Friday: 23rd June 2017
Each Market In Focus
- The Australian market looks set to open modestly higher after all three of Wall Street’s key indexes settled hardly changed.
- At 7.00 AEST on Friday, the share price futures index was up seven points, or 0.12 per cent, at 5,650.
- Locally, no major economic news is expected on Friday.
- In equities, CSR has its annual general meeting in Sydney while Qantas chief executive Alan Joyce is slated to speak at a Tourism & Public Transport Forum conference.
- The Australian market on Thursday regained some of Wednesday’s big losses with gains for the banking, energy and materials sectors leading the recovery.
- The benchmark S&P/ASX200 index rose 40.3 points, or 0.71 per cent, to 5706 points.
- The broader All Ordinaries index gained 39.1 points, or 0.69 per cent, to 5742.3 points.
- Meanwhile, the Australian dollar has slipped further against its US counterpart which has remained fairly stable in the overnight session.
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. ( source MetaStock )
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. ( source Metastock)
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- US stocks have closed little changed, with both the Dow and the S&P 500 slightly negative and the Nasdaq fractionally positive.
- The S&P healthcare index rose 1 per cent, hitting its fifth consecutive record close following the release of Senate Republicans’ bill to replace Obamacare, while financial and consumer staple shares ended lower.
- The legislation aims at curbing Medicaid funding and reshaping subsidies to low-income people for private insurance. The index has risen 3.9 per cent in five days.
- The Nasdaq biotechnology index rose 1.3 per cent. While it was not clear whether the bill would get enough support to become law, drug stocks were among the S&P 500’s biggest gainers, with Gilead rising 4.4 per cent on Thursday.
- The Dow Jones Industrial Average gave up early gains to end down 0.06 per cent, at 21,397.29. The S&P 500 lost 0.05 per cent to 2,434.5 and the Nasdaq Composite added 0.04 per cent to 6,236.69.
- Gold prices rose, buoyed by higher jobless claims in the U.S.
- Gold for August delivery closed up 0.3% at $1,249.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
- In base metals, copper for July delivery fell off 0.2% to $2.6100 a pound.
- IRON ORE: $55.36 -0.37 ( July contract )
Oil prices edged up but remained in bear market territory on lingering concerns about a global supply glut.
Light, sweet crude for August delivery settled up 21 cents, or 0.9%, at $52.95 a barrel on the New York Mercantile Exchange.
The gains snap a three-session losing streak.
The U.S. dollar was mixed intraday, pausing from a rally that drove the currency to a one-month high this week as investors await speeches from Federal Reserve officials.
The WSJ Dollar Index, which measures the U.S. currency against 16 others, was down 0.1% to 88.81.
A rebound in oil prices helped lift oil-dependent currencies such as the Canadian dollar and Russian ruble, while the dollar gained against the Chinese yuan.
Investors continue to assess the outlook for higher U.S. interest rates.
At the Federal Reserve’s meeting last week, the central bank signaled that it remains on track to raise rates one more time in 2017 despite a recent slowdown in inflation.
The Australian dollar is lower against its US counterpart which has remained steady in the offshore session.
At 7.00 a.m. AEST on Friday, the Australian dollar was worth 75.41 US cents, down from 75.54 US cents on Thursday.
A rise in European health stocks helped pull European shares out of negative territory on Thursday, pegged back by the slide in the energy sector on the back of weakened oil prices.
The pan-European STOXX 600 index ended the session flat following two days of straight losses, while the blue chips were also flat.
Health care was the top-gaining sector, up 2 per cent and briefly touching its highest level since December 2015, with Switzerland’s Novartis in the driving seat.
Germany’s DAX lifted 0.15 per cent to 12,794.00, while London’s FTSE 100 fell 0.11 per cent to 7,439.29.
Asian stocks advanced, but oil futures hovered near a 10-month low hit overnight on concerns over a supply glut and falling demand.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.7 per cent.
Japan’s Nikkei fell 0.14 per cent. Shares in auto air bag-maker Takata Corp plunged 50 per cent as they exchanged hands for the first time since sources said last week it was preparing to file for bankruptcy.
Hong Kong stocks were little changed, as investors pondered the potential impact of MSCI’s decision to include more mainland China stocks in a key benchmark index.
The Hang Seng index fell 0.08 per cent, to 25,674.53 points, while the China Enterprises Index gained 0.1 per cent, to 10,402.76 points.
China’s blue-chips extended gains to hit a fresh 18-month high on excitement over MSCI’s decision to include mainland shares in a key index, but most of the gains were erased in late trade as investors took profits and as the weakness in small-cap stocks dampened sentiment.
The blue-chip CSI300 index rose 0.07 per cent, to 3,590.34 points, while the Shanghai Composite Index lost 0.28 per cent to 3,147.45 points.
The S&P/NZX 50 Index gained 0.5 per cent to 7,563.69.
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