In June markets were influenced by political developments in the UK and US and more hawkish commentary from central bankers suggesting that soft inflation is only transitory.
European equities lost 2.8% in June after two Italian banks were bailed out by the Italian government and ECB President Draghi hinted at tighter monetary policy.
The UK election resulted in a hung parliament creating additional uncertainty as to how the Brexit negotiations will unfold.
US technology stocks, which had enjoyed solid price rises, gave back some of their recent gains with the NASDAQ Composite Index down 0.9% in June.
Chinese activity indicators were a little softer but still remain at strong levels.
Australian employment data was stronger in the past month and the unemployment rate fell to the lowest rate since February 2013.
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