Local Market Brushes Off Global Concerns

Local Market Brushes Off Global Concerns

By Niall King (Sales Trader, CMC Markets)

The Australian Market has opened in positive territory this morning, brushing off global economic growth concerns which have dominated investor thoughts elsewhere.

Additional sluggish data which dragged on Europe and the US overnight has failed to feed through locally with weak manufacturing figures from the Philly Fed clouding the growth picture in the US.

It appears that the recent fight back from commodities has been enough to pull the ailing miners out of the mire. BHP & RIO have been the main driving force north in early trade with modest gains made across most of the other major market constituents except the banks which have slipped slightly.

The Aussie dollar has given way to selling pressure and dipped well under the 1.03 level versus the US dollar in early trade. Already on the back foot due to slower Chinese growth figures and a near commodity price capitulation earlier in the week, the recent global equity market sell-off has also been weighing heavily on the Aussie.

ENDS

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