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

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)