| Far from expecting a customary Santa rally, investors should be bracing for the most torrid new year since the global financial crisis. Having been more than 3 per cent higher at one stage, the local bourse looks to be ending the year around 3 per cent lower and there are few obvious catalysts.
As IG Markets notes, a key buffer against the GFC — strong commodity prices — is sadly absent this time around. “2015 will be a tough year for the ASX,’’ the firm says. “Earnings per share growth looks like being severely affected by the downturn in commodities while defensive and bank stocks either look fully valued or will embark on a fiscal streamlining (cost cutting) to drive EPS growth.’’..............................................Full Article: Source
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