Broker Valuations, page-44

Yes, at a macro level, I agree. Although, I think the odds have significantly shifted towards a Biden victory over the last week or so. Unless the polls are significantly wrong, it should be a democrat clean sweep. If this is the case, a fair bit of the uncertainty has been removed and markets have started to bake this in. My contacts in The States have confirmed this. If this happens, you will see a very large stimulus bill being pushed through by the Dems which is + for growth and energy demand.

SXY exposure is predominantly Oz focused, however. With a stable liberal government in place, a strong focus on growth ( yesterdays budget confirms this) and a gas led recovery, you would think the outlook is pretty + from here.