Escalating China-US trade tensions are impacting global markets with no resolution in sight. Brexit negotiations will continue to influence sentiment, particularly in Europe and the UK. Domestically, the August reporting season is likely to confirm disappointing results from those companies involved in the residential housing sector.
But we expect forward commentary from these companies will be more positive in light of recent interest rate cuts and the increasingly prevalent view that the housing market has troughed. In contrast, leading resource stocks that have enjoyed buoyant prices, especially for iron ore, may produce strong results but less buoyant outlooks given the increase in capacity as Vale ramps up production.
Article written 9 August 2019.
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