Market & Portfolio Update - June 2024
Global share markets had another positive month, ending June up 2.9%. This caps off a strong first half of the year, with global share markets up 16% year to date. The technology and semiconductor sectors have been large contributors to the market gains on the back of robust earnings and rapid increase in spending on data centres and semiconductor chips that help train and produce AI Models.
Bond markets were relatively muted in June, with both New Zealand and global benchmarks relatively flat for the month. Uncertainty remains in the timing of central bank rate cuts, although The Reserve Bank of New Zealand acknowledged inflation may reach their 1-3% target band earlier than expected, potentially indicating a rate cut before the end of 2024.
New Zealand’s first quarter GDP number was released during the month, revealing a 0.2% expansion of the economy. Behind the headline GDP number reveals stark differences between sectors. The utilities sector saw the strongest growth, while the construction industry was weakest and actually contracted during the quarter.
Lifetime Book Club: Stillness is the Key by Ryan Holiday
In a world that rewards speed, noise, and constant movement, this book offers a different perspective. One that suggests clarity, better decisions, and a more meaningful life do not come from doing more. They come from slowing down.
This is not a productivity hack or a call to retreat from real life. It is a thoughtful reminder that stillness is not weakness. It is a strength.
Mastering the New Year: The Psychology, Power, and Precision of Goal Setting
For many, the beginning of a new year signifies a fresh start, a blank canvas upon which we can paint our aspirations and ambitions. Goal setting is not just a yearly ritual; it is a powerful tool that empowers individuals to strive for personal growth, achieve milestones, and lead more fulfilling lives.