Australian Stock Report - Market Pulse
Midday Market Analysis: The Fade is in
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Publish date: Mon, 06 Feb 2012, 01:40 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 faring well so far today, currently trading 45 points (+1.1%) higher, at 4295.
The materials and IT sectors are the best performers, whilst the utilities and consumer staples are the laggards.
In company news, Downer EDI is up more than 7% after announcing the Reliance Rail financial restructuring, whilst GBG is 6% stronger after securing a contract worth approximately $750 million over six years.
In economic news, retail sales unexpectedly fell in December, coming in at -0.1% against an expected 0.2% rise.
The soft Christmas period numbers bolster the case for a rate cut at tomorrow’s RBA board meeting, adding to recent indications that the Australian economy is slowing down.
Around the region, Asian markets are mainly stronger; the Hang Seng is up 0.6% whilst the Nikkei is 1.1% higher.
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