While much is made of Australia’s dependence onhollister uk stores China and commodity exports, the Australian economy is well diversified, with 5% of gross domestic product attributed to mining, 5% to tourism and 80% to services. It also has the third-largest stock market in the region and a leading regional financial center. Taking Profits After looking closely at the situation, I have decided to keep Australia in our portfolio, but will take some profits by halving our position. Here is my reasoning: – The decline in housing prices has been increment holl hollister tee shirts ister shirts clothing al and has therefore not affected banking, consumer and construction stocks as expected. – International fund managers are underweight on Australia. – The market is not especially expensive. The 12-month forward price-to earnings ratio is about 15, in line with the average over the past three years and below a high of 18. But keep in mind that this low multiple is based on forward and aggressive forecasts of corporate profits. – Average dividend yield for Australian stocks is around 5%. One company to keep an eye on is BHP Billiton (NYSE: BBL), the world\’s biggest mining group, which reported an 85% rise in net profit, compared with a year ago, to $6.5 billion for the year ended June 30, 2005. The Anglo-Australian firm set a new Australian corporate profit record, and after being up sharply in 2003 and 2004, it has confounded skeptics by going up 26% so far this year. The company\’s good fortune shirts hollister sale , like that of other mining concerns, comes from rising demand in China. Another hollister pants manufacturers great Australian mining company is Rio Tinto (NYSE: RTP), which has a lower valuation because it doesn wholesale hollister shirts ’t have oil and gas operations, which contribute about 30% of BHP’s total revenue. Last Bit of Advice Th hollister jeans size chart e center of gravity for the world’s economy is shifting to the Asia-Pacific region, and Australia is in the sweet spot. Keep an eye on hollister hoodies ukhousing prices and corporate profit performance, but for no Searches related to hollister shirts w keep some exposure to Australia in your global portfolio.
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