DelphiNews May 2014

I’m pleased to enclose the May 2014 edition of Market Update.

Overall global growth is around longer-term trend and further uplift is expected in Q2, for the remainder of 2014 and into 2015.

The US is showing positive signs of economic recovery, with April manufacturing rising at its fastest pace in three years and manufacturing employment increasing for its tenth consecutive month. The US also saw consumer spending up 3%, which is its largest gain in four and a half years.

In Europe Germany continues to be the standout, with France following close behind – reporting its second consecutive month of increased output. But it’s the other Eurozone countries that in the spotlight, who continued their recovery across both manufacturing and services sectors. It’s these periphery countries that have recorded their best growth rate since early 2011.

On the home front, all eyes are focused towards the release of tonight's Federal Government Budget, and what parts of the National Commission of Audit will be embraced. Overall, the Budget is expected to be one of constrained expenditure. A Budget Summary will be sent to you tomorrow.

In the Economic Update, Ben McCaw, Portfolio Manager at MLC Investment Management, reviews events in Australian and Overseas markets during February. Ben states that the political tensions simmering in the Ukraine appear to have had little impact on market sentiment, with shares and bonds mostly generating modest returns for investors in April.

If you have any questions regarding the information contained in this edition of DelphiNews or if you or a family member would like to review your current investment strategy please contact us.

Regards

Vince Dore

Vince Dore CFP

Director

Vince Dore and Delphi Financial Management Pty. Ltd are Authorised Representatives of GWM Adviser Services Limited ABN 96 002 071 749, trading as Garvan Financial Planning/MLC Financial Planning an Australian Financial Services Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies.

This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax and/or legal advice prior to acting on this information. The material contained in this newsletter is based on information received in good faith from sources within the market, and on our understanding of legislation and Government press releases at the date of publication, which are believed to be reliable and accurate. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this email.

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