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Defensive stocks close to correction, warns Citi
Mar 3, 2017 - Australian Financial Review

Bond proxies have been among the hardest hit stocks over the past months as markets bet on reflation, but that doesn't mean they're cheap.

Investment strategists at Citi have warned of a correction in Australian defensive stocks, which are still trading well above decade price-earnings (PE) averages and are highly vulnerable to rising interest rates and bond yields.

Bond proxy stocks soared in the wake of the global financial crisis, as investors fled to safe dividend flows as intere

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