Markets Up

Sharemarkets finished the second day of the second quarter generally upbeat, although Wall Street was a touch easier as investors couldn’t make up their minds about the outlook for the economy.

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Rates 2: What The RBA Said

There’s been a marked change in tone from the hard line of the February statement, the rise of 0.25%, the subsequent minutes which showed the bank flirted with a 0.50% rise to the small softening in March and now the much milder tone of the commentary in yesterday’s statement.

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Rates 1: No Change

The Reserve Bank left rates on hold yesterday at 7.25% for its cash rate, so now we face a month of the usual breathless will they won’t they move them in May after the March quarter Consumer Price Index is released on April 23.

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Grains

Food price inflation shows no sign of easing with the world’s most important staple, rice, swept up into the maw of falling stocks, rising demand and soaring prices.

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Commodities Vs. Shares

The AMP’s Dr Shane Oliver, the group’s chief strategist, says a winning trade over the last few years and particularly since the sub-prime mortgage crisis really hit, has been to be overweight commodities and related trades such as resources shares and underweight financial shares, such as banks and listed property securities.

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