Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market opened negative with lower commodity prices and maintained the sentiment with negative China flash PMI. The market was lead negative mainly by resources with falling commodities and negative China flash PMI while banks were slightly negative. Gold equities were hit by falling spot gold price but falling currency and solid results should support them as spot gold price stabilises. ACR got hit on below than expected sales while DSH’s plan to move into whitegoods was not popular and SGH still getting hit by shorters. Market absorbing the APRA move on banks while ANZ and CBA raised interest rates on investment property loans. The unit investment property market with falling rental yields and rising interest rates may be the first segment of the property market to start feeling the pinch. Next week brings more macro and reporting season in US and domestically…fund managers are likely to “Sell the rumour and Buy the fact”…once you lose positive momentum, it’s hard to get it back…expect profit taking to remain with higher volatility...stay nimble!!! Check for stocks reporting next week!!! (VIEW LINK)