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Market Commentary - July Glenmore Asset Management August 2026 (2-minute read) Global equities markets were impacted by a sharp decline in the tech sector and a reigniting of tensions in Iran. This created a 'risk-off' mood that saw tech and small caps underperform vs the broader market. As a result, the NASDAQ 100 and Russell 2000 (a proxy for US small caps) declined -6.6% and -3.1%, respectively, whilst the S&P 500 (-0.1%) and Dow Jones Industrial Av. (+0.4%) were largely unchanged in the month. The Australian market followed a similar trend, with large caps materially outperforming small caps due to similar factors. The ASX All Ords Acc Index rose +1.7%, whilst the ASX Small Ords Acc Index declined -3.2%. International markets remained resilient in July, with the Euro Stoxx 50 and FTSE 100 rising +0.5% and +3.5% during the month, respectively. In bond markets, the US 10-year bond yield rose sharply to 4.73%, equating to a +27bp increase. Similarly, its Australian counterpart also rose strongly, increasing +21bp to 4.93%. The Australian dollar climbed marginally to US$0.70, implying an increase of 0.1 cents. Funds operated by this manager: |
