28 May 20
Banks continue their run (EHL, MQG) **International Equities Portfolio Alert - Sell UNH US + Global ETF Portfolio Alert - Sell SLVP US**
28 May 20
Banks continue their run (EHL, MQG) **International Equities Portfolio Alert - Sell UNH US + Global ETF Portfolio Alert - Sell SLVP US**
28 May 20
Healthcare’s coming off the boil, where should we accumulate? (CBA, CSL, COH, RHC, ANN, RMD, FPH)
27 May 20
Banks surge, CSL stalls (WBC, CSL, BKL, STA)
27 May 20
Income Note: Stocks to benefit as we hit the road (APE, TCL, SUL, ALX, SIQ)
27 May 20
Overseas Wednesday – International Equities & Global Macro ETF Portfolios (WEB, WBC, JPM US, WFC US, UBS US, UNH US, IEM, BNKS)
26 May 20
ASX puts on another 3% as banks join in
26 May 20
Should we chase Australian Travel stocks? (WEB, FLT, QAN, SYD)
25 May 20
ASX puts on 2% to kick off the week (FLT, RHC)
25 May 20
Subscribers questions (FANG, BBOZ, SCG, RWD, XRO, BHP, AEI, MQG, CSL, MVP, AWC, ETHI, Z1P, NXT, GMG, OZL, JHG, VRT, TWE, WPL, SRG, ORE, OVT, FMG, OCG)
24 May 20
Market Matters Weekend Report Sunday 24th May 2020
The ASX200 finally managed to close the week up a couple of points courtesy of Fridays strong rally, a solid performance considering in many countries the sellers prevailed with the US S&P500 slipping -1.2%, while our neighbours in Asia closed mixed. Locally the losers actually outnumbered the winners but in terms of large moves we saw 9 stocks rally by over 10% while only 4 fell by the same degree. This and a firm banking sector was enough to keep the market in positive territory, although only just. Gold stocks dominated the winners, a sector we remain bullish and keen to increase our exposure across the MM Portfolios into any pullback.
The 4 worst losers on the week CIMIC (CIM) -18.8%, AMP Ltd (AMP) -16.5%, Perpetual (PPT) -11.7% and Oil Search (OSH) -10% all fell following disappointing corporate news. I feel like this reporting season will see a continuation of last week’s price action i.e. stocks that miss / disappoint will be crucified while those that report solidly are likely to rally by less than half of what the losers fall. Hence we believe its an ideal time to hold an elevated cash position awaiting some potential bargains.
1 – CIMIC (CIM) $36.57 - CIM shares were hammered after its first half results were released on Wednesday, a miss of ~7% led to an almost 19% rerating of the stock. There seems to be more at play here.
2 - AMP Ltd (AMP) $1.79 – AMP shares were smacked again after the company announced that the RBNZ had blocked the sale of its AMP Life business in NZ, this forced the board of the struggling finance company to cancel the cherished dividend in August.
3 - Perpetual (PPT) $37.70 – shares in the fund manager endured a bad week after reporting FUM (funds under management) numbers well below expectations.
4 - Oil Search (OSH) $6.67 – the oil producer fell after reporting its half year results with the share price not being helped by a weakening oil price and sector.
At MM we continue to believe it’s a time to be boring, or conservative, with our exposure to stocks and we are rejigging our portfolios accordingly. The chart below illustrates perfectly the huge rally Australian stocks have enjoyed since late December i.e. up over 25% with the largest pullback (s) along the way only ~3%.
Our “Gut Feel” is the local market still has a very good chance of making fresh 2019 highs in the weeks to come but for the traders amongst our subscribers we would be sellers of such strength if it eventuates.
We reiterate no sell signals have been generated by the ASX200 as the potential “rounding top” illustrated below in orange continues to evolve however US stocks are far closer to hoisting up the bearish flags. We should not be an ostrich and forget the relative value supporting equities into weakness i.e. term deposits are paying below 2% while Commonwealth Bank (CBA) is yielding around 5% fully franked.
At MM we remain in “sell mode” as we look to adopt a more defensive stance than over the previous 6-months; the specific thoughts and skews across our 4 Portfolio’s will be discussed later. Note a defensive stance largely dictates which sectors we are keen to own as opposed to piling into cash and / or going short. However we can generate Alpha / add value and make money in a falling market using negative facing ETF’s just as was implemented in Q4 of 2018.
