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.