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Market Perspective Summary

    Australian Value: December 2012

    January 09, 2012

    The Australian market ended in positive territory, outperforming many of the major global markets and finishing the month up 3.4%, as measured by the S&P/ASX 300 Accumulation Index. Much of the outperformance could be attributed to the rise in iron ore prices and China’s growth momentum. Australia’s market posted positive returns every month in 2012 with the exception of May, when investors were concerned about Greece’s potential exit from the eurozone The Reserve Bank of Australia once again cut rates by 25 basis points to 3.00%—a total of 125 basis points for calendar year 2012—primarily because the uncertain outlook of US fiscal policy weighed on investor sentiment and on the real economy. The Australian dollar remained high and ended the year at US$1.04.

    Performance was positive across all sectors for the month, with industrials, materials and utilities faring best and technology, consumer staples and energy gaining least.

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