Sunset Strip (Afternoon Report) - Aussie market closed slightly down following US tech selloff despite good job data

Mathan Somasundaram

Deep Data Analytics

Sunset Strip (Afternoon Report) - Aussie market closed slightly down following US tech selloff despite good job data. Despite the profit taking, quality global growth stories with track record will rebound due to low growth outlook in the overall market. We turned positive short term on 25th March after the markets have priced in manufacturing slowdown on a global basis, US/Euro action against Russia have been irrelevant, China slowdown reduces credit risk. We maintain our view since then due to local markets to benefit from nearly $10b dividends being reinvested, better US data, China stimulus plans and more accommodating US/Euro Fed. Taking profit on high growth/cyclical stocks and covering shorts ahead of US Job data last week continued into today following US trend. The low volume being traded over the past 3-4 trading days shows the lack of conviction in our market. (VIEW LINK)


1 topic

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...

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.