COVID-19 and rising yields create headwinds for listed property vehicles
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By tim boreham
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Listed property trusts in the challenged office and discretionary retail sectors are trading at discounts not seen since the global financial crisis, with a COVID-19 hangover and rising long-term bond yields also weighing on the sector despite a robust March performance.
The numbers also show a widening chasm between the market worth of most office and retail funds and the heady valuations of industrial funds exposed to the commerce and logistics, supermarkets and thriving “big box” retailers.
COVID-19 and rising yields create headwinds for listed property vehicles
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COVID-19 and rising yields create headwinds for listed property vehicles
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Feb 05 2021
During January the ASX200 ended the month virtually where it started with consumer discretionary and banks the standout sectors
-The ASX made gains of 0.3% in January
-Value outperformed growth
-FY21 expected to deliver 9.5%-plus earnings growth
-Policy and vaccine evolution underscore positive growth outlook
By Mark Story
Early to mid-January, stock market trading was dominated by returning optimism towards reflation and cyclically-led rotation opportunities. Following the US Georgia run-off election outcomes, US share markets hit record highs on the prospect of the Democrats winning both Senate seats.
Half way through the month, US President-elect Joe Biden announced a US$1.9trn economic stimulus package. US Federal Reserve chairman Jerome Powell also stated that the accommodative monetary policy stance would remain intact until the job was well and truly done.