US stocks ended a choppy session higher overnight after the release of the latest Fed minutes showed a cautious stance amongst policymakers due to growing uncertainty around the economic outlook. These uncertainties were seen supporting “the case for proceeding carefully in determining the extent of additional policy firming that may be appropriate” – longer-dated bond yields edged lower following the statement.
- We remain bullish on US equities, targeting fresh highs into Christmas, with our ideal target ~6% higher.
MM remains cautiously bullish on US stocks short-term
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China’s equity market rallied on Wednesday following reports that Beijing is planning further stimulus-boosted sentiment – as we’ve said previously, MM anticipates further ongoing targeted moves from China to boost their flagging economy, which should ultimately prove a positive for our important Resources Sector.
- We are looking for a low by Chinese stocks, but investors will be focussed on improved economic traction before getting too excited.
MM is bullish toward Chinese stocks into 2024
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