MARKETS SPECTATOR: Easing pleases yields

QE the world over continues to spur the hunt for high-yield stocks, but miners are less likely to be the targets.

“Don’t fight the Fed” is a well known maxim in markets. If you add the Bank of England, the European Central Bank and the Bank of Japan, each of whom have lowered interest rates to historic lows while printing trillions of dollars in an effort to stimulate economic activity, there is little doubt that money will flow into Australian stocks that offer yield.

Bank shares seem likely to benefit from the global search for yield, along with a wide swathe of other shares such as Tabcorp, Telstra, real estate investment trusts, ASX Ltd and AMP.

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