Market Commentary All major global equity markets rallied overnight. The Dow Jones now sits above the 15,000 mark again and the London and French indices were up 1.26% and 0.97% respectively. The Nikkei (Japan), Hang Seng (HK) and Shanghai exchange (China) were all in positive territory today. There is still concern over China and the liquidity crunch and any flow on affects to economic growth however the markets seemed to shrug this off. ASX 200 for the second consecutive day rallied and ended up 0.02% on the day. Aussie interest rate futures are indicating that the next 25bp rate cut will be Sept ‘13 which is a deviation from a week ago when markets were saying a cut would not incur until Dec ’13 or Jan ’14. Showing it is still tough out there Patties the frozen food coy with the iconic Four’N Twenty pie issued a profit downgrade expecting FY Net Profit to be $17m from $20m. Shares were down 5%.
Posted on: Fri, 28 Jun 2013 06:27:15 +0000