Sunset Strip 26th August 2020

Mathan Somasundaram

Deep Data Analytics

Local market started negative on global investor selling on currency trade before returning to buy some back in the back half of the day as AUDUSD recovered to finish a moderately negative day. 

Market had only healthcare and property in the positive. Global investors were selling banks while local investors were riding the reporting season. US consumer sentiment fell hard overnight but markets were holding up. Central banks are pushing a leaky boat across the water and hoping the economy does not sink. The reality of rising unemployment and bankruptcies at decade high are gradually sinking the boat but don’t let that get in the way of more money printing!!! Meaningless trade deal phase 1 between US and China has been flagged as maintained while unproven vaccines are coming thick and fast. The best three performing sectors were Health Care, Property and Staples while the worst three were Telecom, Utilities and Banks. TLS and AGL went ex div and are heavy weights in their sectors.

Remain nimble, contrarian and cautiously pragmatic with elevated global macro risks!!!

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Mathan Somasundaram
Founder & CEO
Deep Data Analytics

Over 25 years’ experience in the finance/tech industry. Mathan has worked extensively in all parts of the finance sector (i.e. County NatWest, Citi, LIM, Southern Cross, Bell Potter, Baillieu Holst and Blue Ocean Equities). Currently Founder and...

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