Sunset Strip (Afternoon Report) - Aussie market was negative again on Iron Ore decline despite better global sentiment

Sunset Strip (Afternoon Report) - Aussie market was negative again on Iron Ore decline despite better global sentiment. Banks continue to hold the index up while miners saw more profit taking. Equities remains 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 expected to last 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. Be aware that we are headed for tax loss selling period where substantial underperformers are likely to see more pain as investors dump them on the market. Aussie market closed down 0.49%. Turnover just above $7.1b. At the close, Asian markets were mostly negative. (VIEW LINK)