The Reserve Bank of Australia held its key lending rate at 3.0% and issued an accompanying statement that said the "global economy is stabilizing...Growth in China has strengthened considerably, which is having an impact on other economies in the region, including Australia."
It also noted that downside risks to the outlook have diminished.
RBA is definitely becoming more upbeat about the economy, and its comments about China bode well for nearby countries, though Japan is still struggling.
Second quarter earnings season is upon us in the U.S., and I'll be interested in comments from multi-nationals that do business in China and any remarks they may offer regarding the outlook for the second half of the year.
Tuesday, July 7, 2009
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