As Mark Twain was famously quoted “history never repeats itself, but it rhymes” is ……for October 2018 past. I prefer the more recent lines from a Split Enz classic “history never repeats I tell myself before I go to sleep. Don’t say the words you might regret, I lost before, you know I can’t forget!”.  

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We are seeing signs of volatility returning to markets, which has been reflected in an increased divergence in returns between regions, sectors and securities alike. For some time, we have flagged that volatility in markets has been subdued, underpinned by a wave of liquidity being pumped into global economies by central banks in the form of quantitative easing (QE). We have seen bond yields trade at historic lows and the subsequent low interest rate environment has led to increasing debt levels among both corporates and households.

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It may surprise many of you who have never visited Munich (Germany) in September that their world famous Oktoberfest beer festival is actually already in full swing – not October as the name suggests!

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The US economic engine continued to chug along in August. The August Manufacturing ISM Report of Business recorded the US PMI (survey of purchasing managers) at 61.3, signifying continued expansion, with the overall economy growing for the 112th month.

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The markets continue to look like Louis Vuitton – where the glamorous and sparkly are eye-wateringly priced compared to the ordinary. Wealth inequality means an increasing percentage of the population will baulk at the ridiculous price of anything, and the same should apply to stock prices.

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The idea or concept of a last will and testament is one that dates back to ancient Rome.

Throughout history there have been pivotal individuals responsible for great change and advancement in our society.  The development of our current law is no exception. A lot is owed to a man named Solon, in relation to the ability to choose how we want our property distributed when we pass.

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May was a relatively strong month for markets with the exception of emerging market equities, which retreated by more than 3% during the month. Emerging markets experienced significant outflows in May with over $12 billion in foreign investment exiting the sector. Outflows impacted both debt and equity markets, driven by country-specific issues along with broader geopolitical events, including ongoing concerns over a US-led trade war through to political uncertainly in Italy.

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Scott Morrison has now handed down his third budget. This year, the headline is $140 billion in tax cuts over the next decade, with some more immediate tax relief of up to $1,060 a year for middle-income households and the proposed fundamental reform of the tax system.

As we remind our clients every year, these Budget proposals are exactly that – proposals. They have NO effect until passed into law. Once passed into law, we can examine the impact to you and advise relevant strategy into the future.

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The past couple of weeks in global financial markets have indeed been very volatile, especially when the perception has been that it was ‘perfect sailing conditions’.

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“Year’s end is neither an end nor a beginning, but a going on” and so it is as 2017 draws to a conclusion.

From our perspective at Financial Keys, 2017 has been a great year overall for investment returns and the subsequent growth of your portfolios. 

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