The key points are:
Over the long-term Australian shares have been a relatively strong performer, but it does go through relatively long periods of out and underperformance versus global shares.
We see more upside in Australian shares supported by the return of profit growth. And its underperformance over the last 16 years is getting long in the tooth.
Nine key charts worth watching are: business conditions PMIs; US tariffs; inflation; inflation expectations; profit growth; share market valuations; the rotation trade from tech to non-tech shares; the $US; and geopolitical risk. At present they are sending mixed signals.