Half-time round-up:
Local stocks inched higher for a fourth straight day after a morning of conflicting economic signals.
At lunchtime the ASX 200 was up 7 points or 0.14% at 4680, supported by gains in the energy sector (+1%), defensive sectors such as telecoms (+1.1%), health (+0.4%) and utilities (+0.3%). The twin gorillas of the index, mining and financial stocks, were flat and +0.2% respectively.
There were hopeful signs for home-owners with news that
Australias economic growth slowed in the September quarter. GDP rose just 0.2%, missing expectations for a 0.4% rise and well short of the 0.6% expansion in the previous quarter. Analysts said the result may encourage the Reserve Bank to put the current round of interest rate hikes on hold.
However, the Westpac-Melbourne Institute leading index of economic activity, also released this morning, pointed to a rapid rebound in the economy. The annualised rate of the index was 6.7% in October, against a long-term trend of 3.1%. The index indicates the likely pace of economic activity three to nine months ahead.
Westpac chief economist Bill Evans said this was the fastest reversal in the growth rate of the index since the economy emerged from recession in the mid-1970s. "We continue to be surprised by the pace of recovery," he said.
In other economic news, skilled job vacancies rose 1.9% this month, compared to November. It was the fifth consecutive monthly increase.
Asian markets shrugged off a soft lead from Wall Street. Japan's Nikkei rallied 0.89% this morning, Shanghai 0.34% and Hong Kong's Hang Seng 0.12%. Dow futures were at +2.
Crude oil futures faded 10 cents to $70.66 a barrel. The spot gold price pushed back towards yesterday's closing price, up $3.20 to $1,126.10 an ounce.
Another healthy morning here thanks to holding BTA overnight. Also grabbed some JRL and AKK near the lows for bounces.
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