I am thinking it might be a general capital flow (outflow) story. ... 10 year bond been sold off quite a bit in recent days and am starting to think a number of the big instos have decided the rate cut cycle is now over in Australia so repatriating funds.
Just a theory I had heard was on the cards once the indicators were there that you could no longer count on capital appreciation in the 10 yr bond.
Surely the psychology of the easing cycle ending will impact the consumer - so possibly the equity market is simply looking forward. Consumer sentiment not great right now in any case.
All IMHO
I am thinking it might be a general capital flow (outflow)...
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