Mathan Somasundaram

Aussie market fell on the open after banks turned from positive to negative on CBA result before a recovery in the second half of the day erased most of the loses. The market was held up by Health Care and Gold sector while Utilities, Energy and Retail were the main culprits on the fall. Out of the stocks that reported today, CPU was at the top of the list of performers while FXJ was at the bottom. Local market is once again pulling back after reaching within a whisper of the 5600 level. History looks to be repeating as the first few banks (i.e. BEN and ANZ) already priced in the positive news for the sector and the rest run into “buy the rumour, sell the fact”. Market is going to look forward to Friday macro data with China and EU industrial production and US Retail sales. Apart from TLS, we do not have any big stocks reporting in the next two days while there is no material macro update tomorrow.…. (VIEW LINK)



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