• Financial markets in September remained plagued by worries over the fallout from the deterioration in the US sub-prime housing sector.
• A bigger-than-expected 50bp rate cut from the US Federal Reserve on September 18, however, helped boost sentiment.
• The NZD and AUD bounced in September on USD weakness, after sliding in August.
• Bond yields rose over the month, as some investors sold down bonds and dipped their toes back into equity markets.
• Sharemarkets recovered, although the resurgent NZD detracted from offshore returns.
  

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