Australian shares are poised to rise. Shares were mixed shortly at 1pm in New York with the Dow Jones higher, the S&P 500 little changed and the Nasdaq Composite lower.
Newton also said: “Rallies up to 5250-5300 look possible ahead of a possible late March pullback into April.” The benchmark was near 5174. Citigroup’s Chris Montagu said in a note that investor reliance on broad market participation for a healthy rally is “under strain”. In an update of its continuing survey of clients, JPMorgan notes that 71 per cent said they are more likely to decrease equity exposure over the coming days/weeks. Among the biggest risks seen for markets: 34 per cent pointed to expensive valuations, with inflation, geopolitics and slowing growth each at 18 per cent.
“All this is reminiscent of 2007, when all around were telling me I was wrong and should give up calling that much-delayed recession .”