• The US economy has also been slowing lately and faces a “fiscal cliff” from the start of next year. Odds are though that the US will ultimately do whatever it takes to keep its recovery going.
• Investors remain caught between near term uncertainty and risks, but good value in shares and the prospect of more policy stimulus. We still see shares higher by year end.

To read Oliver’s Insight, click here.

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“The impact from this crisis of confidence for Australia would primarily be focused on the dislocation of European and global debt markets.

“This could potentially impact Australian corporates with higher debt levels as well as Australian banks seeking wholesale funding. 

“Currently Australian corporates have very low debt levels and Australian banks have been reducing their dependence on wholesale funding due to the very strong growth in domestic term deposits and low levels of system credit growth.

“The negative impact from a crisis of confidence would likely be very short-term in nature and if anything would create a short-term buying opportunity.

“The second and broader category that the European crisis fits within is a global sovereign debt crisis. The global sovereign debt crisis includes the significant debt issues of many European countries but also the debt issues of many developed countries right around the world — including the United States. Debt levels of many developed markets are too high and need to be brought down to more manageable levels over a prolonged period of time.” 

This document is issued by FIL Responsible Entity (Australia) Limited ABN 33 148 059 009, AFSL No. 409340 (“Fidelity Australia”).  Fidelity Australia is a member of the FIL Limited group of companies commonly known as Fidelity Worldwide Investment. Prior to making an investment decision, retail investors should seek advice from their financial advisers. Investors should also obtain and consider the Product Disclosure Statements (“PDS”) for any Fidelity fund mentioned in this document. The PDS can be obtained by contacting Fidelity Australia on 1800 119 270 or by downloading from our website at www.fidelity.com.au. This document may include general commentary on market activity, sector trends or other broad-based economic or political conditions that should not be taken as investment advice. Information stated herein about specific securities is subject to change. Any reference to specific securities should not be taken as a recommendation to buy, sell or hold these securities. While the information contained in this document has been prepared with reasonable care, no responsibility or liability is accepted for any errors or omissions or misstatements however caused. This document is intended as general information only. The document may not be reproduced or transmitted without prior written permission of Fidelity Australia. The issuer of Fidelity’s managed investment schemes is FIL Responsible Entity (Australia) Limited ABN 33 148 059 009. Reference to ($) are in Australian dollars unless stated otherwise.

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Global shares have fallen 10.6% from this year’s highs, Asian shares fell 10.9% and Australian shares fell 8.8%.

This raises numerous questions this note seeks to address. Click here to read Greek Q&A.

18 June 2012

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