Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market had a choppy positive day as global markets wait for Bank of England to show their hands after ABS delivered another set of dodgy employment numbers. The global markets are waiting for BOE to cut rates and show signal for more stimulus and potential QE program later this year. Domestically we had ABS deliver another dodgy employment data. The volatility in the ABS data does not make sense when you compare to the population adjusted basis against US, but the trend is that unemployment has started to rise again. We see unemployment going past 6% sooner rather than later. We turned bullish on Tuesday 28th of June after 3 days of panic Brexit selling, but now it is time to take profit in stocks with risk of earnings disappointment.… (VIEW LINK)