Sunset Strip (Afternoon Report) - Aussie market closed flat after another day of US tech selloff

Sunset Strip (Afternoon Report) - Aussie market closed flat after another day of US tech selloff. Despite the global profit taking, quality global growth stories with track record will rebound due to low growth outlook in the overall market. We turned positive short term on 25th March after the markets had priced in manufacturing slowdown on a global basis, US/Euro action against Russia have been irrelevant and China slowdown reduced credit risk. We maintain our view since then due to local markets to benefit from nearly $10b dividends being reinvested, better US data, China stimulus plans and more accommodating US/Euro Fed. Despite the global trend affecting our market at the open, Aussie market pulled back up on the back of big banks and big miners. We expect the positive sentiment to be maintained tomorrow. (VIEW LINK)