Russ Koesterich, the Chief Investment Strategist of Blackrock has reiterated his concerns about consumer discretionary stocks given mixed economic data from...

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Russ Koesterich, the Chief Investment Strategist of Blackrock has reiterated his concerns about consumer discretionary stocks given mixed economic data from the US. Lacklustre income growth from a June jobs report showing a surge in part-time workers was one of his main concerns, whilst the price-to-book ratio of consumer discretionary stocks have continued to increase relative to the S&P 500. Furthermore, he predicts that growth will come in at below 2% annualised and higher mortgage rates will dent housing, weakening the case for stocks in the sector. (VIEW LINK)

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