Australian shares appear set to edge lower at the open, though sentiment is positive. Bitcoin bounces. China PMI data ahead. Follow updates here.
P 500 Index’s 6.6 per cent surge last week was music to bulls, Goldman Sachs’s Christian Mueller-Glissmann and colleagues are curbing their enthusiasm.P 500 gain was one of the sharpest equity rallies on record, the 19th largest weekly return since 1950, noted Mueller-Glissmann.
In addition, Mueller-Glissmann said macro data has disappointed the most in China and the US, where manufacturing surveys and housing data have been weak. “That said, our US economists think that the slowdown in job openings, consumer spending, and broader growth momentum is so far consistent with slower but not recessionary growth - unless new negative shocks materialise.
“The very bearish starting sentiment and positioning - in particular of systematic investors - might have also contributed to the speed of the rally.”
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