Good Morning, We are feeling a little more “relaxed” this morning, as US markets were closed overnight for Labor Day … No more, 300 point movements to wake up to each morning… The past few weeks has certainly felt like a “teenager throwing a tantrum” but unfortunately, there is more volatility to come… All eyes are on China and whether they can “stem” their outflows… The US is also hot off the press, as stronger data suggests that the US federal reserve will raise interest rates next week… we don’t think so… not just yet… In Oz, ANZ job ads came in at 1%, suggesting an 8.7% YoY, while the AIH construction numbers increased by 6.3 points, strengthening construction… So… What's on today? Australia NAB business survey, RBA's Luci Ellis speech in Sydney 9am on property and financial stability; US consumer credit; China trade balance Stocks in focus After receiving a string of inbound approaches for its long list of assets, Santos is now setting up datarooms for potential auctions. We see some value in the stock at currently levels



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