Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market went against the pre-market SPI and delivered 5th straight positive day with Staples, Banks and Telstra leading the way. Market is up 5.3% in five days with yield, currency and M&A stocks predominantly leading the fight back. US Fed is trying to organise an unscheduled meeting tonight (confirmed by BBC) and it may flag a move higher tonight. A move tonight by US Fed is unlikely as they are a stickler to timetables, but given the global uncertainties, their window might not be open in a week or two. It makes logical sense for them to move ASAP and remove that uncertainty. Any move by US Fed and setting the scene for a prolonged normalisation is very positive for the markets as it gives certainty to move forwards. AUDUSD has been very resilient but a move by US Fed may bring that down and drive some global investor selling. (VIEW LINK)