In our opinion today’s market is all about interest rates, if they stay where they are we believe stocks are cheap, let alone if they actually fall further as many predict. Hence our almost fixation with bond markets at this stage of the economic and market cycle. Both Australian 3-year bond yields and the RBA cash rate have halved since the ASX200 corrected well over 20% in 2015/6, producing a subsequent huge positive tailwind for asset prices, including equities.
MM are not convinced of a 3rd rate cut in Australia this year but we do believe the downward trend by bond yields is intact.
Moving forward interest rates can go up, down or sideways with 2 out of 3 good news for stocks but with 3-year bond yields hovering below that of the RBA Cash Rate the implication is the RBA will cut again moving forward, importantly not raise. Local bond yields may have slowed their descent but we still feel the path of least resistance is down so we are not standing Infront of this train just yet. Although subscribers should remain cognisant of the 2 risks which we see evolving in the months ahead:
1 – Global equities tumbled in Q4 of 2018 due to concerns that the Fed would raise rates too far and push the US into a recession, Australian bond yields / interest rates were largely unmoved over the same period, once stocks get a “a bee in their bonnet” its best not to fight the tape. Its been a while since stocks have been sideswiped by a surprise event.
2 – Markets become concerned that central banks will not be able to prevent a recession, even with their combined attack of interest rates and QE.
Equities with sustainable yield remain arguably cheap with interest rates at current levels – term deposits are paying way under half of the average yield of the ASX200.
Comparative Australian interest rates / bond yields Chart
US bond yields have bounced slightly over the last week as the probability of a 0.5% rate cut by the Fed has been pulled back from 40% to just above 20% but basically everybody expects 0.25%. This moderated dovish optimism leaves less room for dramatic disappointment although I do feel we need to see the full 0.5% for stocks to roar back towards fresh all-time highs.
The correlation we looked at last week is continuing to flash warning signals for US equities, the last 18-months rally by US stocks has been strongly correlated to “cheap money”, often called junk bonds - the S&P500 and iShares IBOXX ETF (HYG US) have moved in almost perfect tandem but the later has now been falling for the last 4-weeks.
MM is becoming increasing wary of US stocks after they have reached our targeted 3000 area, especially while Junk Bonds are feeling heavy.
US S&P500 & Junk Bond ETF (HYG US) Chart
In the previous Weekend Report we discussed how over the last 12-months the Australian resources had become a game of 2 halves i.e. iron ore and the rest. Last week In a timely fashion we witnesses some mean reversion in this play between the bulk commodity and base metal nickel, the moves had a dramatic impact on the underlying stocks – while Fortescue Metals (FMG) slipped -0.9% nickel producers Independence Group (IGO) +9.1% and Western Areas (WSA) +20.2% soared, the obvious question is has this horse bolted.
1 - MM remains wary of iron ore short-term but we are still keen buyers into a decent pullback e.g. FMG closer to $8.
2 – Last week’s rally by nickel has triggered our interest in both WSA and IGBO but ideally a few % below last weeks close.
Comparing Nickel & Iron Ore Chart
The 2 strategies we’ve outlined recently remain at the front of our minds with regard to both sector allocation and the macro back drop for stocks:
1 – Investors have been chasing the obvious and usual suspects in their hunt for yield, we believe these stocks have generally become too expensive thus the secondary (not necessarily in quality) less familiar “yield play” stocks will come to the fore and outperform.
2 – The market is expecting a recession but it’s not currently pricing the risk into share prices. Investors were far more afraid of a recession because of higher rates than one which unfolds when rates are already low – this makes no sense to us because central banks have far less ammunition to deal with economic issues if they unfold today as rates are already at extremely low levels.
Hence we are keeping a close eye on stocks / sectors that usually outperform during a recession.
1 – The MM Growth Portfolio
We continued to tweak the MM Growth Portfolio largely as flagged in previous reports - we took a great profit on Ausdrill (ASL) and bought gold ETF (GDX AXW) plus we switched Commonwealth Bank (CBA) into the less popular ANZ Bank (ANZ) – I feel a bit naked not owning CBA but I am confident we will re-enter at more favourable levels later in 2019/20.
Our cash position remains at a very elevated 23% as we await opportunities from the looming reporting season: https://www.marketmatters.com.au/new-portfolio-csv/
As touched on earlier we have no sell signals for stocks at this stage but we are becoming increasingly cautious with both our own and especially US indices, hence we feel the prudent risk / reward strategy is to continue slowly moving to a more defensive skew over our portfolio.
Following the last few weeks ongoing repositioning we still have a number of stocks that we are considering switching out off, and obviously into, below is the updated list:
Holdings MM is considering selling - Healius (HLS), NIB Holdings (NHF) and Janus Henderson (JHG).
