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Some days equities really are amusing. The AFR today explains why Australia is different:

Tony Brennan, head of investment strategy at Citi suggests local stocks may be seen as fairly attractive.

…”For Australia, the direct economic and earnings consequences of Brexit appear minor, and seem to leave Australian markets relatively attractive in a global context,” writes Mr Brennan in a note to clients on Monday, adding that company earnings directly sourced from the United Kingdom and Europe only account fo a minor proportion of Australia’s overall market earnings.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.