Markets continued to be impacted by inflation and interest rate increases within the second quarter of 2022. Australia, which performed well at the beginning of the year, has been the worst performer on the quarter among the major equity indices. This is primarily due to the significant falls in material and commodity prices that Australia exports. The drops in these prices come as concerns over economic growth begin to surface. Surprisingly, the tightening economic conditions within western countries has meant relative outperformance in Emerging Markets. This is something that has not occurred for some time as regulatory pressures in China and the recent lockdowns have significantly impacted their economy.
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