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

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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