Tuesday July 14, 2009 - 10:26:01 GMT
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Tamley Global Markets - www.tamley.com
Optimism Ahead of US Earning Results
- Business sentiment rises in Australia
- US Earning Results on focus
- Sterling rises amid strong report figures
The Business Sentiment in Australia has risen in Australia for the first time since 2007. The sentiment index rose 6 points to 4 after been stagnated below zero for 17 months, according to a National Australia Bank Ltd. Survey of more than 400 companies questioned. Much of the improvement in sentiment can âbe put down to the prospect that âArmageddonâ had been avoided,â said Alan Oster, chief economist at National Australia Bank in Melbourne. âBusiness conditions appear to have rebounded to a level roughly similar to that reported prior to the collapse of Lehman Brothers Holdings Inc. in September.â
Today the focus will be on the US Earning Results. Strong gains on Wall Street were underpinning demand for riskier currencies such as the euro and the New Zealand and Australian dollars, dealers said. Markets would be paying close attention to companies' earnings forecasts, "which will also have a significant impact on investor sentiment," they added.
Sterling began the day yesterday weighed down by adverse risk sentiment. The optimist ahead of today's US earnings results helped the GBP to recover some grounds. Gains against the dollar have been further aided by news overnight from RICS that its house prices balance, though still negative, was at its highest since September 2007 with price expectations turning positive.
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