Viewpoint: Bullish
We still think the Fed will hike rates above 5% and then refrain from cutting them until the picture is crystal clear hence investors may become disappointed further over the coming months, but in the short term, we still think most of the FANG stocks will enjoy some buying into dips.
The ASX200 continues to enjoy an extremely strong start to 2023 with heavyweight names like Commonwealth Bank (CBA) and CSL Ltd (CSL) crushing the bears e.g. year-to-date they are up +8.3% and +9.1% respectively.
The AFR proudly announced in “Street Talk” yesterday afternoon that $20bn Newcrest Mining (NCM) might be about to receive a bid with the likely suitors being touted as either Barrick Gold Corp (GOLD US) or Newmont Corp (NEM US), either way, all we can say is bring it on!
COF +7.98%: A slight beat on a number of key metrics at their 1H23 results today led to a reasonable pop in the share price which shows how bearish the market is towards office assets, and property more generally.
US growth stocks rebounded strongly as they digested the Fed’s rhetoric, as we’ve been touting of late towards reporting season “not too bad is good enough” and this now appears to be the case when it comes to macroeconomic news .
Self-storage business NSR is forecast to yield 4.9% unfranked over the next 12 months, a supportive reason to like NSR but certainly not a standalone reason to buy.
AMP has just absorbed Nano Digital Home Loans as the fintech-enabled home loan business failed to secure enough money to expand – Nano added $400mn in loans increasing AMP’s book by over 15% in the process.
Before US data showing signs of weakening labour costs was released the $US had rallied back above 102.50 sending gold down $US25/oz and copper -2.5%, these moves reversed but illustrated what can be expected when the Greenback does find some buying.
