Results from the December quarter were an apt summary of the grim year investors had in 2008.
Over the three month period, at least 19 countries declared recession, leading to unprecedented levels of volatility in equity markets. The Australian share market recorded its fifth consecutive negative quarter.
The declining global growth led to commodities and commodity stocks being sold off heavily, thus having flow-on effect on the Australian dollar, which declined significantly.
An overview of the latest figures in the American economy provided by Chris Caton.
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In a world where “saving” is a dirty word and “credit” is a match made in heaven, we are seeing some of the toughest financial times ahead of us.
I believe we have 12 to 24 months of continued credit issues and volatility in the markets ahead of us. The reason for this is the continued push to create more financial stimulus. Governments and Central Banks have gone on record to state “we will print money WITHOUT Limitation”. With this continued money printing, we continue down the same path that got us into this mess in the first place.
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In a recent poll conducted by Roy Morgan Research published in the Australian Financial Review on 8 December 2008 it noted “most people who go to an adviser tied to one of the big six financial groups continue to be stuffed into the funds managed by the parent group...”
The poll found that a whopping 74% of recommendations were made to the parent group fund products!!
BT Chief Economist Chris Caton talks unemployment, interest rates and the Aussie dollar in 2009.
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BT Investment Management’s Scott Osborne shares his lessons from 2008 and what he’s watching this year.
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The bad economic news continued in December. The US was officially declared in recession by the National Bureau of Economic Research. Economic data released in Australia did little to boost confidence in the local economy.
Late in December, new figures released showed that US house prices fell 18.0% over 12 months to 31 October 2008, the fastest decline on record. With consumers feeling less wealthy, spending habits are being curbed with retail sales falling 7.4% over 12 months to November.
Is that light at the end of the tunnel or the headlights of an oncoming train?
2008 marked the worst calendar year performance for the Australian share market, surpassing the falls experienced in Great Depression. The Australian share market closed the year lower by some 40%. So the question is: where to from here?
Investors who buy stocks now are likely to be cheering in a few years, but they could rue the decision in the next few months.