Australian Investment Blog

Afternoon Report 05/06/2014

Afternoon Report Wednesday 5 June 2014

The ASX200 sold off 50 points intraday for the 3rd day running and suddenly we are over 100 points below 20-14 highs and the US markets are at 2014 highs..

Today the selling was clearly led by the banks as we have been expecting for over recent weeks. The anticipated move towards 3.5% for the US 10 year Bonds is likely to continue the pressure short term on the "yield space"..

Conversely further evidence of "no significant slowdown in China" led to good gains from the Iron Ore stocks, led by Fortescue (FMG) rallying over 4%.

Following on from this morning's report weakness was seen from Wesfarmers and Woolworths which we expect to continue.

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