After strong rises in equity prices off the lows in February, developed market equities were weaker in June, following the decision by voters in the UK to elect to leave the European Union (“Brexit”).
Gold prices rose 9% in June and crude oil prices were a little lower during the month.
China economic data showed further softness in the manufacturing side of the economy, but other areas such as the housing and services industries were stronger in June.
US economic data was fairly good, apart from the non-farm payrolls figures, which were the weakest since 2011.
Economic data in Europe was fairly good – particularly in the UK, Germany and France. Eurozone inflation continues to tick up and unemployment is gradually heading lower.
Australia’s economy is in reasonably good shape with consumers and businesses finding conditions reasonably good. Property prices have been rising strongly, helped by the RBA’s rate cut in May.
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