Market built on the early positive run to finish a solid positive day despite a substantially weak GDP data. The weak GDP data, underemployment worries and low wages growth shows the weakness in the local economy despite the strong commodity prices. Beaten up stocks were the best performers again today with TPM leading the way back as management update helped to revive sentiment. TPM started the selloff in everything linked to telco sector and high PE growth stocks…and today they all recovered some lost ground…market will be hoping that trend holds. The best performers today were Banks and Miners while Energy was in the negative territory. Market was reading through the weak GDP towards another rate cut, but we think that optimism is misplaced. RBA will play it slow…remain in hold through 2017 and let the China stimulus and US Fed rate cycle do the work. BOC update tonight will give some colour to RBA’s view while ECB update tomorrow is the main game this week. For the full report… (VIEW LINK)
2017 - Now > Blue Ocean (AUS) > Market Portfolio Strategist 2012 - 2017> Baillieu Holst (AUS) > Head of Strategy, Quant and Data Analytics 2009 - 2012 > Bell Potter / Southern Cross (AUS) > Head of Quant and Data Analytics 2007 - 2009 > LIM...
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