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.

Global share markets were higher in November, buoyed by Donald Trump’s US election victory. His election promises included tax cuts and deregulation, which are largely seen as good for businesses. Key share market indices in the US hit all-time highs, continuing their great run this year, while markets down under were also on track to finish the month with solid gains.

September was a volatile month for US equities, with most markets retreating early in the month, before resuming their move higher after the Federal Reserve cut interest rates. October is expected to bring more interest rate cuts from several of the world's central banks, while the US election is a matter of weeks away. With a look at this and more, here's ANZ Investments' Month Ahead.

As at 23 August US equity markets have made gains this month, with the S&P 500 Index up 2.2% (with five days left to go). At one point, however, the broad-based index was down by as much as 6%, as July’s employment report showed unemployment rose to 4.3%, the highest level since October 2021, and the number of jobs created was well below expectations. It raised fears the US economy could be headed for a slowdown and perhaps even a recession.

Enjoy the latest news and views from ANZ Private, and see what’s happening in financial markets.

As we look ahead to 2024, we see several challenges, but as always – plenty of opportunities. Here are some of the key themes we expect this year.

Welcome to our summer issue of InPrivate, and our first for 2024. I hope you’ve had a restful start to the year. 

We’re delighted to welcome George Crosby as our newly appointed Chief Investment Officer for ANZ Investments. For more, see ANZ appoints new CIO.