ASX200 Index Target December 2017 = 5500 – 5600

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The ASX200 at 5440 at end November, provided a strong monthly return of 2.8% after the weakness evident from August to October. We see modest price appreciation prospects in the next 12 months as profit growth is delivered, partly offset by PE Ratio de-rating as bond yields move higher. Given US policy uncertainties (and the risks of a US policy mis-step), volatility risk is higher than normal, in our view.

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