The risk on trade continued in July with most markets ending in positive territory. The Shanghai Composite rallied 11% on better than expected China data, and the S&P500 continued in positive territory with tech stocks continuing to push higher; leaving the index to add 5.6%

Australian cash and bonds were little changed, with global bonds losing almost 1%.

Commodities rallied on USD weakness (down 4.2% in the month) helping Australian miners higher. FMG, OZL were two of the stand outs, adding 25%. Energy names ended weaker despite stronger oil prices.

Australian inflation fell (as expected) by 1.9% for the quarter.

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