July 2024 Insights
With the shortest day of the year behind us, the longer days ahead will give us a chance to enjoy the outdoors, even if there’s still a need to rug up.
Technology stocks have driven Australian shares and global markets to new highs over the last 12 months. The S&P/ASX 200 finished the financial year 7.8% higher, slightly less than the previous year. Technology stocks gained 28% during the year.
In the US, the S&P 500 index rose 14% in the first six months of 2024, marking one of the strongest performances since the dot-com bubble of the 1990s. Tech stocks were behind much of the gain, particularly AI (Artificial Intelligence) chipmaker Nvidia, which overtook Microsoft and Apple as the world’s most valuable public company last month.
In September, an interest rate cut is widely expected in the US. However, in Australia, many commentators predict another rate increase before the end of the year to help tame inflation. The RBA left interest rates unchanged at 4.35% at its June meeting, but news that annual CPI (Consumer Price Index) rose to 4.0% in May (from 3.6% in April) will give the Reserve Bank cause for concern.
The Australian dollar ended the financial year almost where it began, at just under 67 US cents. This was after 12 months of volatility, with highs of almost 69 US cents and lows below 63 US cents.
If there’s something affecting your financial situation that you’d like to discuss, please don’t hesitate to reach out to our team.
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