Key Points:
- The RBA kept the overnight cash rate at 2.00% in April but cut to 1.75% during the May board meeting.
- In fixed income, the 3 Month Bank Bill Swap Rate fell by -0.12%, while the 10 Year Australian Bond Yield rose by 0.02 in April.
- Corporate debt spreads, as measured by the iTraxx Australian Index, fell to 131.76 over the month from the previous reading of 136.28.
- Australian shares rose further over the month, with the All Ordinaries Index and the S&P/ASX 200 Index increasing by 3.19% and 3.33%, respectively.
- Domestic listed property followed the broader market gain, returning 2.76% over the month.
- Global equities were flat in most regions, with the Hang Seng Hong Kong Index gaining 1.40% to be the best performer, and the TOPIX Japan Index declining by -0.49% to be the worst performer.
- Global commodity prices continued to bounce over the month, gaining 4.10%, as measured by the US$ CRB Spot Commodity Index. Oil and Iron Ore prices had the largest gains, rising 19.77% and 17.70%, respectively, in US Dollar terms.
- The Australian Dollar declined against most currencies in April, falling by -0.03% against the US Dollar, -0.65% against the Euro, -2.08% versus the British Pound and -4.40% against the Japanese Yen.
- The Australian Trade Weighted Index (TWI) fell by -0.93% over the month, ending April at 63.80.
- Share market volatility rose both domestically (+1.42%) and in the US (+1.75%).
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Source: Zenith Investment Partners
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