Economic Update – Reporting Season

The ASX entered reporting season after a flying start in January. Results of the February reporting season demonstrated resilience. The market had been fearing a sharp downturn in profits. The analysts at MST noted that ASX200 June 2023 EPS estimates increased 0.1% in contrast to the long-term average change during reporting season for a downgrade of 0.7%. The biggest upgrades were from financials while commodity producers endured the biggest downgrades. In addition to reporting season, a focus on inflation and interest rates remains, while the Chinese Communist Party held if March meeting for the new ministers with clear policy objectives emerging.

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