Sunset Strip | Aussie market pulled back on tax related selling despite a flat global lead

Sunset Strip | Aussie market pulled back on tax related selling despite a flat global lead. Aussie market was down 0.91% with turnover was just above $4.3b. Credit data was slight positive locally while new home sales pulled back. We are expecting RBA to leave the rates as they are and trying to talk the currency down while the China PMI data should be positive given the recent trend of flash PMI improvements. We continue to feel that the market will start its positive run with the new financial year and find that result season is unlikely to be the Valley of Death as expected by most market pundits. We continue to favour TMT (Tech, Media and Telecommunication) sectors and expect them to outperform the Big Banks and Big Miners in the next 12mths. (VIEW LINK)