How Markets Performed In The Quarter
Global share markets pushed higher over the last week of the third quarter as solid economic data and renewed talk of US tax reform more than offset continuing worries about North Korea and Brexit.
Over last week US shares rose 0.7%, Eurozone shares were up 1.3% and Japanese shares rose 0.3%. Chinese and Australian shares were flat though.
September saw US shares up 1.9%, Eurozone shares up 4.4% and Japanese shares up 3.6% compared to a 0.6% decline in Australian shares.
Eurozone shares rose 0.7% on Friday, the US S&P 500 gained 0.4% and the ASX 200 was up 0.2%
Friday saw a solid day on Wall Street by tech stocks which helped the S&P 500 and Nasdaq end the week at new record closing highs, with all three major equities indices posting weekly gains. The S&P 500 gained 0.3% on the day to close at a new peak of 2,517.8.
The US benchmark index also had its third straight winning week, with a 5-day gain of 0.63%.
The tech-heavy Nasdaq also reaped the benefits of the sector’s advance, gaining 0.65% on Friday to end at 6,496.3. That left it up 1% for the week.
The Dow rose 0.1% on Friday and 0.25% for the week, which was its third consecutive weekly gain.
Over the quarter all three major indices posted solid gains.The S&P 500% over the quarter, the Dow was up 4.9% and the Nasdaq topped the pack with a 5.8%.
Despite the weakness in September when it fell more than 6% (and was up 2.2% last week), Apple shares jumped more than 7% in the quarter, helping drive the wider market high.
The pan-European Stoxx 600 index rose 0.5% to a three-month peak, and was up 1.3% for the week.
In Australia the S&P/ASX 200 fell 0.6% in the month and for the quarter it was down 0.7%.
Doing the damage were losses by the heavyweight Commonwealth Bank (and its money laundering allegations) which fell more than 9% over the quarter.
Telstra shares lost nearly 20% after slashing its dividend.
BHP was up 10.7%, Rio Tinto up 5.2% as gains in copper helped offset the slide in iron ore in September. Fortescue shares took the brunt of the market reaction to the iron ore slide and lost 1.5% in the three months.
Santos jumped by a third, but Woodside shares lost 2.6% in the three months.
Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.
At the AFR he was a finance writer, Finance Editor, News Editor and Chief of Staff. At the Nine Network he was supervising producer of Business Sunday for more than 16 years. He has also written for other online and analogue print publications here and overseas.