Sunset Strip (Afternoon Report) - Aussie market remained positive on the back of banks outperforming miners

Sunset Strip (Afternoon Report) - Aussie market remained positive on the back of banks outperforming miners. China data seems to be flattening while US data continues to support recovery. We continue to worry about consumer sentiment on the back of local unemployment tidal wave, rising cost of living pressures and budget uncertainties while global risks continue to rise in China and Europe with markets hoping for stimulus from both regions. Equities is the only game in town and Yield is the only thematic that needs attention given the low global growth and low global interest rate environment well into 2015. We turned positive in the short term on May 22nd with China data beating expectations, US data continuing to point towards sustainable recovery and domestic market pricing in low consumer sentiment and budget worries. It was an overall positive day on low volume similar to the last 2 days. (VIEW LINK)