Indices: Australian ASX 200
The ASX200 is set to open down around 1.5% this morning following another Friday tumble on Wall Street but unlike its US peers the local index is trading 5.4% above its 2022 low following the RBA’s well-received surprise 0.25% rate hike earlier in the month – MM still believes the local market has found a low and we will be trading comfortably higher around Christmas.
The ASX200 tried to rally yesterday but nerves ahead of the pending US CPI crept in after midday and the market surrendered its earlier 40-point advance. There were a couple of fascinating moves within the Resources Sector which could just be the start of some meaningful changes to some entrenched trends of 2022, it smells like “the game is afoot”:
Really bullish, there's more to go in the reflation rally
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