Market to tread water
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Today looks like being a day of consolidation for the stock market. Investors are caught between conflicting influences. There’s not a lot to be optimistic about. On the other hand low interest rates limit the alternatives particularly given the prospect that rates could get even lower.
This dilemma was reinforced by yesterday’s capital expenditure data. The prospect for a return to 3% GDP growth is again being moved out in time with many industries facing a struggle to generate attractive revenue growth in the interim. On the other hand the silver lining in the cloud of yesterday’s weak data for many companies was a weaker Aussie Dollar and increased potential for lower interest rates.
Traders will be conscious of the looming deadline for Greek debt repayments as they head into the weekend and this is likely to dictate a note of caution in today’s trading. On the other hand, the sharp fall in China’s stock market is likely to be seen as a domestic issue at this stage and unlikely to impact global stock markets unless it deteriorates significantly.
For further comment from Ric Spooner please call 02 8221 2137.
Call 1300 880 160
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