The Australian market is flying today, with the XJO currently trading more than 2% higher on the back of the latest GDP numbers.

The Aussie economy grew strongly in the June quarter, rebounding from a contraction in the previous quarter.

Gross domestic product rose by 1.2% against an expected 1% increase in the June quarter, after falling 0.9% in the March quarter.

The Aussie dollar also received a boost from the GDP numbers, with the local unit rising from US$1.054 to US$1.058 (+40 pips) soon after the announcement.

Back to the equity market and we note that every sector is in positive territory, with financials and materials leading the charge.

In company news, Macquarie Group today provided further guidance for fiscal 2012 noting that conditions are particularly uncertain at the moment and that guidance is contingent on the completion of transactions.

Around the region, Asian markets are all trading higher; the Nikkei is the standout, up 1.5%, whilst the Hang Seng and Shanghai Composite are 0.7% and 0.4% stronger respectively.

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