Moran Stanley with the note: We disagree with investors who argue that work from home is temporary, Office REITs have room to run, and the cycle has peaked for Tech. Our AlphaWise work suggests the opposite: The new workplace creates divergent cycles — shorter/lower for Office, longer/higherf or Tech. Adjusting ratings, PTs. The REITs, Networking
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TS Lombard with the note: The next Fed risk is the taper, likely to be announced in the summer.This is priced in–and the effect on net issuance is smaller than in 2014 or 2017 But no matter how well telegraphed, this taper will still change the market as a price-insensitive buyer leaves and the clock
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BofA with the note: A rare month of broad-based Value factor leadership As our US Regime Indicator advanced further into “Mid-Cycle” in March, Value saw broad leadership: seven of the best performing factors overall were Value factors, a first in our factor performance history since 1986. Value tends to outperform in Mid-Cycle (leading the index
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Roy Morgan has released new data on people movements, which shows that activity is finally returning to Australia’s CBDs: In the week to April 11, people movements had returned to 94% of pre-COVID movements in Adelaide, 79% of pre-COVID levels in Brisbane, 75% in Hobart, 67% in Brisbane, 56% in Sydney and 52% in Melbourne.
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Well, it was a bad time if not a long time: Three-quarters of NSW health worker’s appointments for vaccination have been cancelled. The AZ announcement is largely to blame. I imagine the cancellation rate will be just as high in the community, if not higher given the higher vaccine hesitancy. Now that everybody plus the
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Economist Callam Pickering has published an interesting chart on Twitter showing that Australian retail sales are running three years ahead of their long-run trend thanks to COVID stimulus: The pandemic impact on retail spending is really quite remarkable. The graph below shows actual retail spending against likely spending if the pandemic hadn’t occurred. At pre-pandemic
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Just how bad is Chinese counter-party risk? Really, really bad can be the only possible answer. After just a few weeks of credit stress, Chinese authorities have folded like a deck of cards on China Huarong Asset Management: The PBOC is considering a $15bn bailout. The PBOC unit will effectively become a new bad bank
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In today’s investment webinar (LIVE 12:30pm AEST), MB Fund’s Chief Economist Leith van Onselen, Head of Investments Damien Klassen, and Head of Advice Tim Fuller are joined by property buyers advocate Catherine Cashmore to get an on the ground look at Australia’s housing boom. After a tumultuous 2020, that saw rocky and rebounding equity markets,
Shane Oliver, Head of Investment Strategy and Economics and Chief Economist, AMP Capital, with the note: Key Points: Australian home prices are currently in a cyclical upswing which likely has further to go into 2022. However, the longer-term bull market, that has seen above trend growth in property prices since the mid-1990s, may be close
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On Tuesday we reported Domain data showing that apartment rents across inner-Melbourne have plunged by between 15% and 30%: Today Domain reports that investors are growing tired of losing money and are now dumping Melbourne apartments at losses of more than 40%: Smaller apartments aimed at international students have suffered the biggest losses, but even
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