Market Update – November 2014
A SNAPSHOT OF THE KEY POINTS FOR NOVEMBER
- The RBA held the overnight cash rate steady at 2.50% in November.
- The 3 Month Bank Bill Swap Rate increased by 0.04% over the month, while the 10 Year Australian Bond Yield decreased by -0.19%.
- The Australian Share Market had a negative month, with the All Ordinaries Price and the S&P/ASX 200 Index decreasing by -3.76% and -3.86% respectively.
- Australian Listed Properties were largely unchanged in November.
- Many global equities markets outperformed the Australian market, with the TOPIX (Japan) Index increasing by 5.75% to be the strongest performer.
- US equities also performed well, with the Dow Jones Industrials Index and the S&P 500 Index increasing by 2.52% and 2.45% respectively.
- The STOXX 50 (EUR) Index also had a good month, adding 3.10%.
- Oil prices saw a large drop over the month, with the Texas Crude Oil US$ Index decreasing by -17.87%. The overall US$ CRB Spot Commodity Price Index fell by –0.93% in November.
- The Australian Dollar depreciated against most major currencies in November. In particular, it fell by -3.57% against the US Dollar, -2.47% versus the Euro and -1.85% against the British Pound.
- However the Australian Dollar gained 3.51% over the Japanese Yen, signalling a further decline in the Yen.
- The Australian Trade Weighted Index (TWI) fell by -1.73% in November, indicating a decrease in Australia’s international competitiveness.
- Corporate debt spreads tightened over the month, falling to 89.73 from 94.00, as measured by the iTraxx Australia Index.
- US equity market volatility decreased by -0.70% in November, ending the month priced at 13.33%, as measured by the S&P VIX Index.
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Source: Zenith Investment Partner