Friday: 26th May 2017
Each Market In Focus
- The Australian market looks set to open flat after a near-five per cent plunge in the oil price and bucking Wall Street’s record-setting positive lead.
- At 8.00 AEST on Friday, the share price futures index was down three points, or 0.05 per cent, at 5,792.
- Locally, no major economic or equities news is expected on Friday.
- However, Reserve Bank of Australia Head of Payments Policy Tony Richards is slated to speak at the Australian Retail Banking Summit in Sydney.
- The 30th annual China Wool Industrial Association conference will be held at Tinayu Wool Industry president Qingnan Wen’s Lal Lal Estate property in Ballarat. It is the first time the conference will be held outside of China.
- The Australian market on Thursday gained ground as strength in the mining and energy sectors outweighed falls by retailers, while the Australian dollar returned to a three-week high.
- The benchmark S&P/ASX200 index rose 20.6 points, or 0.36 per cent, to 5,789.6 points at the close.
- The broader All Ordinaries index gained 17.3 points, or 0.3 per cent, to 5,828.8 points.
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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The S&P 500 and Nasdaq have hit record closing highs, with the market propped up by gains in the consumer discretionary sector after strong reports from Best Buy and other retailers.
The discretionary index gained 0.9 per cent, while the S&P 500 retail index was up 1.6 per cent, its best day since December 7.
Best Buy jumped 21.5 per cent, hitting a record high and making it the top gainer on the S&P, after its comparable sales unexpectedly rose last quarter.
The Dow Jones Industrial Average rose 0.34 per cent to 21,082.95, the S&P 500 gained 0.44 per cent to 2,415.07 and the Nasdaq Composite added 0.69 per cent to 6,205.26.
- Gold prices ended higher, after back-to-back losses, as a closely followed dollar gauge steadied.
- June gold rose $3.30, or 0.3%, to settle at $1,256.40 an ounce. July silver rose 7.6 cents, or 0.4%, to $17.193 an ounce.
- Gold prices ended lower for a second-straight session Wednesday, pressured by the view toward monetary policy. After gold’s close, minutes from the Fed appeared to show that the majority of the central bank’s officials remain resolute about hiking rates at their meeting in June.
- Copper for July delivery closed up 0.5% at $2.5975 a pound on the Comex division of the New York Mercantile Exchange, the highest level since May 3.
- IRON ORE: $62.22 -0.09
- Oil prices declined sharply after an agreement among major oil producing nations to extend output cuts failed to appease investors, who had hoped for more action from the cartel to support prices.
- The Organization of the Petroleum Exporting Countries renewed a deal with other non-OPEC producers to cap production into March 2018, continuing an attempt to mitigate a global supply glut and support oil prices.
- But in the biggest one-day loss since May 4, oil prices fell to a one-week low following the meeting.
- Light, sweet crude for July delivery lost $2.46, or 4.8%, to $48.90 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell $2.50, or 4.6%, to $51.46 a barrel.
- The U.S. dollar rose against the currencies of oil-exporting nations after the latest OPEC meeting sent oil prices lower.
- The U.S. dollar rose 0.6% against the Canadian dollar, 0.7% against the Russian ruble and 0.9% against the Norwegian krone.
- Global oil prices slid 4% even as the Organization of the Petroleum Exporting Countries renewed a deal to cap production into March 2018.
- The WSJ Dollar Index, which measures the U.S. currency against 16 others, rose 0.2% to 88.78. Investors continue to assess the outlook for higher U.S. interest rates.
- The Australian dollar is sharply lower against its US counterpart as the oil price plunges five per cent and the US dollar rebounds.
- At 7.00 AEST on Friday, the Australian dollar was worth 74.53 US cents, down from 74.91 US cents on Thursday.
- European shares closed little changed, struggling for direction on Thursday with investors hunting for fresh catalysts as a blistering earnings season that helped stocks surge to new highs nears its end.
- An OPEC meeting in Vienna that disappointed some investors failed to move broader indexes but sent oil prices lower, making the energy sector the biggest sectoral faller in the region.
- The Organization of the Petroleum Exporting Countries decided to extend cuts in oil output by nine months to March 2018 in a bid to drain a global glut that has depressed markets.
- But some were hoping for more and that sent oil prices falling four per cent, hitting energy stocks with oil majors BP, Total and Eni falling between 0.9 and 1.9 per cent.
- In the same sector, Petrofac fell 30 per cent after the British oilfield services firm suspended its chief operating officer in response to an investigation into alleged bribery, corruption and money laundering.
- The pan-European STOXX index fell 0.06 per cent to 3,584.55, staying close to 21-month highs, while Germany’s DAX fell 0.17 per cent to 12,621.72 after hitting an all-time high earlier in May.
- British shares steadied.
- Data showing that Britain’s economy slowed more than previously thought in the first three months of 2017 pushed sterling lower, while the FTSE – which benefits from a weaker currency – recovered slightly from earlier lows.
- The FTSE 100 ended up 0.04 per cent at 7,517.71, shy of a record high hit last week, as weakness among commodity stocks was more than offset by stronger financials and consumer stocks
- Asia stocks initially skidded after Moody’s Investors Service’s downgraded China, cutting its sovereign debt to A1 from Aa3. But dented markets mostly recovered.
- MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.13 per cent higher, while Japan’s Nikkei 225 rose 0.36 per cent to 19,813.13.
- Hong Kong shares followed Asian markets higher, even after Moody’s downgrade.
- Asian shares scaled two-year highs the Federal Reserve signalled a cautious approach to future rate hikes and the reduction of its $US4.5 trillion of bond holdings.
- The Hang Seng index rose 0.8 per cent, to 25,630.78 points, while the China Enterprises Index gained 1.7 per cent, to 10,571.60 points.
- China stocks rose sharply, as the blue-chip CSI300 index posted its best day in more than nine months despite Moody’s surprise decision.
- The blue-chip CSI300 index rose 1.7 per cent, its biggest gain since August 15, and ended at 3,485.66 points, its highest close in more than a month.
- The Shanghai Composite Index advanced 1.43 per cent to 3,107.83 points.
- The S&P/NZSX 50 index rose 0.2 per cent to 7,434.47.
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