Last quote by James McGlew
James McGlew quotes
(China data) was clearly taken negatively by the markets. That is why we are seeing resource stocks getting sold off today.
The Australian market has certainly had its tone set by the big move in oil prices overnight with the OPEC announcement, and we have seen our markets respond positively.
There has a swing back from the banks, which have had a stellar rise of late, to the resources stocks, which are leading the market today.
The big story today really is the banks, nearly two-thirds of the increase in the index today is due to the financials. Quite clearly there's an expectation following last week's rate drop that their margins aren't going to be squeezed as tightly as markets were originally thinking. Bank dividends remain high relative to deposit rates.