David Bassanese
Betashares Chief Economist David is responsible for developing economic insights and portfolio construction strategies for adviser and retail clients. He was previously an economic columnist for The Australian Financial Review and spent several years as a senior economist and interest rate strategist at Bankers Trust and Macquarie Bank. David also held roles at the Commonwealth Treasury and Organisation for Economic Co-operation and Development (OECD) in Paris, France.
1 minutes reading time
Both defensive and growth assets weakened further in October, reflecting another solid increase in global bond yields. The Hamas attack on Israel was a major development in the month, which initially led to a spike in oil prices and renewed global inflation concerns.
Growth assets declined more than defensive assets, with global (hedged equities) down 2.7% and Australian equities down 3.8%. The interest rate-sensitive listed property sector weakened by 5.7%.
Among defensive assets, bonds underperformed cash, reflecting the rise in bond yields. Despite higher bond yields and a strong US dollar, gold prices rose due to the rise in geopolitical concerns.
The full Market Trends report is available here.
David is responsible for developing economic insights and portfolio construction strategies for adviser and retail clients. He was previously an economic columnist for The Australian Financial Review and spent several years as a senior economist and interest rate strategist at Bankers Trust and Macquarie Bank. David also held roles at the Commonwealth Treasury and Organisation for Economic Co-operation and Development (OECD) in Paris, France.
Read more from David.