TA100 Downtrend Underlines Cautious Growth Outlook

BMI View : In line with our global views that equity markets look weak at the moment, the Israeli TA100 index looks set to continue on the unfavourable downtrend it began in April 2010 and is unlikely to rebound in the short term. Despite revisions by the Israeli Central Bureau of Statistics that real annualised GDP growth was 3.6% y-o-y in Q110 (previously 3.3%), we uphold our more moderate outlook of 3.4% y-o-y in 2010.

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