Global markets experienced their biggest drop in a month overnight, with particularly high levels of volatility being experienced in the Technology sector. Tech stocks, which have led the S&P 500's record run this year, have pulled back recently after some investors questioned the sector's high valuations and moved into more defensive sectors. At the same time Financials held up well as investors rotated into the banks, following positive bank stress results and a move higher in US interest rates.
Closer to home, both the Australian & NZ markets rallied strongly yesterday although we would expect markets to retrace today following global moves.
ATM is generally positive on the retirement village sector given the compelling demographic tailwinds from an aging population, which remains one of our key investment themes. ATM expects to observe a structural pick-up in demand for aged care goods & services as the baby boomers near retirement.
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Stock Markets, Simplified.