Following a modest pullback yesterday, the Australian sharemarket is back in the black at lunch with the All Ordinaries Index (XAO) up 0.1 per cent or 2.8 pts to 4740.9. Yesterday the XAO slipped by around 0.1 per cent, however local shares are still up 1.75 per cent so far in 2013 (after five sessions of trade).
Global markets ended mostly lower last night, with the Dow easing 0.38 per cent, Germany's DAX down 0.56 per cent while France's CAC40 fell by 0.68 per cent. Last week, most investors reacted well to the temporary solution agreed on by the U.S Congress. The benefits have been short lived however, with the debt ceiling now a fresh concern for markets. Shares in Europe are still close to 22-month highs while the S&P500 index (a measure of the 500 biggest companies on the American markets) isn't far off five-year highs.
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