Australian Stock Report - Market Pulse

Midday Market Analysis: China Surprise Provides Boost

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Publish date: Wed, 01 Feb 2012, 02:02 PM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.

The Aussie market is slightly underwater heading into the afternoon session, currently 10 points (-0.2%) weaker, at 4250.

The IT, materials and utilities sectors are the hardest hit, whilst the consumer discretionary, healthcare and telco sectors are the only ones in the green.

In company news, AQP and ERA are suffering heavy falls – 10% and 8% respectively – after reporting their latest production numbers.

Elsewhere, Fairfax is up close to 9% following news last evening that mining magnate Gina Rinehart has bought nearly 8% of the company.

In economic news, China's PMI rose to 50.5 in January from 50.3 in December - higher than the median 49.5 economists had forecast.

The unexpected rise in the index will likely assuage market concerns about a slowdown in the world’s second-largest economy.

Around the region, Asian markets are generally stronger; the Hang Seng (+0.6%) and Nikkei (+0.2%) are amongst the best.

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Midday Market Analysis: China Surprise Provides Boost is a post from: Australian Stock Report Market Pulse Blog

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