Friday: 28th July 2017
Each Market In Focus
- The Australian market looks set to open flat, unimpressed by moves on Wall Street where the Dow Jones Industrial Average lifted but the tech-heavy Nasdaq lost 0.6 per cent.
- At 7.00 AEST on Friday, the share price futures index was down two points, or 0.03 per cent, at 5,718.
- Locally, in economic news on Friday, the Australian Bureau of Statistics is to release the June quarter producer price index.
- No major equities news is expected.
- On Thursday, the Australian dollar soared passed 80 US cents for the first time in more than two years as diminished expectations for rate rises in the US dented the greenback.
- It hit a high of 80.66 US cents, its best value since May 2015, after the US Federal Reserve suggested it was in no hurry to raise interest rates.
- The Australian market on Thursday closed modestly higher with stronger iron ore and copper prices boosting mining stocks.
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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- A swoon in technology and transportation shares led the S&P 500 slightly lower on a day full of corporate earnings reports, but the Dow industrials set a record closing high, helped by a jump in Verizon.
- The Dow Jones Transport Average, often looked at as a gauge of the economy’s health, closed down 3.1 per cent on Thursday, dragged lower after a worrisome outlook from package delivery company United Parcel Service.
- The transports fell to their lowest point in nearly two months as UPS rival FedEx also declined.
- The S&P 500 technology sector was the worst performing major group, falling 0.8 per cent even as Facebook shares gained 2.9 per cent after the social media company’s results.
- After the bell, Amazon.com shares fell 2.7 per cent after the e-commerce company’s results.
- Amazon is the last of the high-flying companies known as “FANG” stocks to report this quarter.
- The Dow Jones Industrial Average rose 0.39 per cent to 21,796.55
- The S&P 500 lost 0.10 per cent to 2475.42
- The Nasdaq Composite dropped 0.63 per cent to 6382.19.
Gold prices ended at a six-week high as the Federal Reserve’s policy statement was read as mostly dovish by investors.
Gold for December delivery closed up 0.9% at $1,266.50 a troy ounce in New York.
- IRON ORE: $65.74 +0.20 ( August contract )
- Oil prices rose to fresh two-month highs on building momentum from recent inventory declines.
- Light, sweet crude for September delivery settled up 29 cents, or 0.6%, at $49.04 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, gained 52 cents, or 1%, to $51.49 a barrel on ICE Futures Europe.
- Both are now on four-session winning streaks that have produced the biggest gains over any four sessions since early December.
- The dollar edged higher Thursday, boosted by stronger-than-expected U.S. economic data.
- The Wall Street Journal Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently up 0.4% at 86.47.
- Orders of durable goods grew a seasonally adjusted 6.5% in June, the quickest pace in nearly three years, the Commerce Department said.
- The data helped the dollar make up some lost ground, a day after a tweak to the Federal Reserve’s view on inflation helped sent the currency to its lowest level since September 2016.
- Market participants are awaiting U.S. second-quarter gross domestic product data on Friday, as well as manufacturing and employment statistics due out next week.
- The Australian dollar is sharply lower against its US counterpart which has rebounded following solid US durable goods figures.
- At 7.00 AEST on Friday, the Australian dollar was worth 79.68 US cents, down from 80.37 US cents on Thursday.
- A punishing fall in AstraZeneca’s shares after the failure of a key lung cancer study for the pharma company offset the impact of earnings-led gains for drinks giant Diageo on Britain’s top share index.
- Britain’s FTSE 100 index fell 0.2 per cent on Thursday, in line with the broader European market.
- It was a rough day for AstraZeneca which lost around $US13 billion ($A16.3 billion) of its market value as its shares plunged 15.7 per cent, its worst day on record.
- The healthcare firm’s combination of two injectable immunotherapy drugs, durvalumab and tremelimumab, failed to help patients as hoped in a study which was seen as key to proving the value of the group’s new drug pipeline.
- AstraZeneca shares’ biggest one-day drop also dominated stock trading in Europe. Regional healthcare stocks fell 1.2 per cent to their lowest in more than four months.
- Solid results from big firms including Swiss drugmaker Roche, beer maker AB InBev and Diageo were not enough to pull broad indexes up.
- The pan-European STOXX 600 index fell 0.1 per cent and euro zone bluechips edged down 0.2 per cent
- Germany’s DAX dropped 0.76 per cent to 12,212.04 as results from BASF and Deutsche Bank underwhelmed.
- MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1 per cent to heights not seen since December 2007.
- Japan’s Nikkei rose 0.15 per cent.
- Hong Kong shares gained for a fourth straight session as investors took heart from Wall Street’s climb to record highs after the US Federal Reserve kept interest rates unchanged and on strong corporate earnings.
- The benchmark Hang Seng Index ended 0.71 per cent higher at 27,131.17, a new 2-year high, helped by gains in technology and financial shares.
- The Hang Seng China Enterprises Index was up 0.3 per cent at 10,858.19.
- China stocks recouped early losses and edged higher on Thursday, aided by a strong bounce in start-ups as investors hunted for bargains after small caps were mauled last week.
- The blue-chip CSI300 index rose 0.18 per cent to 3,712.19 points, while the Shanghai Composite Index crept just 0.06 per cent higher to 3,249.78.
- The S&P/NZX50 Index rose 1.13 points, or 0.015 per cent, to 7711.72.
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