Some good earnings results, a positive bond auction, and a Bernanke denial broke the spell of nervousness last night. Dow up 170. (Locked for subscribers until 10:00 AEST)
Westpac has revised its forecasts for the Australian economy and now expects interest rates will bottom at 2.5%, up from 2.0% previously.
The economy is stabilizing and inflation is not a threat, says the Fed. Dow down 23.
According to TD Securities the market has got it wrong in thinking Australian interest rates are going higher.
Wall Street corrected after Monday’s fall, at least enough to hold steady on the session all up. Dow down 16. (Locked for subscribers until 10:00 AEST)
Speculation the US Federal Reserve will announce an exit strategy for its quantitative easing program is impacting on investor risk appetite.
Yesterday’s offshore trading sessions were all about the return of risk aversion. (will be unlocked for non-paying members at 10am).
Some positive economic data helped Wall Street to a welcome up-day. Dow up 58. (Locked for subscribers until 10:00 AEST)
In predicting the shape of the US recovery, GaveKal eschews the V or W for the square root sign school.
While the Westpac-Melbourne Institute Index of Leading Indicators fell again in April the pace of decline is slowing.