Stocks MM is considering purchasing – Adelaide Brighton (ABC), Elders (ELD), Chorus (CNU), Smart Group (SIQ) and Sigma Healthcare (SIG) plus of course increasing some of our existing holdings.
Expect MM to continue “tweaking” our Growth Portfolio although I do still feel we are certainly more than half way along the path.
*watch for alerts over next few weeks.
Sigma Healthcare (SIG) Chart
Below is a quick snapshot of the stocks currently on our by radar:
1 – Adelaide Brighton (ABC), building company ABC has had a tough 12-months which has seen its shares halve due to the fall off in construction but we believe this is a quality business whose shares are now presenting decent value, our initial target is 15-20% higher.
2 – Elders (ELD), soared last week after successfully raising capital to takeover of AIRR. ELD had been on our radar for a while, we have now raised our level of interest to the $7 area.
3 – Chorus Ltd (CNU), the NZ telco was previously the golden child of the sector but its quickly fallen 14% from its high in 2019. We see value presenting itself below $5 where the yield will become a healthy 5% unfranked.
4 - Smart Group (SIQ), the main thing holding us back with this salary packaging business is the stocks turnover but we do like the business at todays levels.
5 - Sigma Healthcare (SIG), a similar issue to SIQ with volume but we like the shares at today’s prices; one option is a reduced position size in SIQ and SIG, allocating say only 2.5% in each.
Chorus Ltd (CNU) Chart
2 MM Income Portfolio
The Income Portfolio https://www.marketmatters.com.au/new-income-portfolio-csv/ was further tweaked last week by MM, we switched CBA to ANZ in the same manner as our Growth Portfolio while our cash position remained at 6%.
Again no major change, until we see any indication that bond yields have bottomed MM sees no major reason to significantly reduce our large market exposure, or re-position / skew holdings towards higher rates i.e. why hold cash in today’s market when yield / income is your objective.
The RBA Cash Rate Chart
3 – International Equites Portfolio
Last week we added the ProShares Bearish S&P500 (SH US) ETF to our MM International Equities Portfolio leaving us still holding 70% in cash : https://www.marketmatters.com.au/new-international-portfolio/ .
We are again considering a couple of very different positions:
1 – Sell Netflix (NFLX US) and take the loss, Walt Disney (DIS US) after an awesome run is now also looking average increasing my concerns around the streaming businesses, at least short-term.
2 – Cigarette and tobacco company Phillip Morris (PM US) is highly likely to have a large number of detractors and rightly so, I am just looking at the business from a valuation and risk / reward perspective. A 15-20% rally looks likely.
3 – IBM (IBM US) reported well on Friday night and we believe the household name is now positioned well to at the very least outperform the index.
At this stage I can see us switching from NFLX into IBM.
International Business Machines (IBM US) Chart
Phillip Morris (PM US) Chart
One stock which interestingly caught my eye on the weekend was Warren Buffets Berkshire Hathaway, if I was trading this stock I would be short with a tight stop above this months high, it looks poised to retest this year’s low.
Berkshire Hathaway Class A (BRK/A) Chart
4 - MM Global ETF Portfolio
No change last week with MM’s new Global ETF Portfolio - so far we have tickled on 3 positions, long both the $A and gold, plus we have started building a short equities position leaving us 80% in cash. Construction of this portfolio like our International Portfolio one will be a slow and patient process. We are currently keeping an eye on 2 other scenarios:
1 – We like concept of Australian equities outperforming the US NASDAQ index, watch this space as we believe this elastic band has stretched way too far between the two, see chart below.
To play this we would buy the BetaShares (A200 AU) to capture exposure to the ASX200 while also buying the ProShares Short QQQ (PSQ US) to gain inverse exposure to the NASDAQ.
2 – We are looking for a short-term opportunities in the bond markets but at the moment no risk / reward opportunities we like are presenting themselves.
ASX200 v NASDAQ Chart
Short-term Australian stocks still look ok but we continue to feel it’s time to adopt a more conservative stance, hence we are likely to continue tweaking our portfolios accordingly in the weeks ahead.
US stocks will trigger a sell signal with a break below the 2960 by the S&P500 (less than 1% away), alternatively if US stocks turn around sharply and make fresh all-time highs we are likely to add to our negative US equities ETF’s.
Gold still looks great and we want to increase our exposure to the sector if / when pullbacks unfold.
*Watch for alerts.
