Powerhouse US results behind impressive rally

Overnight we saw a disappointing US GDP result, following a report of lower manufacturing from China. The market only swung upward at the very end of the trading day due to a low inflation figure, at 2.3%, near the US central bank's target. Overall support for the rally is coming from US companies' strong first-quarter reports. Magnificent seven stocks are part of this with the four that have reported so far performing well. The Australian sharemarket opened down this morning, with focus on Japan and its interest rate decision and commentary later today.