solidfying by the day
July 26th 2006 13:17
From the tv news bulletin to the tabloids on the streets, apart from the continuing focus on the Mid-East crisis, INTEREST RATE HIKE is screaming for attention everywhere. The latest inflation for the June quarter shows an increase of 1.6% and the stock market responded with a fall of 1.1% for the All Ords and ASX S&P 200. The big four banks and resouce giant stocks like BHP Billiton and Rio Tinto were hit as well. BHP Billiton, despite reporting a massive profit of USD 12.5 billion two days ago, took a hit from the bad news from a high of $28.29 yesterday to $27.7 today at closing. An interesting point to note here, from the writer's observation and belief, is that savvy traders would quickly cash in to BHP good news that lifted the market and quicky profit it from the inflationary pressure bad news, knowing that the good vibe yesterday would not last long.
Adding more salt to the wound, the RBA is tipped to adopt a multiple rate rise if inflationary pressure doesn't ease.
Okay is time to roll out the bicycles, mates.
Adding more salt to the wound, the RBA is tipped to adopt a multiple rate rise if inflationary pressure doesn't ease.
Okay is time to roll out the bicycles, mates.
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