The June quarter of 2026 will be remembered as a tale of two markets. It opened under the shadow of the Persian Gulf conflict and the closure of the Strait of Hormuz, and closed with a de-escalation that few dared hope for in April.

They are not wrong when they say ‘the devil is in the details’.

Global financial markets were mixed in the final quarter of 2025. The interest rate cycle changed, RBA cash rate expectations reversed, and the long-bond yield rose sharply. Mineral commodities were generally strong which pushed the Australian dollar higher, but share markets flattened off after a solid period.