Macquarie Bank

The All Ordinaries index gained 57.4 points to end the day 1.4% higher at 4,426.2 thanks to the International Monetary Fund’s cautiously optimistic view on global growth, raising the forecast for global growth to 3.5 per cent for this year.

The S&P/ASX 200 index rose 59 points to finish at 4,348. On the futures market, the SPI is currently 69 points higher.

The All Ordinaries index lost 58.7 points to end the day lower at 4,295.5.   S&P/ASX200 lost 58.3 points or 1.37% to 4,204.7.  Yesterday we posted that actually expected this drop.  Read here  And if it does not drop by MORE than -1% tomorrow at the open I will eat my hat!

Australian GDP growth will slow this year shifting the focus back to monetary policy and Macquarie Group chief economist Richard Gibbs forecasts the RBA will respond with two more rate cuts during 2012.

Gibbs was speaking at the 2012 Financial Standard Chief Economists Forum, which attracted over 1400 delegates in Sydney and Melbourne this week.

 

From Mood, Life and Money – Macquarie Insights project: 

Macquarie Group (ASX: MQG) got a buy recommendation at Bell Potter for a target of $29.07 (16% upside potential ). MQG previously generated a technical buy signal at $24.06 on 7/10/11.  According to the technical indicators MQG has completed a further upward reversal / closed above key resistance thereby generating a new technical buy signal.

From CNBC: