Global Market Update

Global equity markets, as measured by the MSCI All Country World Index, finished the quarter down 16.1%. In Australia, the market finished the quarter down 12.4%, with Energy (+1.4%) and Utility (+0.6%) companies leading the way while Property (-18.9%) and Information Technology (-27.2%) companies lagged.

The broad market indices in the U.S. finished lower, with the Dow Jones Industrial Average down 11.3% and the S&P 500 down 16.4%. Technology stocks fell with the NASDAQ finishing 22.4% lower for the quarter

The Chicago Board Options Exchange (CBOE) Market Volatility Index (VIX), commonly referred to as the fear index, finished the quarter 39.6% higher as global equity markets fell.

The Australian Dollar fell against most major currencies during the quarter, finishing at 0.6877 per U.S. Dollar, 0.6578 per Euro and 93.4207 per Japanese Yen.

The Australian 10 Year Government Bond Yield rose by 0.83% during the quarter to 3.66%. The US 10 Year Government Bond Yield rose by 0.65% during the quarter to 2.98%.

The Gold price finished 7.4% lower for the quarter at U.S. $1,804.10. The Oil (Brent) price rose 6.4%

to U.S. $114.81. The Iron Ore price finished 13.8% lower for the quarter at U.S. $130.00.