In this update, Bob Cunneen, Porfolio Specialist, reviews events in markets during June.
- Global share markets returned a solid 2.9% gain in June, due to strong performances in the Chinese and European share markets
- Wall street made a 2% gain
- Acceleration in the virus (COVID 19) are still being seen around the world, specifically in the US, Brazil and India – the virus is still a threat to the global economy and share markets
- The Australian share market saw a return of 2.4% in June
- The Australian economy still looks that it’s in a recession – the unemployment rate has risen from 5.1% to 7.1%, however we are seeing a rebound in retail spending
- Due to the outbreak, causing lockdown measures in Victoria, this will potentially delay the recovery for the Australian economy
Watch the MLC Economic update – July 2020 video below.
By Sinead Rafferty