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Markets Monthly Magazine I July 2014 In this issue Spotlight: Dancing on the ceiling? Equities: Eurozone recovery broadening out Fixed Income: Fed to drive bond yields Currencies: NZD may be vulnerable Commodities: Seasonal demand may boost bulks and energy Risk Warning Statement : Investment involves risks. Past performance is not indicative of future performance. The report is published by an investment decision based solely on this document Investors should not make ANZ Wealth Asia. All charts and tables are individually sourced. “ANZ analysts” refer to investment professionals within the ANZ CIO Office, ANZ Economics & Markets Research and ANZ Wealth Asia. For more information, please contact your ANZ Relationship Manager.