The major global equity markets performed strongly in November. The Japanese TOPIX Index was the strongest performer rising by 5.27%, whilst the European Index (STOXX 50), and Hong Kong’s Hang Seng Index gained 2.03% and 1.80% respectively. The United States’ Dow Jones Industrials Index was the only major regional index to lose ground over the period falling by 0.54%.
• The Gold price continued to depreciate during November following its October losses, falling by 0.34%. Oil (+3.10%) gained during the month, however has still lost 11.41% over the past 12 months. The broader commodities index as measured by the US$ CRB Spot Commodity Index rose by 1.54 % taking its losses over the previous year to 1.33%
• The Australian Dollar (AUD) increased against the major global currencies, as the RBA left the overnight cash rate unchanged. The strongest gains were against the Japanese Yen (3.76%) and British Pound (1.21%). The AUD improved against the greenback by 0.45%.
  

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Source:         Zenith Investment Partners