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ASX200 continues out of step

CMC Markets

The Australian equity market has posted solid gains in morning trade, perhaps to the surprise of many expecting another soft open. The local market has been out of step with the global trend in recent times, and it seems this trend will continue today. US markets eked out minor gains overnight as taper conundrum lingers on. The general market expectation is for a stimulus reduction to commence next year. However, given the improving economic outlook and the Fed’s history of policy surprises, it’s no sure thing. Locally, the NAB Business Confidence figures has come in roughly as expected – predictably low. This news has taken some of the wind out of the sails of the ASX200 but it appears buyer support remains across all major sectors.