August was an up and down month for global financial markets. US share markets initially moved higher, with some major indices reaching record highs, supported by strong corporate earnings and encouraging developments in the Middle East.

Geopolitical developments in the Middle East remained a dominant influence on financial markets during July. While hopes of a diplomatic solution between the US and Iran improved sentiment at various points during the month, recent events have highlighted the fragility of that progress and the absence of a lasting resolution.

While the outlook remains uncertain, recent developments reinforce the importance of a disciplined approach to portfolio positioning.

May saw financial markets navigate a mixed backdrop, with resilient risk appetite alongside renewed macroeconomic uncertainty. Global equity markets continued to push higher, with several regions reaching fresh record levels. Gains were supported by a rebound in large‑cap technology stocks, as investor enthusiasm around artificial intelligence re‑accelerated, alongside generally solid corporate earnings that reinforced confidence in the earnings outlook.

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February saw mixed performances across international equity markets. Japan was particularly strong, with the Nikkei 225 Index up over 10%, supported by improving confidence, policy clarity and ongoing corporate reforms. US markets were more challenging, with the S&P 500 Index down 1% as investors reacted to AI-related disruption concerns and a US Supreme Court ruling that some of the Trump-era tariffs were unlawful.

Welcome to our first edition of 2026 – I hope you’ve had an enjoyable summer so far. If you’ve been impacted by the recent severe weather, I hope you and your family have been able to stay safe and well. 

The US equity rally stalled in November amid valuation concerns, particularly in AI-related stocks. Uncertainty from the 43-day government shutdown and limited economic data further dampened sentiment. Despite a late-month rebound, both the S&P 500 Index and Nasdaq 100 Index were lower for the month, as of 27 November.

US equity markets rose to fresh record highs in October, buoyed by ongoing optimism around artificial intelligence (AI), while a solid start to corporate earnings season also boosted sentiment. As of mid-October, the S&P 500 Index and Nasdaq 100 Index were positive for the month, and on track for their sixth straight monthly gain.

Global equity markets continued to climb in September, with major US indices like the S&P 500 and Nasdaq Composite hitting fresh record highs, alongside several Asian markets including Japan’s Nikkei 225, South Korea’s Kospi, and Singapore’s Straits Times Index. At the time of writing (18 September), the S&P 500 Index was up around 2.3% month-to-date.

Global equity markets continued their run higher in August, with major US indices like the S&P 500 Index and Nasdaq Composite Index, the UK’s FTSE 100 Index, and Japan’s TOPIX Index reaching record highs. At the time of writing (20 August) the S&P 500 Index was up almost 1% month-to-date.

Global equity markets continued their upward momentum in the first half of July. Investors appeared unphased by ongoing trade tensions, while easing geopolitical concerns in the Middle East helped support sentiment.

While equity markets were higher, bond markets were mostly lower. US government bonds fell, in part, due to concerns around the US fiscal deficit and growing debt, while news that Moody’s had downgraded the US credit rating also posed headwinds. New Zealand bonds were also lower, driven by the jump in food prices, which could pose upside risks to near-term inflation.

April was a turbulent month for global markets, marked by significant volatility and some investor anxiety. The US equity market experienced a notable sell-off, driven by concerns over President Trump's aggressive tariff policies. The S&P 500 Index and the Nasdaq Composite Index fell sharply, with the Nasdaq nearing bear market territory (a 20% fall from its most recent high).

Equity markets began March on a positive note, with several European indices reaching new highs. However, as the month progressed, US shares declined due to concerns over trade policy and inflation, leading to a mixed performance across regions. For a look at several key themes that lie ahead, here’s ANZ Investments’ Month Ahead for April.

International equity markets were generally higher to begin February, initially shrugging off inflation concerns, while it appeared geopolitical tensions were easing. However, late in February, inflation worries exacerbated, which saw equity markets in the US and Europe retreat, while geopolitical unrest grew. Meanwhile, Asian markets were more mixed with Japan’s market underperforming, while China’s Shanghai Composite Index was on track to finish the month higher.

Read the latest from ANZ Private, including their 2025 Market Outlook report.