Weekly Market Recap
Week in review
- National house prices fell 0.7% m/m
- Global PMI manufacturing for June rose to 47.0
- U.S. unemployment rate falls to 11.1% in June
- RBA interest rate decision
- Australia housing finance
- U.S. ISM non-manufacturing index
Thought of the week
The global PMI for manufacturing rose by a record amount in June to 47.0. While this is still below the threshold that would suggest economic expansion, it does lend weight to the ongoing economic recovery. The sub-components of new orders and exports were also very strong. These surveys are closely watched by investors and offset some of last weeks viral spread concerns. The pick-up in these indicators reflects some of the release of pent-up demand as restrictions on social distancing were eased. The bounce will not however, take us back to pre-pandemic levels of economic activity quickly, creating an incomplete recovery. The important factor is that the economic momentum continues to roll forward even if the pace may slow in quarters ahead.
Economic momentum continues to build
PMI 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.