- The RBA kept the overnight cash rate at 2.00% at both the March and April meetings.
- In fixed income, the 3 Month Bank Bill Swap Rate and the 10 Year Australian Bond Yield rose by 0.12% and 0.03%, respectively, in March.
- Corporate debt spreads, as measured by the iTraxx Australian Index, fell to 136.28 in March from the previous reading of 155.77.
- Australian shares recovered over the month, with the All Ordinaries Index and the S&P/ASX 200 Index increasing by 4.12% and 4.14%, respectively.
- Domestic listed property followed the broader market gain, returning 2.45% over the month.
- While global equities were positive in most regions, the Hong Kong market was the best performer, gaining 8.71%, as measured by the Hang Seng Index. The US also did well, adding 7.08% by its price weighted Dow Jones Industrials Index and 6.60% by its market value weighted S&P 500 Index.
- Europe underperformed on a relative basis, despite gaining 1.08% over the month, as measured by the STOXX 50 Index.
- Global commodity prices continued to recover in March, gaining 4.47%, as measured by the US$ CRB Spot Commodity Index. Oil and Iron Ore prices had the largest gains, rising 9.39% and 10.93%, respectively, in US Dollar terms.
- The Australian Dollar appreciated versus most currencies in February, surging 7.24% against the US Dollar, 3.60% against the Euro, 3.73% versus the British Pound and 6.40% against the Japanese Yen.
- The Australian Trade Weighted Index (TWI) rose by 3.87% over the month, ending March at 64.40.
- Share market volatility fell both domestically (-5.85%) and in the US (-6.60%).
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Source: Zenith Investment Partners
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