The US-China trade dispute has raised fears of a prolonged game of one-upmanship that could result in long-term damage to the global economy.
US Fed officials believe some of the recent weakness in inflation data may be temporary, but some have expressed concern about a cycle of low inflation expectations.
Sentiment in Europe remains weak as Europe-wide elections in May revealed growing discontent with the major political groupings.
China is attempting to balance its financial stability and economic growth objectives, while markets are concerned that current stimulus measures may be too constrained.
The RBA cut the cash rate at its June meeting to 1.25%—the lowest level on record—in response to weaker inflation and a noticeable rise in unemployment.
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