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Bi Monthly Market Update | Iron Ore flying and Tech called “Frothy”

By Drew Dwyer

Iron Ore flying and Tech called “Frothy”…

  • US markets are experiencing broad-based buying – “a rally across asset classes spanning stocks, government bonds, commodities, and cryptocurrencies”. The NASAQ is being described as “Frothy” as it hit a new high on Monday (up 6.5% for the month) AFR.
  • Iron Ore was up 3.9% yesterday to a new post GFC high of $US 193.58/t due to continuing supply shortages and government stimulus.
  • The price of Copper (a popular proxy for global growth) is a 10 year high $US 9885/t.
  • The Federal Budget, to be handed down May 11, is set to deliver windfall revenues as a result of this commodities boom.
  • Profit-taking on Tech stocks saw the S&P ASX-200 down yesterday, however, it is still up 6.78% year on year. It is currently trading at 7,073 still 125 points from its record of 7197.2.
  • The Aussie dollar is at $US .779 with many predicting a return to .80c in the near term.
  • The March quarter CPI has come in under expectations at 0.6% bringing the annual headline rate of inflation to 1.1% – well below the RBA’s target of 2-3% to cause a lift in the cash rate.
  • The number of homes for sale has just started to rise in Perth, albeit not to the same pace as the East Coast which has resulted in a decrease in their rate of price growth.
  • With the rental vacancy rate at crisis point, there are more buyers in the market than ever. So call me now to match your home to the best of them.

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. Please click here to read some of my testimonials.
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