麦格理-亚太地区-股票策略-澳大利亚股票策略：随着复苏加速，保持周期性偏好-2020.1.22-24页.docxVIP

/research/disclosures. 22 January 2020 Australia EQUITIES Global recovery accelerated in late 2019 Markets say momentum building in 2020 Equities bull market already into 2nd year ASX stock returns have been strong since the Fed’s balance sheet expanded again Source: FactSet, Macquarie Research, January 2020 Analysts Macquarie Securities (Australia) Limited Matthew Brooks, CFA +61 2 8232 1982 matthew.brooks@ Australian Equity Strategy Maintain cyclical bias as recovery accelerates Key points Key points ? The US recovery is accelerating, with an imminent shift to Expansion. ? Despite hi