Professional pollsters are having a hard time picking winners,and financial markets are much better at gauging public sentiment.
Investors responded positively to the latest quarterly inflation figures,taking the local market back above 8000 points.
The Australian sharemarket managed to trim its losses after a poor start to the day but still ended in the red,with iron ore miner Fortescue’s shares copping a severe beating.
The upcoming reporting season will offer plenty of downgrades,with investors likely to punish earnings misses rather than reward better than expected numbers.
With the future trajectory of interest rates a key area of focus for investors,the latest economic data in the US has buoyed sentiment that inflation is tracking in the right direction.
The Australian sharemarket has had a slow start to the year,following Wall Street,which baulked at Federal Reserve meeting minutes that indicated interest rates could stay higher for longer than expected.
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If the sharp increase in interest rates we’ve seen leads to a recession,it will be the recession we didn’t have to have.
The local bourse has closed out the week in the red after a sour session on Wall Street,as investors fret over rates and the turmoil in Europe.
The Australian sharemarket rallied on Thursday,jumping 1.44 per cent at market close,with all eleven sectors in the green.