Commodity prices rolling forward
On a seemingly unstoppable roll, the market rose another 1.2% this week rising to 7629. In the US their reporting season has nearly come to a close, producing some exceptional results with 87% of the S&P 500 beating earnings expectations and providing encouragement and justification to buyers. I doubt this can continue.
Locally, insurers Suncorp, QBE and IAG made large profits because they’ve increased premiums pretty aggressively and no one can do anything so claims aren’t being triggered. Elsewhere commodity prices roll on like ocean swell, iron ore falling to $160/tonne and coal continuing its rise.