Not Bovvered
Since the close on the ASX yesterday, Sydney’s lockdown has been extended by a month. It comes as little surprise, given yesterday’s case-count marked a new record.
It doesn’t seem to bother the stock market. The ASX200 did nothing but rally yesterday after the 11am announcement to be up 50 points at lunchtime, despite looking on Monday like it might play the week’s events cautiously.
Did the market rally
because there was no lockdown extension announced at 11am despite record cases? Hard to believe, given the market has done nothing but rise over the whole lockdown period to date. Victoria and SA are now both out, so there’s a counter as well.
Office focused ASX real estate shares appear unfazed by new COVID wave fool.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com.au Daily Mail and Mail on Sunday newspapers.
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By Mark Woodruff
Real Estate: Fresh perspectives
In the early stages of a post-covid world, some fresh real estate perspectives from Morgan Stanley alleviate some concerns around suburban offices and highlight that residential intentions remain bullish. There is, however, another reason to be cautious on retail mall landlords, when they have high exposure to Melbourne/Victoria assets.
Of the office workers surveyed by the broker, 28% flagged that their employers have taken up more space since returning to work from covid versus 25% who have taken less, suggesting office pessimists may be too bearish.
Property investors on edge as lockdowns threaten market gains afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.