Sunset Strip | Aussie Afternoon Institutional Market Wrap

Market closed positive despite multiple efforts to go higher were met by profit taking on the back of previous five out of the six days delivering negative returns. US market continues to hold stretched levels despite US dollar index beginning to roll over. Global markets continue to struggle with historically high commodity prices, historically high USD, outlook for higher US rates and US volatility index going down….something has to give and that is likely to be the stretched US markets ahead of US Fed meeting!!! Beaten up stocks were seeing some bargain hunter interest today. Aged Care sector received some regulatory reprieve and bounced nearly 10%. The best performers today were REIT’s, Industrials and Miners while the Staples and IT were in the negative territory. RBA stayed on the sidelines….may be till 2018 assuming nothing falls over in the economy. RBA flagged weaker growth in Q4 and the GDP data tomorrow is likely to back that. Weak GDP, underemployment and low wages growth means sentiment likely to be weak tomorrow. For the full report… (VIEW LINK)