A local economist says surprise news that the US economy shrank during the final three months of last year should not dampen investor confidence for long.
America's annual rate of gross domestic product slipped 0.1 per cent in the December quarter.
The result was the worst the US has seen since 2009.
A big drop in government spending, particularly in defence, and the impact of Superstorm Sandy helped drag down growth.
However, NAB economist Ray Attrill says the bad news may have a silver lining.
"It does look as though, particularly if you look at that fall in inventories, that's something that you would reasonably expect to rebound in coming quarters," he observed.
"So it could well be that some of the weakness we've seen in the fourth quarter is reflected in something of an upside surprise, at least in the first half of this year." Mr Attrill says there were other positives in the detail of the report that hint that the US economy is stronger than the headline figures suggest.
"If you look at some of the other components, such as private consumption, we actually had a pretty healthy gain," he added.
"So, when we look at the underlying breakdown of the numbers, it's actually not nearly as ugly a picture as the headline drop would have you believe."