Stocks bounce may prove premature, warns Perpetual

P 500 fell 2.1 per cent on Monday, its worst session in more than two months, as investors braced for Fed chairmanThings haven’t fared much better locally: the SMr Pezzullo put July’s stunning comeback down to a “bad news is good news” mentality, whereby rising expectations of recession mean that central banks will need to cut interest rates again.

He also bought into the sell-off in BHP Group, which now represents Perpetual Equity Investment Company’s largest holding. He also likes copper miner 29Metals, which benefited fromIn financials, the LIC is putting stock in the insurance sector rebound, noting the tightening cycle in premiums.

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Why the market’s relief rally looks like it’s overStrategists have warned that the bounceback in shares over recent weeks was a bear market rally and a more sustained downtrend may have resumed.
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