Global markets rallied overnight as investors digested corporate earnings season and a move higher in the price of iron ore supported resource stocks.
The US market is trading near records as while IBM fell to a one year low as quarterly revenue was lower than expected, Morgan Stanley rose after the bank reported better than expected profit figures. As we touched on earlier this week, US earnings season will be watched as closely as ever given the current level of the market.
Both the Australian and NZ markets were higher yesterday led by positive sentiment across the big Aussie Banks. The ASX rallied +0.8% while the NZX was up +0.2% to a new record high.
Stock in Focus: ANZ Bank (ANZ.AX / ANZ.NZ)
The Aussie Bank shares enjoyed their best day in 8-months yeste...
Stock Markets, Simplified.