It has not been a positive confession season according to Macquarie, which notes this morning that the four-week rolling I/B/E/S Australian net earnings measure is negative, indicating more negative revisions than positive revisions.

Analysts have been downbeat on news from Orocobre, Wesfarmers, Suncorp, IAG, Whitehaven Coal, South32, Medibank Private, Pendal Group, Sims Metal Management, BHP Group, Perpetual, NIB and James Hardie.

An upbeat mood has arrived from Woodside Petroleum, Fortescue Metals, Saracen, ASX, Northern Star, and Magellan.

The market has arrived at a slightly higher P/E ratio of 15 times this month, compared to 14.5 times in December.

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