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ASX: The wall of worry

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Fuseworks Media
Fuseworks Media

By Michael McCarthy (chief market strategist, CMC Markets)

Australian investors are set to climb the wall of worry. Strong overseas markets point higher, but local investors could be concerned by strong recent gains and the approach to the 2016 market ceiling. Weaker commodity prices after a crude tumble will also weigh on local sentiment.

Job numbers due this morning change the scenario. Although the reads are highly volatile and contentious, a monthly change well away from the forecast 10,000 increase could spark selling. The logic is torturous, but the market will likely fall on a much weaker number due to its economic implications, and fall on a strong number due to the implication of higher interest rates.

In company news, biotechs Mesoblast and Bionomics will both present at a healthcare conference, sand miner Iluka will detail its 2016 results and Transurban releases Q4 sales numbers. Investors may be kept on the sidelines ahead of important events this week, including a possible Bank of England rate cut and the release of China GDP data.

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