Economic and Market Commentary
The European debt issues continue to be the major focus for global markets with the European banking system now coming under intense pressure while the politicians and ECB fail to provide leadership in establishing a blue print for a resolution to the debt issues. Europe is now heading for recession and a long period of low growth. Investor confidence continues to remain subdued as the focus on the European debt crisis solution remains largely unresolved. Financial markets continue to react nervously to this uncertainty. The developed world countries of US and Japan continue to revise down growth estimates for the coming year and the road to recovery is expected to be delayed.
The Australian financial markets are also currently clouded by uncertainty as it adapts to an uncertain global environment. The positive for Australia is that it is now linked more and more into China and the greater Asian economies. Australia is in a different growth cycle to other developed countries and the alignment to Asia has accelerated. This should provide opportunities in our financial markets over the medium to long term. China is not immune from the problems of the western world and is also being impacted by the slow down which is having flow on implications for Australia.
Some of the likely headwinds for the Australian market include the very negative global sentiment emanating from the high debt levels, especially in Europe, the US and Japan. As well the strong A$ currency is making
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