Global equity markets faced some headwinds in August, ending for now what’s been a good period for share markets. The S&P 500 is on track to end a streak of five straight monthly gains, while the high-flying NASDAQ 100, which at one point was up more than 40% this year, is also on track to end the month lower.
Australasian markets were in a similar position, with the NZX 50 and ASX 200 both set to finish the month lower. The NZX 50 traded to its lowest level of 2023 as rising bond yields weighed on the interest rate-sensitive index.
As we look to September, central bank meetings will be front and centre, with many appearing to be at or near the end of their interest rate hiking cycles. For a look at these central bank meetings, and more, here’s ANZ Investments’ Month Ahead.