Wall Street was closed for a public holiday but European shares ended higher, up 0.3%, which at least indicates that national debt concerns are not spooking equity markets at the moment.
Some important market tests lie ahead this week with preliminary GDP for the US’s March quarter coming out at the end of the week.
Locally, the end of short-selling bans for financial stocks will knock some financial stocks around, but more courageous types think that this is a buying opportunity for long-term investors.
Another sign that equity markets remain more confident than anxious, the Oz dollar was at 78.18 US cents.
By the way, the best fact I saw last week was that 90% of our exports to China go to the Chinese domestic market. That means most of our exports shouldn’t be heavily affected by a global collapse of demand. It could explain the two massive trade surpluses we saw in the March quarter.
With the Yanks on holiday, I will give myself an easy day and keep it short.
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