With inflation remaining well above target in key regions, investors continued to price in the likelihood of further increases in
interest rates. This exerted further upward pressure on bond yields and resulted in negative returns from fixed income.
Share markets made solid progress in the final month of the FY23 year. The MSCI World Index added 5.7% in June, extending gains to more than 18% over the past 12 months. Currency movements diluted performance for Australian investors over the month, but lifted rolling annual returns to more than 23%.
Australian shares fared well in June too. The S&P/ASX 200 Index returned 1.8% over the month, but was little changed in the FY23 year as
a whole.
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The presidential election in the US on 5 November could dominate headlines during October, before the next meeting of the Federal Reserve later that same week. Investors are already debating whether a further reduction in borrowing costs in the US could be announced following this meeting.
The global economy is being shaped by conflicting triggers. These include productivity-boosting technology innovations, geopolitical tensions and the strident efforts of central banks to bring inflation under control. We examine the economic outlook and discuss the implications for your retirement savings.
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