Macro outlook: Central banks return to currency war with BOJ, ECB and PBOC looking to further easing bias while US Fed has turned substantially dovish on interest rate cycle. China, Japan and Europe will need more stimulus to work through further growth slowdown while the US economy will also run into the slowing global growth headwind. We continue to expect to see the 2015 currency trade reverse as yield premium widens and USD weakens. Globally diversified industrials with good growth and yield to value outlook will continue to attract investors looking for a premium to bond return. Media sector to benefit from the regulatory change driven M&A and earnings boost from prolonged election campaign. (VIEW LINK)
Patrick Poke
media is a good one to be watching right now. Some very cheap stocks there if you're comfortable with a nice big dose of risk and a bit of declining earnings.
Mathan Somasundaram
The new media and outdoor media have had their big runs, but the old media has been ignored for a while. M&A and Election spending should bring them back in fashion. I think APN, PRT and FXJ are really cheap. Never discount the need of Foxtel to acquire to make a float viable.