Indices: Australian ASX 200
The ASX200 managed to rally +0.2% yesterday as strength across the broad market was enough to offset selling in the Resources Sector following the significant declines from the likes of copper and crude oil on Tuesday night. The market actually closed on its highs after reversing early losses as some bargain hunting entered previously weak pockets of the market although investors will need convincing that a recession isn’t imminent before we’re likely to enjoy some meaningful follow-through.
The ASX200 finally managed to close with a small gain on Tuesday and it currently appears that we will need a reasonable reporting season out of the US to help propel the ASX up ~4% towards our short-term target area, hopefully, investors have become too bearish into this week’s US inflation report.
