Global sharemarkets moved higher through June, rounding out a strong June quarter and first half of the year.
Markets have continued to look through the geopolitical headlines – the ongoing conflict in the Middle East, concern over oil supply, and uncertainty around global central bank policy.
Instead focusing on better-than-expected US economic activity, stronger US corporate earnings, the prospect of increased government spending, and continued optimism toward the artificial intelligence (AI) build out.
New Zealand’s sharemarket gained 2.9% in June, capping a strong June quarter (+5.6%). Performance was supported by strength in several large companies and signs of improving confidence across parts of the economy.
Global longer-term interest rates generally drifted lower during the month as inflation concerns eased, and investors became more comfortable with the global growth outlook.