Bright Start Following International Leads
11.20 AEDT, Monday 25 February 2013
Bright Start Following International
By Niall King (Sales Trader, CMC Markets)
In a week where events overseas are likely to impact local sentiment, the Australian market has started brightly with early gains this morning, following Friday's lead from international peers.
Despite finishing last week strongly backed by solid corporate earnings and better than expected business confidence from Germany, markets are likely to tread carefully ahead of Italian election results, US Federal Reserve Chairman Ben Bernanke's testimony before the Senate Banking Committee and the ABS Capital Expenditure data for the December quarter.
The HSBC Flash Manufacturing PMI data for China, due at around 12.45pm should give the local market and the Aussie dollar some direction for the afternoon session. A positive read at or above the expected 52.2 level is likely to add support for the Aussie dollar following gains made during Friday's session.
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