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19 Jun 2023

Shaky sentiment

• Negative vibes. US on holiday, but European equities dipped & bond yields rose. Hawkish central bank rhetoric was a factor.• China stimulus. Lack of an announcement by China on a stimulus package also weighed on sentiment. We think markets are too ‘bulled up’ about China stimulus.• AUD softer. AUD has given back a little ground. RBA meeting minutes released today. RBA’s Kent & Bullock also due to speak. With the US on holiday it was a relatively quiet night for markets, though risk appetite has been softer across those that were open. European equities dipped (EuroStoxx600 -1%), oil prices...

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