September Quarter 2024

Summary

• New Zealand cash and fixed-interest markets saw a larger rate cut predicated on persistent economic weakness.

• New Zealand property still faces challenges from higher vacancy rates, but declining interest rates are a tailwind.

• Australian and international property were strong, as easing cycles changed perspectives on the sensitive sector.

• Global infrastructure outperformed equity markets on stimulus in China and the US.

• Australian equities rose; however, global and emerging markets are still preferred.

• New Zealand equities were weaker despite expansionary action.

• International fixed interest gained as lower yields prevailed.

• International equities had a stronger month, with mega-caps regaining momentum, but caution prevails.

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