Monday: 22nd May 2017
Each Market In Focus
- The Australian market looks to open higher with SPI Futures up 26 points.
- Further declines by large banks on Friday held back strength in the miners and extended the Australian stock market’s decline this week. It was a second straight week of losses for the major banks, which carry a heavy weight in the market and are among the biggest stocks by value, since the government laid out plans in its budget for a tax on liabilities to raise funds needed to plug a deficit.
- That overshadowed the resource sector at the tail end of the week, as mining stocks were
- buoyed by signs demand for iron ore is holding up.
- Sliding for a third straight session, the S&P/ASX 200 fell 10.9 points, or 0.2%, to endat 5727.4. The four largest banks collectively knocked more than 13 points off the index.
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 risen but closed below their session highs on renewed concerns about Donald Trump’s presidency, after two new reports related to a federal investigation into possible co-ordination between Russia and Trump’s election campaign.
- A senior White House adviser is a significant person of interest in the law enforcement investigation of possible Russian ties, the Washington Post reported on Friday, citing people familiar with the matter.
- Separately the New York Times reported that Trump told Russian officials at the White House that firing FBI Director James Comey relieved “great pressure” from the ongoing probe.
- The Times report cited a document summarising the meeting. However, the market did not seem too concerned as the major indexes remained in positive territory.
- The Dow Jones Industrial Average was up 0.69 per cent at 20,804.84, the S&P 500 gained 0.68 per cent to 2,381.73 and the Nasdaq Composite had added 0.47 per cent to 6,083.70.
- Copper rose Friday, driven by a weaker dollar and rising oil prices.
- Copper for July delivery closed up 2% at $2.5815 a pound on the Comex division of the
- June gold tacked on 80 cents, or less than 0.1%, at $1,253.60 an ounce.
- IRON ORE: $61.91 +0.40 (May Contract)
- Oil prices rose to a one-month high on some of their largest one-day gains of the year.
- Renewed optimism about output cuts from the world’s biggest exporters and the possibility they’ll be extended at next week’s OPEC meeting caused U.S. crude’s first surge above $50 a barrel since late April. Crude markets are now up nearly 11% in just two weeks, largely inspired by long-awaited declines in U.S. crude stockpiles and bets that they are the result of OPEC’s effort to ease a glut.
- Light, sweet crude for June delivery settled up 98 cents, or 2%, at $50.33 a barrel on the New York Mercantile Exchange. U.S. crude has gained more than 2% only seven times in 2017.
- Brent crude, the global benchmark, gained $1.10, or 2.1%, to $53.61 a barrel on ICE Futures Europe.
- The U.S. dollar resumed its slide Friday, notching its biggest weekly loss in nearly a year as political uncertainty surrounding the Trump administration jolted markets.
- The WSJ Dollar Index, which measures the U.S. currency against 16 others, fell 1.6% this week, its biggest weekly loss since last July.
- The U.S. dollar lost 2.5% against the euro and 1.8% against the Japanese yen for the week.
- The U.S. dollar has been whipsawed this week by reports that President Donald Trump shared sensitive information with Russian officials and asked then-FBI Director James Comey to back off an investigation of former national security adviser Michael Flynn.
- A former FBI director has been appointed to oversee a federal investigation into Russian interference in the U.S. election, and Mr. Comey is scheduled to testify in front of Congress next week.
- The Australian dollar is firmly higher against its US counterpart as the US dollar index falls to its lowest level in six months.
- At 7.00 a.m. AEST on Monday, the Australian dollar was worth 74.51 US cents, up from 74.29 US cents on Friday.
Britain’s major share index recovered on Friday after a pullback in the previous session, notching up its fourth straight week of gains as investors focused on underlying earnings growth and better economic data.
The FTSE 100 was up nearly 0.46 per cent – at 7,470.71, on the day, bringing it into positive territory for the week after its performance was dented by worries over turmoilin President Trump’s administration that sent stocks tumbling across the globe.
Investors looked through the political uncertainty to a better earnings season and improved UK retail sales data which pointed to a brighter outlook for consumer-facing stocks.
Blue-chips hovered just below the fresh record high set on Tuesday.
Miners Rio Tinto and Anglo American underpinned gains on the index, up 2.1 to 2.4 per cent.
The pan-European FTSEurofirst 300 index rose 0.55 per cent.
Germany’s DAX grew 0.39 per cent to 12,638.69.
Asian stocks were slightly higher after a sluggish start as some risk appetite returned despite caution over political turbulence in the United States.
MSCI’s broadest index of Asia-Pacific shares outside Japan reversed earlier losses to gain 0.1 per cent.
Japan’s Nikkei rallied 0.19 per cent to 19,590.76.
Hong Kong stocks edged up, ending the week roughly flat, as Chinese money continued to flow into the city’s share market, while index heavyweight Tencent closed at an all-time high.
Sentiment was also aided by an overnight recovery on Wall Street amid political troubles in Washington.
The Hang Seng index rose 0.15 per cent, to 25,174.87, while the China Enterprises Index was unchanged at 10,267.39 points.
China’s main stock indexes were little changed, with Shanghai shares snapping a five-week losing streak, as soothing regulatory comments and the central bank’s injection offset worries over tighter regulations and economic growth.
The blue-chip CSI300 index rose 0.17 per cent, to 3,403.85 points, while the Shanghai Composite Index ended flat at 3,090.63 points.
The S&P/NZX 50 Index rose 20 points, or 0.3 per cent, to 7,392.11.
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