Key points ? The US recovery is accelerating, with an imminent shift to Expansion. ? Despite high valuations we maintain a cyclical bias given accelerating momentum, and until we lap the first RBA/Fed cuts from mid-2019. ? Resource still well positioned, with preference for BHP, FMG and RIO. 22 January 2020 Australia EQUITIES Global recovery accelerated in late 2019 Markets say momentum building in 2020 Equities bull market already into 2nd year ASX stock returns have been strong since the Feds
