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Midday Market Commentary: GDP disappoints

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Publish date: Wed, 07 Mar 2012, 02:53 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.

Midday Market Analysis" GDP Disappoints

The Aussie market is taking its lumps today, following on from the bearish leads provided by international markets last night.

The XJO is currently down 40 points (-1%), at 4170.

All but one sector is in the red, with materials, healthcare and industrials bearing the brunt of the selling.

In economic news, quarterly GDP came in weaker than expected, at 0.4% versus an expected 0.7%.

The result increases the likelihood the RBA will cut interest rates again in order to boost demand.

In company news, Telstra announced that it has finalised its $11 billion agreement with the federal government and NBN co for the rollout of the National Broadband Network (NBN).

Elsewhere , Amcor announced that it has agreed to buy Aperio Group for $238 million, subject to certain conditions which include approval from the ACCC.

Around the region, Asian markets are all weaker; the Hang Seng is down 0.9% whilst the Nikkei is off 0.7%.

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Midday Market Commentary: GDP disappoints is a post from: Australian Stock Report Market Pulse Blog

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