Sunset Strip | Aussie Afternoon Institutional Market Wrap
Aussie market took another belting with falling commodity prices, institutional investors taking risk off before holidays and funding for CTX sell down. Turnover was just below $10.2b with CTX line accounting for $4.7b. Bargain hunting on Friday was driven by $4.4b worth of dividends (i.e. mainly TLS with $1.8b dividends and WPL with $1.5b dividends) ran into a brick wall today. US market remains on technical negative territory with fear and greed index moving further down the fear path. US market now looking at every data point for clarity on interest rate move, but it is clear that corporate growth is going to struggle and GDP growth in Q1 will most likely slow down. There is no doubt that US is recovering, but the rate is below trend and will hit currency and slowing global headwinds. Given the bashing today and tomorrow being the end of month and the end of quarter, the historical trend suggests that we should see atleast a slight positive day tomorrow. (VIEW LINK)
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