Markets summary - March 2024

Share markets gained in March with broad sector participation as US Fed Chairman Jerome Powell acknowledged strength in the US economy and labour market while also noting that recent inflation readings have been in-line with expectations. Powell also indicated that three rate cuts remain anticipated in 2024. The Westpac Consumer Sentiment index dipped modestly on renewed concerns about the short-term economic outlook in Australia. Major global central banks kept interest rates on hold during March.

Australian shares gained 3.3% in March, led by the Energy, Utilities and Financials sectors. A-REITs surged 9.6%. Currency-hedged international equities gained 3.4% while unhedged international equities returned 3.0%, curbed by the rising Australian dollar vs the US dollar, Euro and Japanese Yen.

The Australian 2-year government bond yield declined by -0.04% to 3.76% and the Australian 10-year government bond fell by -0.17% to 3.96% pa. The US 2-year government bond yield was unchanged for the month at 4.62% and the US 10-year government bond yield fell by -0.05% to close at 4.20% pa.

DISCLIAMER

The above is intended as general market commentary only and is not intended as, and does not constitute, advice of any kind. No liability is accepted for any action taken based on the above or for any loss suffered as a result of reliance on the same.