Global shares had a poor week with worries about the US Federal Reserve (Fed), earnings, more sanctions on Russia, Portugal’s Banco Espírito Santo and Argentina’s ‘default’. This dragged down global shares for July by 1%. Over the week US shares fell 2.7%, Eurozone shares fell 3.5% and Australian shares fell 0.5%. However, it wasn’t all bad with Japanese shares up 0.4% and Chinese shares up another 2.8%. While Australian shares got hit on Friday it came after a very strong month with the ASX 200 up 4.4% in July. The ‘risk off’ move by investors weighed on the Australian dollar and commodities with oil down 7.9% in particular, but bond yields were mixed.
Please click here to read full article: Weekly-Report – 1 August 2014