Local market finished positive on the back of firmer commodities and AUDUSD. Banks ran on the currency and Miners recovered on the commodities. The best performing sectors were Utilities, Financials and Industrials while the worst performers were Staples, Energy and Retail. Amazon having a play at Whole Foods is rattling global retail/supermarkets…Walmart was down nearly 5%. It’s a win-win…if the competitor over pays…reduces their margins…if they get it, they have plans. If you look at Australia…Supermarkets are ripe for attack and trading at a premium to discretionary retailers after recent pullback…CTX looks a good target for Amazon to play similar thematic in the local market!!! Global politics…(1) Brexit negotiations start while UK post-election mess runs into Grenfell Tower issues and terror attacks (2) Portugal had massive bushfire damage (3) US led coalition just shot down a Syrian fighter (4) Iran launches missiles into Syria.
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