Aussie market fell on the open on “Fed Scare” and closed negative despite positive non mining domestic capex and better than expected China data. The local data was mixed with retail data disappointing while the capex data was on the positive side. China was the real positive catalyst with stimulus growth through infrastructure build out helping to keep manufacturing driving growth higher. The market has moved from bottom-up stocks update to top-down macro updates. There is no macro risk bigger than US Fed putting up rates. The market will turn on a coin if the nonfarm payroll data tomorrow night in the US is negative. History shows that August payrolls are usually weak but the leading indicator in ADP employment outlooks was better than expected. Interesting moves of the day…....…. (VIEW LINK)
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