Meeting half-way
By Greg Smith, Head of Retail at Devon Funds
It was another month of milestones. The S&P500 (+3.6%) made a new record high, as did the Nasdaq (+6%). Nvidia powered on, surpassing US$3 trillion in market cap, and becoming for a brief period the most valuable company in the world. Microsoft and Apple both though quickly regained their spots, again driven by AI themes.
However central banks started to diverge, with inflation proving less persistent in some large economies than others. The Fed continued to promote a line of “patience” with respect to monetary easing, but the European Central Bank cut interest rates, as did officials in Switzerland and Canada.
Rates might meanwhile be going the other way in Australia, with monthly CPI numbers surprising on the upside. Kiwi investors were left guessing to a certain extent on how inflation is tracking, but had cause to celebrate, with a 20-year power deal at Tiwai, and the economy emerging from technical recession. Some more fundamental challenges remain. The NZX50 was 1.3% lower for the month, while the ASX200 performed better with a 1% gain in June.
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