Australian equities had a relatively flat start to the week, although there was a lot of movement beneath the surface thanks to earnings results and some big moves in the Aussie dollar, bond yields, and Chinese commodity futures.
Australian equities had a relatively flat start to the week, although there was a lot of movement beneath the surface thanks to earnings results and some big moves in the Aussie dollar, bond yields, and Chinese commodity futures.Resource stocks outperformed, helping the materials sector to a gain of 2.8%. At the other end of the spectrum, sectors regarded as bond proxies, or which derive a large proportion of revenues from overseas, came under pressure as the Aussie dollar and longer-dated bond yields jumped to fresh multi-year highs. Healthcare led the losses, falling 2.2%. Information technology, communications and consumer discretionary also shed more than 1.2%.
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