ASX rally goes into reverse as investors dump banks

NAOS Asset Management chief investment officer Sebastian Evans noted that it was generally better "to own a bank when rates are on the way up", and added that there was little on the ASX to entice investors. "It's very hard to paint a very optimistic picture on the economy," Mr Evans said. "I don't think were are going into a recession, but when you are paying 16 or 17 times earnings for most industrial stocks, with that background it's hard to get excited." Read more