Overnight we saw US stocks struggle early in the session falling almost 2% but over the last few hours these losses were mostly recovered and the broad-based S&P500 closed down just -0.2%. The recovery by the US indices hasn’t been as dramatic as by our own ASX which has been partly fuelled by the RBA’s cautious approach to rate hikes this week i.e. a 0.25% hike on Tuesday as opposed to another 0.5% sledgehammer style move.
- We still believe US stocks will test their August highs into Christmas i.e. upside of 15-20%.
MM remains bullish US equities into Christmas
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