Indices: Australian ASX 200
The ASX200 is set to open basically unchanged this morning with the Feds FOMC decision looming large on Wednesday US time, after falling almost 6% from its August high we believe the risk/reward has swung around in favour of the buyers – the ASX has outperformed the tech-heavy S&P500 which has fallen more than 11% over the same period.
The ASX200 managed to reclaim a little lost ground yesterday but the bounce was very unconvincing with almost 60% of the main board closing in negative territory – fortunately, the influential banks enjoyed a solid day which offset the more broad-based losses. Elsewhere the Energy Sector continued to defy gravity rallying another +3.7% with all 10 stocks closing up on the day, an impressive performance considering crude oil is still languishing ~25% below its June high.
