T. Rowe Price Downgrades Australia Amid Global Earnings Boom

T. Rowe Price has shifted its global asset allocation positioning to underweight Australia across equities, bonds, and currency, while holding overweights to the US, Europe, Japan, and emerging markets as earnings broaden.

The committee maintains a modest equity overweight funded by a corresponding underweight to cash, which constitutes ordinary risk-taking and warrants little comment on its own.

The regional construction underneath carries the argument, since the committee holds overweights to the United States, Europe, Japan, and emerging markets while running Australia as its sole equity underweight.