We remain bullish long term while expected short term January profit taking remains after late December rally. US Fed raising rates strengthened the USD and forced China to devaluate the Yuan with the slowing economy. The devaluation of the Yuan has started the rebalancing of manufacturing away from US, Germany and Japan and back to China. The next phase of the currency war has raised questions about US growth due to a stronger USD, rising cost of debt and declining global growth. We expect China to start stabilising through 2016 while US growth will recover after a slower Q1. We continue to expect global growth to remain low for longer and force central banks to keep rates low for longer. Domestic market will return to yield trade as the currency stabilises in the mid to low 60’s. GARY Industrial picks are: large cap (SUN, LLC), mid cap (QAN), small cap (CWP, FXL, RFG, AGI and CCP), micro-cap (MYS and RHL). (VIEW LINK)