The Economist finds our R/E the most overvalued. It is our currency, bond & stock markets that are attractive. The current US Q2 reporting season is making it clear the US “engine” is still firing & given they’re sitting on +A$2.0T in cash, all we need is some confidence to kick off a massive round of M&A.
Some mistakes are just too much fun to only make once (especially when other people are making them).” This must be what international hedge funds are thinking every time they smash the ASX on a wave of weak sentiment.
The facts don’t support this talk of recession. On Tuesday, the RBA noted Western growth as “modest & uneven”, but Asia & Latin America as “very strong”. The latest US & Chinese PMI results showed growth easing, not contracting. Friday’s US payrolls saw 83,000 private sector jobs created, not lost. Euro stress tests are likely to be +ve for banks, not -ve.
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