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1.Market Observations

25 Jan 2013 (AFR) – Beware the hangover after the liquid high

(25 Jan 2013, AFR, p50, Vesna Poljak)

‘The United States corporate earnings season has mostly beaten expectations, signifying the world’s biggest economy may be on a path to recovery. However, that optimism is partly countered by the growing influence of central banks in the market and the wave of liquidity they have unleashed through unconventional monetary policy.’

<snipped…>

‘The S&P 500 has gained 4.8 per cent this month alone after increasing 13.4 per cent in 2012. Most companies reporting fourth-quarter earnings beat their sales and earnings per share (EPS) forecasts, according to Deutsche Bank, and the average S&P 500 EPS is forecast at $US108, up from $US103 in 2012.’

Read more at AFR.com (might need AFR login access)

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