- The RBA kept the overnight cash rate steady at 2.25% during the April board meeting.
- Domestic yields rose over the month, with the Three Month Bank Bill Swap Rate and the Ten Year Australian Bond Rate increasing by 0.17% and 0.31% respectively.
- Australian Shares underperformed their global counterparts, with the All Ordinaries Price Index and the S&P/ASX 200 Price Index declining by -1.50% and -1.72% respectively.
- Domestic REITs followed the broader Australian equity market in April, falling by -0.99%.
- Global equities posted strong results in many regions over the past month with the Hang Seng (Hong Kong) Index being the standout performer, soaring 12.98%.
- European shares fell slightly, with the STOXX 50 European Index declining by -0.38% for April.
- Gold remained in negative territory, falling by -0.58% over the month.
- Oil and iron ore prices (both measured in USD) recovered significantly, increasing by 25.27% and 9.43% respectively for the month. Commodity prices overall rose by 1.49% in April, as measured by the US$ CRB Spot Commodity Price Index.
- The Australian Dollar appreciated against most currencies in April. In particular, it increased by 4.55% over the US Dollar, 1.81% versus the Euro, 0.29% over the British Pound and 3.21% against the Japanese Yen.
- The Australian Trade Weighted Index (TWI) rose by 3.16% over the month, indicating a rise in Australia’s international competitiveness.
- The US VIX Volatility Index fell by -0.74% in April, while the S&P/ASX 200 Volatility Index increased by 3.81%. The increased domestic share market volatility was consistent with the underperformance in Australian equities over the month.
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Source: Zenith Investment Partner
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