“Steady as she goes” July 2026

Steering Through Changing Conditions

July 2026 Quarterly Investment Perspective

As we move into the second half of 2026, one truth keeps proving itself, quarter after quarter: uncertainty isn’t a threat to long-term wealth — it’s the very environment it’s built in. It can still feel unsettling. That feeling is normal. What matters is what we do with it.

At EWK, we approach this environment much like a seasoned captain navigating open waters — steady at the helm, guided by experience, aware of changing conditions, yet never losing sight of the destination.

Short-term movements are acknowledged. They are not allowed to define the journey.

▮ Market Pulse

Key indicators, as at 30 June 2026

Figures are rounded and reflect publicly available quarter-end observations.

▮ Quarterly Observations

A broader lens

●       Australian equities gave back some March-quarter gains, while remaining resilient overall.

●       The Australian dollar strengthened as confidence improved through the quarter.

●       The RBA cash rate moved to 4.35%, with policy still focused on returning inflation to target.

●       Bond yields continued adjusting to expectations for the path ahead.

●       Global markets, led by US technology and AI-related sectors, continued to progress despite uncertainty.

This reinforces a familiar pattern — markets adapt, even when conditions feel unsettled.

▮ A Moment in Time

Not the whole story

Between our last update and this one, the conflict involving Iran swung from crisis to ceasefire and back to crisis again. A US-brokered ceasefire in mid-June reopened the Strait of Hormuz and briefly steadied energy markets. By mid-July, Iran had suspended its commitments under that agreement; shipping trackers describe the Strait as effectively closed to commercial traffic once more, and Brent crude has moved back up towards the high-US$80s.

For many, these events are confronting, and matter. Yet even within this reality, history shows that while conflict disrupts economies and markets in the short term, it has not altered the broader trajectory of human progress, innovation, and global growth over time. The task is not to dismiss these events, but to hold both truths at once: that the present moment is significant, and that the long-term journey continues beyond it.

 ▮ The Long View

Global equity markets, 2007–June 2026

Every dip on this chart was a crisis that felt, at the time, like it might not end. Despite the GFC, COVID-19, inflation shocks and ongoing geopolitical tension, long-term equity markets have kept climbing. Volatility is a recurring feature of the journey — not a break in the destination.

▮ Australia’s Interest-Rate Cycle

The rhythm of change

Every cycle on this chart once felt like it might be permanent. None of them were. Today’s rate settings sit within that same familiar pattern — the timing of the next move is uncertain, but the cycle itself is not.

  ▮ Markets

Zooming out

Look at any single point on this line and you can find a reason to worry. Zoom out, and the reasons to worry are exactly what the line climbed through.

▮ Reflections

What endures

●       Volatility tests resolve, not strategy.

●       Diversification provides stability, not certainty.

●       Patience builds outcomes; timing rarely does.

●       Purpose guides decisions when headlines can’t.

▮ Steady as she goes

“Steady as she goes” is not passive. It is deliberate, informed, and disciplined — the ability to remain grounded while the world shifts.

As we continue through 2026, our commitment remains unchanged: to guide you steadily through changing conditions, to protect and grow what matters most, and to ensure your financial journey remains aligned with your long-term purpose.

Because while markets will continue to change — your long-term goals remain our destination.

^{▮ Sources and Market Data}

^{Market information reflects publicly available data as at 30 June 2026, together with subsequent developments observed into mid-July 2026, drawn from the RBA, ABS, ASX, MSCI, S&P Dow Jones Indices, Bloomberg and FactSet. Charts are illustrative and educational, designed to highlight historical patterns rather than replicate exact index performance.}

^{A quarterly perspective on long-term investing from Eleonor Klopsch CFP®, Director, EWK Private Wealth.}

^{Important information: Prepared by EWK Private Wealth Management Pty Ltd for general information and educational purposes only, without regard to your individual objectives, financial situation or needs. Consider whether this is appropriate to your circumstances and seek personal financial advice before acting. Past performance is not a reliable indicator of future performance; investment markets can rise and fall, and no assurance is given that any investment strategy or objective will be achieved. References to market movements or asset classes are illustrative only and are not recommendations to buy, sell or hold any investment.}