Sunset Strip | Aussie market moved up on positive overnight global lead and bond yield easing post RBA minutes

Sunset Strip | Aussie market moved up on positive overnight global lead and bond yield easing post RBA minutes. The yield gap pressure was released again with bond yield pulling back and allowed the yield stocks to run up a bit more. Turnover was just above $5.5billion. The equity market is stretched on all valuation metrics, but the central bank action to maintain historical low interest rates are forcing the market to trade at a premium due to the yield differential. The next few days will be crucial to setting the interest rate outlook as US Fed gives more clarity on their interest rates outlook on Wednesday night. The big positive performances were led by KAR (up 14%), MGX (up 7%), API (up 6%) and BDR (up 6%). The big negative moves were led by SRX (down 55%) on test result and profit taking on PRU (down 7%), EHL (down 7%), PBT (down 7%), SEA (down 7%) and EVN (down 5%). We continue to see a number of highly shorted stocks outperforming with no positive news. (VIEW LINK)