The latest BetaShares Quarterly Global Market Review is now available. The report highlights that share prices are becoming expensive in outright terms, and corporate earnings downgrades are intensifying – both in Australia and globally. Despite this risk, share market valuations are closer to “fair value” given the low level of interest rates. We maintain our view the RBA will cut rates to 1.5% this year and the $A will reach US68c. We also continue to favour financials over resources and global equities over Australia in unhedged terms. This being the end of quarter, the report is our more detailed version, reviewing major asset classes in turn.