Indices: Australian ASX 200
The ASX200 has fallen 16% since its April high but MM believes a reprieve from the aggressive selling witnessed through June has already commenced, on balance we believe the recent 6407 low will prove a solid platform for a 300-400 point bounce.
The ASX200 edged higher on Thursday as the broad market managed to successfully offset pockets of aggressive selling in the Resources Sector courtesy of some very tough commentary from Fed Chair Powell around the potential for a recession in the year ahead. The commodities markets have certainly been paying attention with both crude oil and copper plumbing multi-week lows over recent days:
