Sunset Strip | Aussie market started negative and remained negative with global sentiment
Sunset Strip | Aussie market started negative and remained negative with global sentiment. The market is currently waiting for clarity from US Fed on their interest rate outlook expected in the next 2-3 days. We are also heading toward school holiday break at the end of the week when the market will be handed over to the predominantly retail investors. Iron Ore stabilised at $82 and we expect it to hit closer to $80 before recovering to $90 over time. BHP and RIO are now buy ideas when you look at the supply/demand and volume/margin dynamics. Given the drop in energy prices and the valuation of the energy stocks, STO and WPL are likely to see selling pressure to fund BHP and RIO. AUDUSD has finally popped below 90 cents. Trading idea of the day: BlueScope Steel (BSL). Monday's Macro Stock Pick: Flight Centre (FLT). (VIEW LINK)
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...