Morning Report Tuesday 5 January 2016
News Alert *DJ Dick Smith Holdings (DSH) Enters Administration.
What a way to start 2016, with equities tumbling around the world led by China falling 7% and the circuit breakers kicking in and closing the market!
China is always a wild card and the market is pricing in further falls today. On a short term basis, this market represents a casino with a solid bounce not surprising us.
The Dow has fallen 276 points (1.6%), after being down over 450 points at one stage. Europe was down ~3% on average but, encouragingly, the local futures are only predicting the ASX200 will fall ~15 points on the open today.
Market Matters view on relative performance is unchanged. We believe the ASX200 will perform better that most global equity markets during 2016.
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