Sunset Strip | Aussie Afternoon Institutional Market Wrap
Aussie markets delivered another big positive day despite big caps like BHP and WOW trading ex div on the back of positive global sentiment regarding stabilising China. Japanese index are trading nearly 7% higher today as China maintains positive momentum. Canadian interest rate update tonight, Chinese inflation tomorrow and domestic employment update tomorrow may pull down the currency after it bounced back above 70 cents on optimism. US markets and Aussie markets are beginning to show potential technical bounce back signal and let’s hope the optimism remains. Volatility index has come back from the recent highs in both regions, but it isn’t going away till US Fed and PBOC show their cards. We have downgraded our 12mth index target from 6500 to 6100 on the back of global growth downgrades and deteriorating domestic economy. The market ran into a market recovery on a yield rush. Despite BHP and WOW going ex div, the Banks and TLS drove the index higher as optimism returns. (VIEW LINK)
Over 25 years’ experience in the finance/tech industry. Mathan has worked extensively in all parts of the finance sector (i.e. County NatWest, Citi, LIM, Southern Cross, Bell Potter, Baillieu Holst and Blue Ocean Equities). Currently Founder and...