Markets: ASX discount doldrums

UBS says the local market is cheap but the slowing macroeconomic backdrop means earnings are unlikely to get a good lift anytime soon.

UBS’ David Cassidy is trying to sound bullish but is not succeeding.  

He notes that the 13.8 times expected earnings the S&P/ASX200 Index is currently trading at is a discount to its 20-year average of 14.3 times.

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