Bi Monthly Market Update | Global collaboration for a vaccine – drives equity markets

Global collaboration for a vaccine – drives equity markets…

• The S&P ASX 200 climbed to a two month high yesterday of 5559.5 on the back of expectations for a C-19 breakthrough.
• Bureau of Statistics data showed that while employment was still negative, there had been a slight uptick from the initial jolt in April, which added to further optimism in the markets.
• Australia China trade tensions are rising with China placing an 80% tariff on Australian barley; personally I believe the tensions and tariffs will be short-lived as China is just giving us a ‘slap’.
• Iron Ore prices have risen with supply reduced out of Brazil as the spread of Coronavirus hits that country already reeling from negative weather impacts. Benchmark Iron Ore is now above US$93 per tonne.
• Gold has fallen from its recent 7 year high as the promising results on a vaccine give investors hope of a faster path to economic recovery. Gold hates good news!
• The Aussie dollar continues to climb as the Australian economy starts to open up ahead of many other nations (US 65.60c). Some forecasters are predicting US .70c by the end of the year.
• Momentum Wealth reporting “Perth’s residential market well placed for faster recovery” on the back Perth experiencing its sixth consecutive month of price growth in April – read the full article here –
• Perth property is a safe haven with space to live and great access to Asian time zones.
• Our home opens are busy again and buyers are still complaining of limited options.
• With Perth prices holding, now is a great time to make your move.
• Call me for an obligation free chat to get started on your strategy.

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.