MARKETS SPECTATOR: Brakes on a bull run?

The Australian stock market is trading at a substantial premium in a global context and relative to earnings, but the bull run may be about to end.

Few paid to opine about stocks seem to think the market can make further substantial gains.

Yesterday, UBS strategist David Cassidy told reporters the Australian stock market was a “decent premium” versus the MSCI World Index on a one-year forward IBIS consensus earnings forecast.

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