Overnight felt like a fairly volatile session which saw declines in stocks, bond yields and the $US as investors lost confidence in the potential rate of the global economic recovery due to COVID escalating in many pockets of the world, not just Sydney. There was a decent recovery in many pockets of the market but the Financials and Resources Sectors weighed on indices as the value stocks struggled to bounce. We remain keen buyers of the S&P500 around the 4000 level but that still feels a long way away i.e. ~7.5% below the overnight close.
MM remains a keen buyer of US stocks into any meaningful weakness
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