Chart of the week.
Financial platform provider HUB24 has been a great performer over the last few years but recent months has seen a sharp 25% correction although the stock continues to trade on a very large valuation. Last week the company announced an impressive update indicating net inflows on an annual basis above 60% to almost $4bn but the solid numbers failed to ignite the market.
We remain bearish HUB initially targeting 10% further downside.
HUB24 (HUB) Chart
Investment of the week.
A tough one this week between CNU and ABC, both mentioned earlier on the shopping list for our Growth Portfolio. We finally selected ABC as we like it now as opposed to ~5% lower for CNU. One of the definite attractions to the building products business is its lack of correlation to the ASX200, or low Beta.
MM is bullish ABC initially targeting the $5 area.
Adelaide Brighton (ABC) Chart
Trade of the week.
We have discussed a few trades in today’s report hence we felt this was an ideal opportunity to look at something totally different, we have chosen energy stock Oil Search. The stock fell last week even after a large production increase plus recently we’ve heard takeover speculation muted from Santos and when stocks fall on good news MM does not stand in the way.
MM is bearish OSH with an initial target ~10% lower.
Oil Search (OSH)Chart
Our positions as of Friday. All past activity can also be viewed on the website through this link
Weekend Chart Pack
The weekend report includes a vast number of charts covering both domestic and international markets, including stock, indices, interest rates, currencies, sectors and more. This is the engine room of our weekend analysis. We encourage subscribers to utilise this resource which is available by clicking below.
Have a great day!
James & the Market Matters Team
Market Matters may hold stocks mentioned in this report. Subscribers can view a full list of holdings on the website by clicking here. Positions are updated each Friday, or after the session when positions are traded.
All figures contained from sources believed to be accurate. Market Matters does not make any representation of warranty as to the accuracy of the figures and disclaims any liability resulting from any inaccuracy. Prices as at 20/07/2019
Reports and other documents published on this website and email (‘Reports’) are authored by Market Matters and the reports represent the views of Market Matters. The MarketMatters Report is based on technical analysis of companies, commodities and the market in general. Technical analysis focuses on interpreting charts and other data to determine what the market sentiment about a particular financial product is, or will be. Unlike fundamental analysis, it does not involve a detailed review of the company’s financial position.
The Reports contain general, as opposed to personal, advice. That means they are prepared for multiple distributions without consideration of your investment objectives, financial situation and needs (‘Personal Circumstances’). Accordingly, any advice given is not a recommendation that a particular course of action is suitable for you and the advice is therefore not to be acted on as investment advice. You must assess whether or not any advice is appropriate for your Personal Circumstances before making any investment decisions. You can either make this assessment yourself, or if you require a personal recommendation, you can seek the assistance of a financial advisor. Market Matters or its author(s) accepts no responsibility for any losses or damages resulting from decisions made from or because of information within this publication. Investing and trading in financial products are always risky, so you should do your own research before buying or selling a financial product.
The Reports are published by Market Matters in good faith based on the facts known to it at the time of their preparation and do not purport to contain all relevant information with respect to the financial products to which they relate. Although the Reports are based on information obtained from sources believed to be reliable, Market Matters does not make any representation or warranty that they are accurate, complete or up to date and Market Matters accepts no obligation to correct or update the information or opinions in the Reports. Market Matters may publish content sourced from external content providers.
If you rely on a Report, you do so at your own risk. Past performance is not an indication of future performance. Any projections are estimates only and may not be realised in the future. Except to the extent that liability under any law cannot be excluded, Market Matters disclaims liability for all loss or damage arising as a result of any opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report not withstanding any error or omission including negligence.
Financial Services Guide
Date prepared: Wednesday, 22 November 2017
Last update: Friday, 25th October 2019
About this Financial Services Guide (FSG)
This FSG provides you with key information about a range of subscription services offered by:
Marketmatters Pty Ltd (Market Matters) Australian Financial Services Licence No. 488798 ABN (20 137 462 536)
Level 29, Chifley Tower, 2 Chifley Square Sydney 2000
T: 1300 301 868
E: [email protected]
In this FSG, “we”, us” and “our” refer to Market Matters.
Market Matters holds Australian Financial Services Licence No. 488798 (AFSL) and is responsible for any financial services that we provide to you.
This AFSL was issued on 8th September 2016.
The purpose of this FSG is to provide you with information about:
Market Matters operates a website, www.marketmatters.com.au (Website), where customers may, for the payment of a subscription fee, access certain financial information and general advice. In particular, the Website provides:
This FSG relates only to the Website Services.
