Market & Portfolio Update - January 2025
Global share markets had a positive month, ending December up +0.9% in local currency terms. This caps off a strong year, with global share markets up +26% in 2024.
The US was the primary driver of global returns, as inflation cooled and consumer spending remained strong throughout the year. Investors were also bullish on strong earnings growth for tech companies, and stocks surged following Donald Trump’s re-election in November.
The New Zealand share market also had a strong year, ending up +12% in 2024 – its best performance since 2020. Some of this gain is attributable to investors anticipating a more positive business environment. Starting with an initial cut in August, the Reserve Bank of New Zealand (RBNZ) cut rates by a total of 1.25% during the year. These cuts were in response to domestic inflation falling from 4.7% to 2.2% in 2024, back within the RBNZ’s target range of 1-3%.
Market & Portfolio Update: July 2026
Early in the month, renewed tension in the Middle East briefly pushed Brent crude oil above US$100 a barrel, which lifted energy prices and brought inflation concerns back into focus.
Lifetime Book Club: Paradox of Choice by Barry Schwartz
In The Paradox of Choice, psychologist Barry Schwartz explores a curious feature of modern life: while freedom and choice are undoubtedly valuable, there can come a point where having more options makes decisions harder, increases our expectations and leaves us questioning whether we made the right choice at all.
From what to buy and where to eat to decisions about careers, relationships and money, Schwartz looks at the hidden mental cost of constantly comparing our options – and makes the case that sometimes, simplifying our choices can leave us better off.