13 September 21 - Week Ahead, Profit-Taking  | Infratil Update Global markets were mostly lower on Friday with the US market (S&P 500 index,-0.8%) falling for a fifth straight session. US equities declined on the day as investors weighed slightly higher than forecast US producer prices data as well as comments from the Fed’s Loretta Mester that the US Fed should begin tapering asset purchases this year despite the weak August jobs report. More broadly, we think the last week is just profit-taking – following a strong and unbroken 7-month rally since the start of the year, as investors weigh up concerns regrading “record high” valuations, softening economic growth, and central bank tapering for stimulus. So far, this is nothing to be concerned over and a short term retracement is not to be unexpected in our view.   In stock news, Apple fell -3.3% after a judge ruled against them in a  dispute against Epi...