Friday: 17th February 2017:
Each Market In Focus
- At 8.00 a.m. AEDT on Friday the share price futures index was flat down 1 points at 5,763.
- Australian shares continued to push higher as corporate earnings season rolled on, and Wall Street set fresh highs on renewed optimism about the U.S. economy.
- Rising for a seventh day in the last eight, the S&P/ASX 200 picked up 7.2 points, or 0.1%, to settle at 5816.3 — the highest since early May 2015.
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60 Day High. This is a list of codes that made a new 60 day High in the past 2 days. We use the 60 day high as this would infer that a breakout in price has occurred after a period of consolidation OR the stock is moving up each day if the code shows repeatedly. The filter uses an above 50 cent price filter, and the codes in Blue are on our watch list.
60 Day Low. This is a list of codes that made a new 60 day LOW in the past 2 days. We use the 60 day low as this would infer that a breakdown in price has occurred after a period of consolidation OR the stock is declining each day if the code shows repeatedly. The filter uses an above 50 cent price filter, and the codes in Blue are on our watch list.
- Wall Street has dipped, weighed down by energy stocks as oil prices drop and banks fall broadly for the first time in six days.
- Wells Fargo, Bank of America, JPMorgan and Citigroup weighed more than any other stocks on the S&P 500, which has hit a string of record high in recent sessions on signs of an improving economy and promises by President Donald Trump to cut corporate taxes and regulations.
- The so-called “Trump rally” has seen the S&P 500 rise about 5 per cent so far in 2017, with the Dow Jones Industrial Average up 4 per cent.
- Now, with a strong fourth-quarter earnings season mostly complete, many investors say they need concrete signs of progress from Trump to justify more gains.
- In late trading, the Dow Jones Industrial Average was down 0.15 per cent at 20,581.76 points
- Nasdaq Composite had dropped 0.3 per cent to 5,801.82.
- The S&P 500 had lost 0.2 per cent to 2,343.99. The index ended higher for the seventh session in a row on Wednesday, its first such streak since September 2013.
- Copper prices slipped as talks over a worker’s strike at a major copper mine were extended.
- Copper for March delivery settled down 0.8% at $2.7185 a pound on the Comex division of the New York Mercantile Exchange, trading as low as $2.6935 a pound earlier in the session.
- Gold prices reached a three-month high as the dollar retreated from its recent peak and U.S. bond yields fell after a week of gains.
- Gold for April delivery settled up 0.7% to $1,241.60 a troy ounce on the Comex division of the New York Mercantile Exchange, its highest close since Nov. 10.
- Iron Ore: $86.23 +0.37 (February contract)
- U.S. oil prices edged higher as growing U.S. inventories were offset by reports that the Organization of Petroleum Exporting Countries was prepared to consider extending supply cuts.
- Light, sweet crude for March delivery settled up 25 cents, or 0.5%, at $53.36 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, lost 10 cents, or 0.2%, to $55.65 a barrel on ICE Futures Europe.
- The U.S. dollar drifted lower intraday as political turbulence in the U.S. pushed investors to take profits on recent gains in the currency.
- The ICE Dollar Index, which gauges the U.S. currency against a basket of six others, was recently down 0.6% at 100.59 after advancing 1.4% from its lows of the month.
- The Australian dollar is lower, dropping back below the 77 US cent mark, despite the US dollar weakening against a basket of currencies.
- At 7.30 a.m. AEDT on Friday, the Australian dollar was worth 76.96 US cents, down from 77.17 US cents on Thursday.
- European equities fell after seven straight sessions of gains, with weaker metal prices weighing on miners and a poor update battering shares in engineering group Cobham.
- The pan-European STOXX 600 fell 0.4 per cent after recent gains to a two-month high on Wednesday.
- Cobham led the STOXX 600 lower, slumping 15.3 to its lowest level since August 2005 after the company missed a profit target that had already been repeatedly lowered and took a charge on a troubled contract with Boeing.
- Germany’s DAX and London’s FTSE 100 both lost 0.3 per cent, down to 11,757.24 and 7,277.92, respectively
- Asian markets were mainly higher with MSCI’s main Asia index up 0.2 per cent to its highest since July 2015 after Wall Street earlier pushed into record-high territory.
- Hong Kong’s Hang Seng closed at an 18-month high, adding 0.5 per cent, to 24,107.70 points, the highest since August 2015, while the Hong Kong China Enterprises Index gained 0.2 per cent, to 10,455.02 points.
- Chinese investors, including mutual funds and major insurers, have been steadily increasing their allocations, as regulators on the mainland tighten investments in wealth management products and other risky assets.
- China’s Shanghai Composite Index also gained 0.5 per cent, to 3,229.62.
- Some investors said markets were looking slightly overvalued from a technical perspective after the bounce in recent weeks. For example, on a relative strength index (RSI), the MSCI Asia-ex Japan index was at its most overbought since 2015.
- Tokyo’s Nikkei 225 fell 0.5 per cent to 19,347.53.
- The S&P/NZX50 Index fell 80.05 points, or 1.1 per cent, to 7,099.98.
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