Indices: Australian ASX 200
The ASX200 rallied strongly on Wednesday following the positive lead from the better-than-expected US CPI inflation print, we believe bond yields have peaked for now although the Fed have work to do even if the worst of US inflation may have passed. Stocks/sectors are taking some heart from recent Fed comments and Tuesday’s benign CPI…
The ASX200 put +0.3% yesterday ahead of the key US data print, if it hadn’t been for the weakness in the large-cap miners the advance would have been even more substantial i.e. Sandfire Resources (SFR) and Fortescue Metals (FMG) both fell over 4% while BHP lost 1.7%. UBS changed their expectations for a number of key sector participants yesterday – more on this below..
