ASX futures up 0.65pc. Dow leads Wall Street higher. Regulators update on convertible debt rules. Incitec Pivot sells US plant for $2.5b. Bank sector steadies. $A edges up.
The banking sector’s crisis should be a warning of the “upcoming consequences” of aggressive tightening by the US Federal Reserve, according to“We stick to our call that [the first quarter] will likely end up the high point for [US] stocks this year, and see the strong rally since October, that was driven by our views of CPI peaking, China reopening and fall in European gas prices, not getting a fundamental confirmation in [the second half],” the strategists said in a note.
“We believe that what was a still resilient market backdrop earlier in the year, given light positioning, activity pickup, and supportive seasonals, is expiring. “While parts of the market look short term oversold, and there could be potential relief bounces, we advise to use these to sell into. It is unlikely that we will have a fundamental low reached until the Fed is well advanced with rate cuts.”
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