Sunset Strip > Trading Day Wrap From Blue Ocean 20170801
Local market climbed out of US weak sentiment to deliver a positive day on the back of better commodities and China data. US data out tonight will deliver more clarity on the US Fed outlook while underwhelming US reporting season needs to maintain the pace to support the market multiples. The best performing sectors were Utilities, Energy and Gold while the worst performers were IT, Retail and Health Care. Consensus bet is for AUDUSD to go down. We think the risk is that AUDUSD heads up to 87-94 trading range. We remain negative short term on the industrial global businesses…Health Care leads the pack. Rising commodities and weak USD outlook in the short term supports higher AUDUSD. On the sector/stock front….(1) DRM ran on spot gold bounce and update on Da Vinci Discovery (2) DCN bounces on gold price and value (3) WHC popped on coal price bounce (4) CCP had another solid result (5) SSM back in favour as investors chase service stocks with growth (6) RIC leading the food thematic (7) TWE confirmed guidance and pushed up the price after a broker scare story (8) ISD downgrade cycle continues and stock was smashed (9) NVT result underwhelmed the market.
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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...
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