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1.Market Observations, 8.Was Sticky

14 June 2019 (AFR) – Investors bet RBA will do ‘whatever it takes’ to support ASX, bonds

(14 June 2019, AFR, p31, Sarah Turner, Reporter)

‘Bond and share prices are pushing toward multi-year highs in Australia, raising the stakes for investors who appear to be betting the RBA will do “whatever it takes” to stimulate inflation. The S&P/ASX 200 has jumped 15.9 per cent this year and is approaching the peak reached in 2007 before the global financial crisis. This year’s powerful rally comes on the heels of a renewed easing cycle by the Reserve Bank of Australia, amid a global turn towards lower rates. Aussie stocks are now the most expensive since August 2016, with the ASX 200 trading on an estimated price-to-earnings ratio of 17, well above the 10-year average of 15.’

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