Market Update: 18 June 2024 - Raiz Invest


Australia faced a challenging week as the ASX 200 dipped by 1.7%. Despite this downturn, there was a silver lining in the employment data, showing a drop in the unemployment rate to 4% with nearly 40,000 new jobs added in May, aligning with market expectations. This positive employment trend offers a glimmer of hope amidst the current market volatility.

In the United States, market movements were mixed but generally positive. The Nasdaq and S&P 500 rose by 3.2% and 1.6% respectively, driven by softer-than-expected CPI data for May. Headline inflation was flat month-over-month and increased by 3.3% year-over-year, reinforcing hopes that the Federal Reserve might cut rates this year. Despite these encouraging figures, the Fed maintained a cautious stance, leaving the target rate unchanged and projecting fewer rate cuts for 2024 but more for the subsequent years. This cautious optimism has led to increased market expectations for rate cuts in September and December.

European markets, on the other hand, experienced a turbulent week with political instability affecting investor sentiment. The Euro Stoxx 50, Euro Stoxx 600, and FTSE all saw declines due to a surge in support for far-right parties in the European Parliament elections and subsequent political uncertainty in France. Meanwhile, Asian markets had a mixed performance. The Hang Seng and Shanghai Composite faced losses amid concerns over China’s economic data and new European tariffs on Chinese EVs. In contrast, Japan’s Nikkei saw a modest gain of 0.3% as the Bank of Japan began to slowly reduce its extensive bond purchases, signalling a gradual retreat from its aggressive monetary policies.


Published 18/6/2024


Don’t have the Raiz App?

Download it for free in the App store or the Webapp below:

Click to download the Raiz app


Important Information

Raiz Invest Australia Limited – Authorised Representative of AFSL 434776. The Raiz Invest Australia Fund and Raiz Property Fund are issued in Australia by Instreet Investment Limited (ACN 128 813 016 AFSL 434776) a subsidiary of Raiz Invest Limited and promoted by Raiz Invest Australia Limited (ACN 604 402 815).

Raiz Invest Super is a Division of AMG Super and is issued by Equity Trustees Superannuation Limited (AFSL 229757, RSE Licence No L0001458) as Trustee of AMG Super.

The information is general information only and does not take into account of your personal financial situation, goals or needs. You should obtain financial advice tailored to your circumstances by a licensed financial adviser. 

A Product Disclosure Statement (PDS) and Target Market Determination (TMD) for Raiz Invest Australia Fund, Raiz Invest Super and Raiz Property Fund (together, the Products) are available on the Raiz Invest website and App. Please read and consider the PDS and TMD to understand the risks and determine if the Products are suitable for you. The risks and fees are fully set out in the PDS and include the risks that would ordinarily apply to investing.

Any returns shown or implied are not forecasts and are not reliable guides or predictors of future performance.

Under no circumstance is the information to be used by, or presented to, a person for the purposes of deciding about investing in the Products.

This information may be based on assumptions or market conditions which change without notice and have not been independently verified.

Any opinions or information expressed are subject to change without notice.

Home loans are subject to approval from the lending institution and Raiz Home Ownership makes no warranties as to the success of an application until all relevant information has been provided.

Raiz Home Ownership Pty Ltd (ABN 14 645 876 937), an Australian Credit Representative number 528594 under Australian Credit Licence number 387025. Raiz Home Ownership Pty Ltd is 100% owned by Raiz Invest Australia Limited (ABN 26 604 402 815).