2. Important Information. This publication has been prepared for distribution to professional financial advisers only and is intended to provide general information. It is not intended to be distributed or made available to existing or potential investors. AllianceBernstein and AXA Australia does n
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2. 2 Important Information
3. 3 Investment Market Backdrop Global economy is firmly in expansion mode … the US leads the way
Companies are deploying their excess cash
Despite recent gains, equity market returns could be substantial from here - cheap valuations, balance sheet strength, lean operating structures are all supportive
New/existing risks are unlikely to derail the positive investment backdrop
4. Australia Has Been A Relative Winner In The 2000 and 2008 Corrections
5. Australia Also Held Up Better In 1989
6. But This Has Not Always Happened
7. 7 The US Has Moved Into Expansion Mode
8. 8 US Firms Need to Upgrade Capital Equipment
9. 9 US Firms Have the Ability to Spend on Capital Equipment
10. 10 US Firms Are Now Willing To Invest On Capex
11. 11 US Companies Start Hiring Again
12. 12 US Consumers Have Deleveraged and Start Spending Again
13. 13 European Growth Is Very Unbalanced – Germany Is Booming
14. 14 Why Peripheral Europe Will Not Fail – Germany to the Rescue
15. 15 Food Inflation Should Ease In Coming Months
16. 16 "Ghost Cities Do Exist"
17. 17 4th Poorest Province in China
18. 18 "Ghost Cities Do Exist"
19. 19 Home to Four Nuclear Reactors
20. 20 "Ghost Cities Do Exist"
21. 21 Wealthy Coal Miners Stash Their Cash
22. 22 Is the China Property Market Oversupplied? No!!
23. 23 India Remains Capacity Constrained
24. 24 Corruption Weighs on India's Growth
25. 25 Australians Have Become A Nation Of Savers
26. 26 Australia Enters A New Growth Phase
27. 27 Conditions Are In Place for an Exceptional Value Recovery
28. 28 The Great Cash Giveback Is Just Getting Started
29. 29 Equity Market Valuations Are Enticing
30. Key Messages Australia still remains a relative winner
The “new” US is emerging
European core will hold its own
China has significant medium term challenges
Australian equities still have a legitimate role in portfolios – check weights
31. Australia Has More Time In The Sun Yet