UGC Monthly Market Update | March 2024

Welcome to the UGC’s Monthly Market Update for March 2024.

Join UGC’s Co-Portfolio Manager / Senior Investment Analyst, Huw Davies, as he takes a deep dive into the latest financial market trends and conditions for the US and Australia, as well as providing an in-depth analysis of the stock markets.

Don’t miss out, CLICK HERE to get the latest video education from UGC.

MARKET OVERVIEW – US

  • The S&P 500 had one of the longest streaks without a 2% one-day decline since 2000.
  • The current bull market gains are not outsized relative to history.
  • Magnificent 7 Corporate Executives are dumping shares at the fastest rate since 2021.
  • Markets still favouring Quality Growth.
  • Non-Profitable Tech relative to US10YR Yields.

MACROECONOMIC OVERVIEW – US

  • US Rate-cut expectations were revised downward last week.

MACROECONOMIC OVERVIEW – AUS

  • Australian inflation.
  • What is feeding inflation…

MARKET OVERVIEW – AUS

  • Valuations concerning investors but here at home there appears to be some value.

SUMMARY

1. The S&P 500 had the 3rd longest streaks without a 2% one-day decline since 2000.
2. The current bull market gains are not outsized relative to history.
3. Magnificent 7 Corporate Executives are dumping shares at the fastest rate since 2021.
4. Market still heavy on Quality-Growth. Non-Profitable Tech Stocks continue to lose ground to Big Tech.
5. We remain cautiously optimistic but continue to have one foot at the door to re-apply hedges if market starts declining again.
6. US Financial Stress has been falling, revising US Rate-cut expectations downward.
7. Full-time employment is starting to roll over while part-time payrolls are rising substantially.
8. Inflation in Australia is better than forecast but flat for now.
9. Australian Stocks showing value as analysts revise earnings estimates higher.


UGC General Advice Past Performance Warning

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