September 17 – Trevor Thompson
From the broker report this morning.
Australian Market Report
“Monday 16 September – The Australian market reached another five-year high today as news of Larry Summers pulling out of the race to succeed Ben Bernanke presented a favourable market outlook for investors. All sectors performed well throughout the day with the exception of information technology and utilities. The Aussie dollar also reacted positively to the news, gaining more than 1% against the greenback and rose against all other major currencies. ”
If I recall correctly Larry was seen as someone who might not steer the US back out of “Quantitative Easing” in an orderly fashion. Seems the rest of the investing world think Larry made a good decision to pull out!
By Trevor Thompson.
CFP DipFP
SENIOR PARTNER