Westfield is leading the recovery in yield sensitive names, as bonds in the US rally and bond yields move lower. WFD, TCL, SYD & SCG are examples within the ASX top 50 that are currently finding renewed buying support.
It is somewhat of a surprise for the market, as investors were mostly betting on higher US interest rates. The surprise catalyst, was last week’s slightly weaker employment growth numbers, (based on market expectations), and flat growth in hourly wage numbers.
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TCL, SCG and SYD are current holdings within our ASX 50 model and WFD should only be considered as a counter trend trade with a stop loss below the recent low.
