Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market had a solid positive day on low volumes to deliver eight straight positive days. There were only 2 times in the last 3 years we had such a positive run…early 2015 and mid 2013. The market was positive on all sectors except miners despite weak global lead. The weekend saw solid data from US and China while NZ pulled out another weak inflation outlook. Tomorrow we get RBA minutes and market expects it to point to an August rate cut with weak inflation data. Institutional investors will be back next week after school holidays and likely to take some profit ahead of the reporting season as the market is trading at more than a decade high multiple. Despite the short term profit taking worry, we continue to remain positive on the medium to long term outlook for the equity markets…Banks to keep the index moving higher short term!!!.… (VIEW LINK)