Please find below Today's Current Account Deficit details. I think the Pre-tax profit growth is promising. 1 December 2003 Result Market Expected Current Account Deficit $11.9b $12.0b Net Exports Contribution -0.5 p.p. +0.1 p.p. Net Foreign Debt $360.7b n.a Stocks (p.p.c. contr. to GDP growth) +0.3 p.p. -0.3 p.p. Stocks (% change) +2.3% +0.6% Company profits +7.6% +4%
Market Implications: Probably won¡¯t be significant. There were some surprises, but they roughly net out. In any case, markets are being driven from elsewhere right now.
I have also posted a Global strategy PDF on yahoo. If you want to read :
