Key Points:
- The Reserve Bank of Australia (RBA) kept the overnight cash rate steady at 3.50% in the August (and more recent September) board meeting.
- The 3 month Bank Bill Swap Rate was largely unchanged in August, falling by a single basis point (bp).
- 10 Year Bond Rates also stayed steady, ending the month priced at 3.01%, down 1.37% over the past 12 months.
- Australian Shares had a positive month, with the All Ordinaries Index rising 1.16%, while the S&P/ASX200 Index gained 1.10%.
- Australian Listed Property was down in August, falling 1.31%, as measured by the ASX 300 A-REITS Index.
- US and European equity markets performed well in August, while Asian markets, represented by Topix in Japan and Hong Kong’s Hang Seng were down. The US market as represented by the S&P 500 was the strongest regional performer, rising by 1.98%.
- Gold (+4.81%) and Oil (+9.55%) were up strongly in August, while the more broad CRB Spot Commodity Index up 2.05%.
- The Australian Dollar (AUD) fell against all major currencies, falling most against the European Currencies (-3.93% against Euro and -3.94% against the Pound).
- Volatility fell in August by 1.46% as measured by the VIX Index.
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Source: Zenith Investment Partners
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