Market Update December 2012

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Market Update December 2012

Last month overall global economic growth was sluggish. Western European and Japan’s economies continued to slow, while Emerging markets drove most of the expansion.

In Europe, the European Union committed to supporting the Spanish banking system with €37 billion in funding. Meanwhile, Spanish retail sales continued to struggle, with volumes down 9.7% year on year to October.

In domestic news, on Tuesday 4 December the RBA cut the official cash rate for the fourth time this year. The rate, which started the year at 4.25%, is now at 3.00%; equal to the lowest level seen during the GFC.

As markets continue to remain uncertain in the short term, please remember to remain focused on your long-term goals.

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