What financial services we can offer in connection with the Website Services
As holder of AFSL number 488798, in connection with the Website Services we are authorised to provide general financial product advice to both retail and wholesale clients in relation to the following financial products:
The Website Services are comprised of general advice only. That is, none of the advice given on the Website or by provision of the Website Services takes into account any of your objectives, financial situation or needs (Your Personal Circumstances). Before acting on any of the information, advice or Website Services, you must consider the appropriateness of this information in light of Your Personal Circumstances and, if necessary, consult a financial adviser before making any investment decision.
If you are seeking to acquire a specific financial product or security, you should obtain a copy of and consider the Product Disclosure Statement or Prospectus for that product before making any investment decision.
The Website does not provide a trading platform or access to a trading platform. There is no ability to purchase or sell financial products through the Website.
How do I access these services?
You can access these services by going to www.marketmatters.com.au and following the prompts and steps required to sign up for membership. Please read all terms and conditions carefully.
Fees and benefits payable to us and our associates
The Website is a subscription-based service. A yearly fixed subscription fee is payable to Market Matters when you subscribe to the Website which will vary depending on the type of subscription for which you subscribe. At the date of this FSG, the yearly subscription fees are as follows:
Platinum: $1,238 for 12 months
Platinum: $1,993 for 24 months
Subscription fees vary from time to time and are provided on the Website.
The Website does not currently feature third party advertising. Market Matters reserve the right to advertise at a future time for which they may receive remuneration. Any such advertising will be independent of any other content on the Website.
All representatives of Market Matters (Market Matters Staff) receive a salary paid by Market Matters. Market Matters Staff may also receive performance-based bonuses which are based on profitability, the number of subscribers and subscription renewal rates.
Where we refer you to a third party financial services provider, we may receive a referral payment. This referral payment may be a percentage of the fee’s charged by the financial services provider between 0% and 25%, or a fixed amount. These referral payments are made by the financial services provider to Market Matters and are not an additional cost to you.
How do we manage potential conflicts of interest?
Market Matters have implemented policies and procedures to mitigate the risk of conflicts of interest. These include:
Market Matters Staff and Contributors are encouraged to express independent views and opinions on the topics they write about. This is established through ongoing training, external audits and our conflict of interest and staff trading policies. Market Matters Staff are required to serve the best interests of the subscribers, without consideration of any commercial or personal interests.
How is my personal information dealt with?
If you have a complaint about our services, you should take the following steps:
Contact us and discuss the complaint directly. If you do not feel comfortable discussing the complaint with us or your complaint is not satisfactorily resolved within 2 business days, please telephone Market Matters, on 1300 301 868 and ask to speak with the Complaints Officer. We suggest you put your complaint in writing at this time so that the issues are fully documented and understood by the parties. Your complaint should be addressed to:
The Complaints Officer
Level 29, Chifley Tower,
2 Chifley Square Sydney NSW 2000
Market Matters will review your complaint within 45 days and attempt resolution. If you are still not satisfied with the outcome, you may take your complaint to an external dispute resolution scheme. Market Matters is a member of the scheme operated by the Financial Ombudsman Service. You should write to:Australian Financial Complaints Authority Limited (AFCA)
You may also wish to consult ASIC in relation to your complaint. ASIC’s website contains information on complaining about companies and people and describes the types of complaints handled by ASIC. You can contact ASIC on its free call infoline:
Tel: 1300 300 630 or email [email protected]
We maintain professional indemnity insurance to cover our employees and Authorised Representatives (including us) for the financial services they provide, having regard to the following:
If you require further information about these compensation arrangements please contact us.
Terms and Conditions
This website, www.marketmatters.com.au, is published by Marketmatters Pty Limited (ABN 20 137 462 536) ('Market Matters', 'MM', 'us', 'we', 'our') Australian Financial Services Licence 488798
Financial Services Guide
Market Matters Financial Services Guide (FSG) is located here, and contains important information about the financial services provided by Market Matters. You must read our FSG and consider it in the context of your Personal Circumstances before acting on any advice. By accepting the terms and conditions you are acknowledging that you have read the FSG.
Provision of the Reports
Reports and other documents published on the Market Matter’s website (‘Reports’) are authored by Market Matters. The Reports represent the views of Market Matters based on technical analysis of companies, commodities and the market in general. Technical analysis focuses on interpreting charts and other data to determine what the market sentiment about a particular financial product is, or will be. Unlike fundamental analysis, it does not involve a detailed review of the company’s financial position.
