November 2007
November saw negative performance for our growth assets, with negative returns from Australian shares, international shares (hedged to $A), and Australian listed property. Financial asset (Australian and international fixed interest) performance was also negative for the month.
Australian shares
The Australian stock market declined 2.9% in November, further to a decline of 2.9% in October (S&P/ASX300 Accumulation Index). Resource stocks outperformed industrial stocks over the month, returning -1.3% and -3.3% respectively.
International shares
Overall, international stock markets gained 0.6% in November, further to a decline of 1.7% in October (MSCI World Ex Australia in $A (unhedged)).
The US stock market declined 4.4% in November, following a gain of 1.5% in October (S&P500). Technology stocks were also negative, returning -6.9% for the month (NASDAQ).
The UK stock market returned -4.3% for the month, following a gain of 3.9% in October (FTSE).
The Japanese stock market (Nikkei) declined 6.3%, further to a decline of 0.3% the previous month.
Emerging markets declined 2.6% in Australian dollar terms, following a gain of 6.1% in October (MSCI Emerging Markets Free ($A) Accumulation Index).
Property
Australian listed property declined 6.3% (S&P/ASX200 Property Trust Accumulation Index), following a decline of 0.5% the previous month.
Fixed interest
The Australian bond market (UBS Warburg Australia Composite Bond Index) returned 0.5% in November. The international bond markets (Lehman Bros Global Aggregate Index (hedged to $A)) returned 1.3% for the month.
Cash
The Australian short-term money market returned 0.6% (UBS Warburg Australia Bank Bill Index).