MM likes GPT into current weakness

28/09/2022

MM likes GPT into current weakness

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What Matters Today: Should we chase or fade the 5 big movers from Wednesday?

The ASX 200 followed US futures lower on the first day of FY27, finishing the session down -0.6%, and testing three-week lows in the process. While weakness was broad-based, with over 60% of the main board closing lower, the financials contributed close to 90% of the decline as fears grow that Australia's housing market is deteriorating faster than initially feared, with the trifecta of cost-of-living pressures, three RBA rate hikes in 2026 and the recent changes for property investors in the budget keeping buyers firmly on the sidelines.