Market & Portfolio Update: August 2026

Global share markets pushed higher in August. The MSCI World Index, a broad measure of companies across developed markets, rose 1.9% in NZ dollar terms, helped by a solid company earnings season and continued enthusiasm around artificial intelligence. 
 
The United States drew much of the attention in the bond markets during August. Its government debt passed US$40 trillion for the first time, and the interest rate on longer-term US government bonds climbed to its highest in around two decades. That prompted the US Treasury to step in and expand a programme to buy back some of its longer-dated bonds. The renewed focus on America's finances, along with a shift in expectations for US interest rates, nudged the US dollar a little lower and sent the gold price higher. 

Closer to home, the NZX 50 rose around 1.6% and reached a record high before easing back. Figures released showed unemployment had risen to 5.6% in the June quarter, a little higher than expected and a sign the economy is still soft. With inflation still above the Reserve Bank's 1–3% target, further interest rate rises remain in view.

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