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.

Share:

Up to Date

Latest News

1 week ago•By Jody Fewster
Perth buyers desperate for homes…
China’s growth is showing signs of slowing – a 27% drop in sales in the property sector in the six months to June isn’t helping. That said, the IMF has upgraded its growth forecast for China to an impressive 5%, second only to India, which is expected to grow at … Read more
Read Full Post
1 month ago•By Jody Fewster
Tech stocks drive the US market to new highs*
The rise of tech stocks in the US has again pushed markets to new highs with the NASDAQ +17% year to date and the S&P 500 +14%. As expected, the RBA kept rates on hold at 4.35%. No one is expecting rate cuts in 2024, and the door was left open … Read more
Read Full Post