Local stocks pulled back today, ahead of the start of the US earnings season and as investors looked towards the next crucial stumbling blocks for the global economy. Despite gaining in the early session, the All Ordinaries Index (XAO) finished the day's trade at 4712.3pts, down 25.8pts or 0.5pct.
A firmer Yen weighed on Japanese stocks which saw weakness across the Asian region, while investors are also likely to remain cautious leading up to the 28th February deadline for US debt ceiling negotiations. Later this week, the European Central Bank holds its monthly policy meeting with speculation the ECB could lower its already low refi rate from 0.75pct in an effort to stimulate the global economy further. On Thursday, China will release monthly trade data, followed by inflation data on Friday while headline growth data for the fourth quarter will be released on Sunday.
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