The Reports contain general, as opposed to personal advice. That means they are prepared for multiple distribution without consideration of your investment objectives, financial situation and needs (‘Personal Circumstances’). Accordingly, any advice given is not a recommendation that a particular course of action is suitable for you and the advice is therefore not to be acted on as investment advice. You must assess whether or not any advice is appropriate for your Personal Circumstances before making any investment decisions. You can either make this assessment yourself, or if you require a personal recommendation, you can seek the assistance of a financial advisor.
The Reports are published by Market Matters in good faith based on the facts known to it at the time of their preparation and do not purport to contain all relevant information with respect to the financial products to which they relate. Although the Reports are based on information obtained from sources believed to be reliable, Market Matters does not make any representation or warranty that they are accurate, complete or up to date and Market Matters accepts no obligation to correct or update the information or opinions in the Reports.
If you rely on a Report, you do so at your own risk. Any projections are estimates only and may not be realised in the future. Except to the extent that liability under any law cannot be excluded, Market Matters disclaims liability for all loss or damage arising as a result of any opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report notwithstanding any error or omission including negligence.
Past performance is not a reliable indicator of future results. Brokerage costs have not been included in the calculation of performance. As financial products rise and fall in value, returns may be negative. Performance figures are not intended to be a forecast. Market Matters does not guarantee the performance of or returns on any investment.
Employees and/or associates of Market Matters may hold one or more of the stocks reviewed on this website.
Subscriptions and Subscription Prices
To access premium content available on the Market Matters website you may initially subscribe through the complimentary trial which provides you full access to all services for the trial period. You are limited to two trials after which you must subscribe to one or more membership categories available on the website or direct with Market Matters before you can trial the service again, three months after the expiry of your second trial.
To subscribe to Market Matters services and access to the website you may go to the Memberships page of the website, provide the information marked as ‘Mandatory’ and select the payment option for the price quoted (at the time of your transaction) or contact the team directly at Market Matters by phone or email. You will then receive a verification email from Market Matters indicating that your subscription and payment have been accepted and you will be able to access the premium content.
Prices published on the Market Matters website are quoted in Australian Dollars (AUD) and are inclusive of GST and/or all other duties and taxes. Market Matters has used reasonable endeavours to ensure that prices for subscription to its services are published accurately on the website but these prices are subject to change and Market Matters reserves the right to change these prices and will notify you of any increase by email (with the price increase to apply from the time the next payment is due).
Marketmatters Pty Ltd (ABN 20 137 462 536) will issue a tax invoice to paying subscribers in relation to any supply that is subject to GST in accordance with A New Tax System (Goods and Services Tax) Act 1999.
Any member is entitled to cancel their membership at any time. In the event a member does wish to cancel their subscription, cancellations must be notified in writing to:
Level 29, Chifley Tower, 2 Chifley Square, Sydney NSW 2000
or by email to: [email protected]
All cancellations of month-by-month subscriptions will be cancelled and not billed again the following month.
All cancellations within 14 days we be entitled to a full refund. Any introductory gifts, such as, but not limited to; iPads, Fitbit watches, Apple watches, Google Homes, must be returned in their original condition before a refund will be made.
All cancellations made after 14 days of subscription commencement will not be entitled to a refund unless in the event of extenuating circumstances, at the sole discretion of Market Matters.
Subscriptions will automatically renew on the expiry date of current subscription. In these instances the subscription will be renewed at the current rate published on the Market Matters web site, using the same credit card that paid for the initial subscription, unless otherwise requested by the subscriber. A subscriber who wishes to cancel after being renewed in this way will have a “14 day cooling off period” in which they can request to discontinue and will receive a full refund for the renewal payment, this can be done in writing to:
Level 29, Chifley Tower, 2 Chifley Square Sydney 2000
or by email to: [email protected]
Market Matters has not reviewed any of the websites which link to this website or to which this website links. Market Matters is not responsible for the content of any other website or pages linked to or linking to its website. Following links to any other websites or pages shall be at the user’s own risk.
Copyright © 2018 Marketmatters Pty Ltd (ABN 20 137 462 536). No part of this website, or its content, may be reproduced in any form without the prior consent of Market Matters.
This Agreement is governed by and is to be construed in accordance with the laws of New South Wales, Australia. You agree to the non-exclusive jurisdiction of the courts of New South Wales, Australia in respect of any proceedings concerning this Agreement. This website is not available to US and/or EU persons and by accepting these terms you confirm that you are not a US and/or EU person.