Global equity markets bounced higher again in the June quarter. This was in part due to continued evidence of CPI inflation moderating, but mainly because larger cap tech stocks rallied on the prospect that they will see another surge in profitability as machine learning and related ‘Artificial Intelligence (AI)’ algorithms are integrated into their core products and services.

• Global equities had the strongest returns, elsewhere performances were subdued.

• Global equities are now back around the peaks reached in 2021, but NZ equities and bonds still have ground to make up.

• Central banks appears to have gotten on top of inflation, but it is too early to declare victory just yet.

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