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The All Ords is currently (30th May) 1.7% up during the month of May. Coincidentally this is roughly how much the market picked up the Monday following the general election. The gain was predominantly led by the big four banks and private health insurers, and is to be expected given Labor’s proposals relating to limiting negative gearing, possibility of higher bank levies, tougher restrictions on mortgage brokers, etc. etc. The rise represented an 11 and a half year high on our market.
Over in the States, it has been a very different story, with the Dow Jones falling nearly 6% across the month of March. This has been off the back of bond yields continuing to decline and triggering concerns about the economic outlook for the US. Rising trade tensions with China hasn’t helped matters. The US market now sits roughly where it was at the start of February, where Australia has enjoyed about a 10% rise.
The $AUS has fallen steadily throughout the month of May from around 70.5 to just over 69c to the $US.