Reciprocal tariffs
David Bassanese
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Both defensive and growth assets weakened further in October, reflecting another solid increase in global bond yields. The Hamas attack on Israel was a major development in the month, which initially led to a spike in oil prices and renewed global inflation concerns.
Growth assets declined more than defensive assets, with global (hedged equities) down 2.7% and Australian equities down 3.8%. The interest rate-sensitive listed property sector weakened by 5.7%.
Among defensive assets, bonds underperformed cash, reflecting the rise in bond yields. Despite higher bond yields and a strong US dollar, gold prices rose due to the rise in geopolitical concerns.
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