Australia | Mar 06 2013
Download related file: afternoon_report_2013-03-06
The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research
Asian stocks rallied to their highest level in two years today on a strong lead from Wall Street. Japanese stocks surged 2% as Sharp rallied as much as 19% amid reports Samsung may invest US$107m.
The Aussie dollar and the ASX 200 advanced today as a report showed Australia’s economy expanded 0.6% in the fourth quarter, in line with analysts’ estimates, and 0.7% in the third quarter, revised up from a previous estimate of 0.5%. As a result, Australia’s gross domestic product (GDP) grew 3.1% in 2012 for the best calendar year performance since a 4.7% expansion in 2007. The report showed exports increased 3.3% in Q4, adding 0.7% points to growth, and household spending grew 0.2%, adding 0.1% points to growth. The overall result was boosted in the fourth quarter by public spending, which surged 24.6%; reflecting the transfer of a private asset to public control. The government added 1.1% points to GDP, as a result, which potentially highlights the underlying weakness of the nation’s economy.
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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