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Market Updates
3 Aug 2023

Market Update July 2023

M329121-Evergreen-Email Mike Centred-v1.jpg  By Mike Ross



Global share markets delivered positive returns again in July, with energy and communication services sectors leading the gains. There was a growing belief that central banks could engineer a ‘soft landing,’ by reducing inflation without pushing the global economy into recession. New Zealand shares followed global shares higher, returning 1.2% for the month.

Bond markets delivered mixed results, with bond indices showing either marginal gains or remaining flat amid some volatility during the month.

The global economic landscape demonstrated contrasting growth patterns. The US is benefiting from continued strong growth, falling inflation and an expected boom in AI-driven profitability for its large technology companies. In contrast, economic performance out of China has disappointed expectations. New Zealand, which is heavily leveraged to the Chinese economy, is likely to face continued economic challenges.

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