Week in review
- US PMI manufacturing
- FOMC minutes confirm a comfort in being on hold
- RBA minutes show board waiting to see effect of earlier cuts
- U.S. consumer confidence
- Australia private sector credit
- Eurozone CPI inflation
Thought of the week
The last twelve months has seen a number of market and economic indicators point towards a recession. The U.S. equity market went through a bear market, the yield curve inverted and the global manufacturing sector fell into contraction. However, none of these things happened at the same time, leaving investors with a lingering uncertainty about the direction of the global economy. Last week’s global purchasing index for manufacturing offers a little more guidance. In absolute terms the numbers still aren’t great, but have been moving higher for the past few months. We may be past the bottom in the global manufacturing sector and in for a little more growth in the quarters ahead.
Manufacturing cycle looks to be lifting off the bottom
Global PMIs for manufacturing and services
JPMorgan Global Research Enhanced Index Equity Fund
To achieve a long-term return in excess of the benchmark by investing primarily in a portfolio of companies, globally; the risk characteristics of the portfolio of securities held by the Sub-Fund will resemble the risk characteristics of the portfolio of securities held in the benchmark.