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Markets focus on the micro; not the macro

Despite modestly lower stock and commodity markets overnight, the chances are the ASX 200 will have a relatively steady day. Investors were given no reason to adjust their macro view overnight. Whether, the index closes somewhat lower or somewhat higher today, it’s unlikely to indicate any significant change in the overall market outlook.

Investors will primarily be focused on individual stocks and reporting season valuation adjustments today. Shareholders should be pleased with Qantas’ result this morning. It continues to make a good fist of a challenging industry and this has allowed it to reward shareholders with a buy back.

One of the key macro questions before markets is how much long central banks will persist with forecasts of a significant lift in inflation if it remains at current below target levels. If anything of short term market significance is to come out of the speeches at Jackson Hole, it’s likely to centre on  central bank thinking on inflation. 

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