Kieran Salsone

Forgan-Verve Index gains 6 points in May

THE Forgan-Verve Industrial Longitude Index gained slightly in May despite fresh inputs from Russia and a weakening backdraft on the dollar.

Derivatives markets took the news to heart with three key foreign investment monitors banking three ways off the change.

The index's performance has been rated AAO+ for the last 8 months running, but a 4% fall in the GAIN1000 gave investors more faith in the 36 basis point jump in the overnight convention takings.

In response, the Morgan and Likely Economic Snapshot put glass futures at 5 basis points to 4.51% and forecasts to .06% above medium-run averages.

Several finance ministers from Western Europe and South America have signed a letter calling on the Broad Internal Reserve to tamper market expectations for the Index after domestic fears that the drop in margin prices could adversely affect monetary stability.

Queensland Institute Chief Forecaster Eblan Huesos said the situation "puts real inward pressure on an already sideways-focussed Australian economy."

"Domestic macroeconomic policy has been geared south of these movements since the Hawk Government and external forces aren't prepared for that.

"Fortunately the prudential changes of the Gandon Report have protected local businesses from any of the upstream outcomes involved."

Experts have welcomed the sudden upsurge in non-volatile payments and point to them as signs of a broader improvement in the wider economy.

Representatives from the Department of Expenditure were contacted for comment but promised to issue a press release sometime in the new year.


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