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1.Market Observations

21 Jan 2013 (AFR) – US earnings stoke optimism

(21 Jan 2013, AFR, p22, Vesna Poljak)

‘Better than expected US corporate earnings from Morgan Stanley and General Electric have helped the Dow Jones Industrial Average to a five-year high and set the tone for a positive week in global markets.’

‘This week, technology giants Google, Apple and Microsoft will deliver fourth-quarter results after solid numbers by the Wall Street heavyweights over the past seven days. Morgan Stanley shares surged 7.9 per cent in the US on Friday after its fourth-quarter profit beat estimates thanks to an improved contribution from its wealth management arm. This was preceded by Goldman Sachs delivering a jump in profits that also came in ahead of forecasts, offsetting weaker numbers from Citigroup and JPMorgan.’

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