The Match Out: ASX loses steam as reporting starts to wind down
The ASX lost some steam today and as we penned this morning, we believe the market is starting to feel tired after its 25% advance from the April lows.
The ASX200 ended last week down another -2.6% taking August’s pullback to -3.5% with nine trading days remaining. Risk sentiment has been significantly dampened by an ever-hawkish Fed and a Chinese economy that is struggling to regain its “mojo” post the country’s severe zero-COVID policy – strict lockdowns have exacerbated issues in the likes of property that were already surfacing in China. Last week we saw the PBOC cut rates for the second time since June.
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