The price of oil has backed off a bit as markets
learn that US inventories are greater than previously believed. This
has allowed equities to stick their head up and bond yields to rise a
bit. The 30 June close should be good for Australian fund managers and
superannuation fund trustees.

But extreme nervousness is the right
description of global financial markets. The Economist’s Mme Buttonwood
discusses some of the wider implications.

The US Fed meets overnight and is
widely expected to produce another 0.25% increase. An outcome either
side of this would cause serious disruption, so here’s
hoping.

Read more on the Henry Thornton website here.

Peter Fray

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