S&P/ASX 200 up 0.5%; Materials, Financials Strong
23 October 2013 - 11:41AM
Dow Jones News
0010 GMT [Dow Jones] Australia's S&P/ASX 200 is up 0.5% at
5399.6 after hitting a fresh five-year high of 5402.4 following
similar gains on Wall Street after disappointing U.S. jobs data
fuelled expectations of sustained bond buying by the Fed. "Ongoing
monetary stimulus is a positive for world equity valuations," CMC
Markets chief market analyst Ric Spooner says. "For Australian
investors it means not only a strong lead from U.S. markets but
also a greater chance of further rate cuts by the RBA as they
respond to the possibility that the Aussie dollar will remain
high." The materials and financials sectors are mostly
outperforming with BHP (BHP.AU), Rio Tinto (RIO.AU) and Fortescue
(FMG.AU) up 1.1%-1.7% and ANZ (ANZ.AU), NAB (NAB.AU) and Macquarie
(MQG.AU) up 0.4%-1.0%. QBE (QBE.AU) is down 1% after AUD/USD hit a
four-month high overnight as the U.S. dollar fell. AGL (AGK.AU) is
down 2.5% on a profit warning. Focus turns to domestic CPI data at
0030 GMT. (david.rogers1@wsj.com)
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