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Markets: Sentiment is already bullish – ANZ

According to analysts at ANZ, market sentiment change that occurred late last year is broadening.

Key Quotes

“Global equities continue powering to fresh all-time highs, fuelled by lower interest rates and the Phase One trade deal. It has now been 69 days since a 1% pullback in the S&P 500; and on most traditional multiples, equities look expensive.”

“Sentiment is already bullish and positioning looks one-sided, so there is an open question about the sustainability of an already-crowded reflation trade. Some answers may come from the start of the US earnings reporting season, in what is otherwise a relatively light week for economic data.”

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