Australian shares are poised to slip, tracking modest weakness on Wall Street. Cocoa extended its surge — surpassing $US9000 a tonne for the first time ever — as a supply crunch grips the market and chocolate makers grapple for beans, Bloomberg report. Futures are up about 50 per cent this month alone and have more than doubled already this year.
“Overall, if central banks turn out to be more dovish than currently projected, but without this being accompanied by growth disappointments, present equity multiples could be defended. However, if activity momentum, and in particular earnings delivery, disappoints, and central banks end up more reactive than proactive, then we think that equity multiples would need to fall.” In a pivot, JPMorgan said its risk-on call on Chinese equity for March now faces pullback.
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