Market Matters Weekend Report - Sunday 12th June 2020 (NAB, NCM, TLS, SBUX US, IZZ)
Half-way into July and the song remains the same, plenty of bad news flashing across our screens to excite the bears but stocks remain resilient and some indices actually manage to accelerate higher.
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Last week the ASX200 reached and potentially rejected our 7200 short-term target area with the previously strong high Valuation IT stocks the major headwind for the index, although the numbers were a little skewed by especially poor performances from Wisetech Global (WTC), EML Payments and Altium (ALU).
Markets lose confidence that central banks can avoid a recession with monetary policy & QE, plus of course we also have government fiscal stimulus lurking in the wings.
A strong session overnight and that has filtered into decent buying across the Australian market today. Major strength coming from the more defensive consumer staples and healthcare sectors with the risk on IT and Material sectors are actually in the red, not what you’d expect on a day where the market is up +60pts.
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