Key Points:
- The RBA kept the overnight cash rate at 2.00% at its December meeting.
- In fixed income, the 3 Month Bank Bill Swap Rate and the 10 Year Australian Bond Rate rose by 0.05% and 0.01%, respectively, in December.
- Corporate debt spreads, as measured by the iTraxx Australian Index, rose to 126.23 in December from the previous reading of 124.75.
- Australian shares outperformed their international counterparts, with the All Ordinaries Index and the S&P/ASX 200 Index increasing by 2.42% and 2.50%, respectively.
- Domestic listed property followed the broader equity market, gaining 2.41%, as measured by the S&P/ASX 300 A-REIT Index.
- International shares posted negative returns in most regions, with the STOXX 50 Europe Index the worst performer, falling by -5.09%.
- Commodity prices declined -2.42% in December, as measured by the US$ CRB Spot Commodity Index. Oil continued to suffer, falling by -8.43% over the month, in US dollar terms.
- The Australian Dollar rose 1.63% against the US Dollar and 3.03% versus the British Pound; while deprecating -1.59% against the Euro and -0.27% against the Japanese Yen.
- The Australian Trade Weighted Index (TWI) rose by 1.46% over the month, ending December at 62.70.
- The US VIX Volatility Index rose by 2.08% over the month, while domestic volatility index fell by -1.00%.
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Source: Zenith Investment Partner
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