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ASX weekly wrap: My 3 key investor takeaways

The S&P/ASX 200 (ASX: XJO) clawed its way to a positive finish on Friday, taking the weekly gains to 0.1%.

In what was a big week in the US for interest rate commentary, here are my three key takeaways.

Rate hikes still years away

All eyes were on the Federal Reserve during the week and they certainly delivered, announcing that the majority of board members now expected the cash rate to be increased in 2023.

Yep, 2023 is when they expect rates to increase, but once again there was no action at this meeting.

Despite headline after headline of inflation and the threat of rate hikes leading to a massive sell-off in equities, they delivered mostly positive returns across the board.

Growth is what matters

Of most interest, however, was the fact that the world’s biggest technology names, including Apple (NASDAQ: AAPL), Facebook (NASDAQ: FB) and the like actually performed well.

Many had expected the tech sector to sell-off as higher bond rates suggest current valuations can’t be sustained, but this was likely a reminder that growth is all that matters, and no fixed rules apply in the markets of 2021.

Going further, most managers have been rotating to ‘reopening winners’ but particularly commodities on the expectation that an economic recovery would see another super cycle.

Yet the Federal Reserve’s announcement actually sent the US Dollar sharply higher, hitting commodity demand.

Unemployment hides immigration risk

Finally, the week saw Australian unemployment fall to 5.1% or the same level it was prior to the pandemic, a stunning result.

Yet as Christopher Joye of Coolabah Capital points out, it actually hides some 330,000 jobs previously held by non-residents and may overstate the result by as much as 2%.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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