Local market made a small recovery from yesterday’s smack down but sentiment remains weak. US market remains in the second part of “Buy the rumour, Sell the fact” trade as US fiscal policy ran into multilevel execution problems. Media articles are pointing to delays in financial deregulations, health care reform and infrastructure spending….US Fiscal delay pushed “Trump Rally” into “Trump Dump”. Local market was pushed up by Energy and Utilities while Telcos and Gold were the negative performers. There is more talk about China entering MSCI Emerging Market Index….more money to flow back to Chinese equities…Long China Short US!!!

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