December saw an uptick in Covid infections worldwide. Daily case numbers in the US topped one million for the first time, underlining the ongoing challenge of the pandemic.
Australia is in the midst of its biggest decline in immigration for more than 100 years.
That suggests housing construction activity could slow and that that the labour force could shrink in the years ahead.
Geopolitical tensions remained in focus in June as renewed conflict in the Middle East disrupted oil supply routes and raised concerns about broader regional instability. Oil prices spiked as tensions rose and supply concerns mounted, though moderated after a ceasefire was called 12 days later. Brent closed June +5.8% higher at $67.61.
While the month began with constructive discussions and agreements between the US and some of its trading partners, uncertainty returned to the market after President Trump threatened to impose new tariffs on Europe and multiple large corporates such as Apple, Samsung and Mattel, and again near month-end as the Court of International Trade deemed the global tariffs to be “contrary to law.”
