Bi Monthly Market Update | As the US gets stronger – so do we…

1 year ago•By Jody Fewster

The IMF is forecasting 3% global growth for this year (up .2% from April), but still slower than last year’s 3.5%.
It’s not just the “Magnificent 7” tech stocks, the US market is having a broad rally, with 70% of the S&P 500 stocks trading above their 200-day moving average (NYSE). “It’s a good sign for the economy and for the durability of what increasingly seems like a real bull market”. (Axio)
The US reporting season has 1/3 of the S&P 500 expected to reveal their results, including Alphabet, Microsoft, Procter & Gamble, Exxon and MacDonalds.
US CPI rose 3% in June, down sharply from a peak of 9.1% in June 2022. The economy is robust, as unemployment is 3.6%. Most are hoping the Fed does not overshoot their rate decision on Thursday.
Investors remain cautious about China as the Politburo admits economic recovery is proving “torturous”. The economy grew less than 1% in the second quarter as business and consumer confidence lagged (Financial Times)
CPI data for Australia out today with an 0.8% rise for this quarter, to 6% for the year.
S&P ASX 200 closed yesterday at 7339, and today, finishing up at 7402.
The Aussie dollar is steady at US .677c
The Western Suburbs are refocusing, and with the School Holidays over, the phones are ringing! Call me today to take advantage of this post-holiday action.

Authored by Jody Fewster

Please call 0414 688 988 if I can provide you with a current market appraisal and detailed marketing plan for your home or investment property.

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