The S&P/ASX 200 Accumulation Index rose 1.4% during the month. The Australian equities markets underperformed global equity markets in July led by a fall in resources. Developed markets outperformed emerging markets for the fourth consecutive month. In major global developed markets, returns rebounded in July led by the Euro Stoxx 50 and US S&P 500 which returned 3.9% and 3.7% respectively. The UK's FTSE 100 returned 1.5% and Japan's Nikkei 225 ended the month up 1.1%