Market continues to pop up and down while sentiment remains directionless. Global macro remains uncertain with new US leadership policy settings still murky. Local economic data on labour market shows underemployment remains a big issue while the extra few hours worked moved big numbers of jobs switched from part time to full time. Local AGM season has been very painful compared to the reporting season. We had ISD and CSV get trampled today as investors hit the exit button. Over the last 3 months nearly 50% of the S&P 200 stocks are down more than 10% while the index is being held up by big miners and big banks. Time to start looking at the Yield trade again….Banks and TLS are back in the buy territory. For the full report… (VIEW LINK)
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