Market Report – January 2018

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February 14th, 2018

Market Report – January 2018

Below are the key points for the month:

  • The RBA kept the overnight cash rate at 1.50% at the February board meeting. As always, there was no board meeting in January.
  • In fixed income, the 3 Month Bank Bill Swap Rate dropped by -0.02%, and the 10 Year Australian Bond Rate rose by 0.13%, in January.
  • Spreads on Australian corporate debt fell in January, as indicated by the iTraxx Australian Index, falling by -1.35 points to 56.78.
  • Australian shares were slightly negative in January, with the All Ordinaries Index and the S&P/ASX 200 Index dropping by -0.34% and -0.45%, respectively. Domestic listed property underperformed the broader share market, with a negative return of -3.29% over the month.
  • Most global equity markets performed well over the month, with the Hang Seng (Hong Kong) Index gaining 9.92% to be the best performer in January. The UK was the worst performing market in January, decreasing by -2.01%.
  • Gold and oil prices rose by 2.93% and 7.33%, respectively, in January. The iron ore price declined by -1.35% over the month. The overall CRB Spot Commodity Index rose by 2.55% in US Dollar terms.
  • In January the Australian Dollar rose 3.50% against the US Dollar, and fell -0.46% against the Euro, -1.74% against the British Pound, and -0.08% against the Japanese Yen.
  • The Australian Trade Weighted Index (TWI) rose by 1.08% over the month, ending January at 65.60.
  • Share market volatility rose domestically (2.22%) and in the US (2.50%).
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