Australia | Feb 22 2013
Download related file: afternoon_report_2013-02-22
The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research
ASX rallies on Stevens comments, Hewlett-Packard guidance
The ASX rallied 0.8% today after comments by Reserve Bank of Australia (RBA) Governor Glenn Stevens said last year's rate cuts would spur economic growth and the Aussie dollar rebounded from an overnight four-month low of US$1.0221 after Stevens signalled he is unwilling to intervene to weaken the currency.
Stevens said “there is a good deal of interest rate stimulus in the pipeline” and that the “channels of monetary policy” were at work. He said that while the RBA was not targeting an exchange rate, but policy was being set with the currency in mind.
More regionally, stocks were buoyed today as a report showed Singapore's economy expanded more than initially estimated last quarter and Hewlett-Packard Co., the world's largest PC maker, rallied in extended U.S. trading (after the official close) after reporting a Q1 profit forecast that beat analysts' estimates. This weekend, Italians go to the polls to decide on the nation's next prime minister.
To read today's report in PDF in full, see link at the top of this story.
(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
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