It would appear the RBA is considering a pause in its aggressive interest rate cutting policy.
A combination of positive rumours and executive buying in BA turned the financial sector and thus the market around. Dow up 100.
What will Obama come up with? That is the concern that had banks hitting new lows last night. Dow down 120.
The Dow rallied 141 points despite the standard grim data, although there was good news in housing. (Locked for subscribers until 10:00 AEDT)
One of more alarmist RBA statements accompanied today’s 100 point rate cut.
The RBA did not disappoint in cutting the cash rate to its lowest level in four decades.
The Dow fought back from weak economic and corporate news to be down 64.
ANZ economists predict 2009 will deliver only modest global economic growth and the Australian economy won’t be immune to the downturn.
The TD Securities-Melbourne Institute Monthly Inflation Gauge unexpectedly jumped up in January.
According to Standard Chartered the Reserve Banks of both Australia and New Zealand are likely to cut rates to 2.0% but balance sheet issues remain for both countries.