Monday: 26th June 2017
Each Market In Focus
- The Australian market looks set to open flat after a mainly positive lead from Wall Street and a lift in oil prices.
- At 7.00 AEST on Monday, the share price futures index was up three points, or 0.05 per cent, at 5,662.
- Locally, in economic news on Monday, CoreLogic’s capital city house prices survey for the week just ended is due out.
- In equities news, Metcash is expected to post full-year results
- However, Ten Network creditors have their first meeting since the broadcaster went into administration, while Crown Resort’s workers detained in China are set to face court in Shanghai on Monday.
- BHP Billiton’s Minerals Australia president Mike Henry is slated to participate at a West Leadership Matters event in Perth while Australia Post Group Chief Digital Officer Andrew Walduc is scheduled to speak about Australia Post’s Digital Transformation, Leadership and Culture at the Trans-Tasman Business Circle lunch in Melbourne.
- The Australian market on Friday in positive territory, despite a tumultuous day form the major banks with South Australia’s bank levy sparking fresh talk of further state government-imposed taxes.
- The benchmark S&P/ASX200 index rose 9.9 points, or 0.17 per cent, to 5715.9 points,
- The broader All Ordinaries index gained 12.3 points, or 0.21 per cent, to 5754.6 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)
Scans Powered by Metastock. Click here for more information
- US stocks have ended mainly higher after a last-minute trading spike and a technology sector gain offset weakness in financial stocks and sent the Nasdaq higher, giving it a weekly gain for the first time in three weeks.
- The energy sector rebounded and finished the strongest of the S&P’s 11 sectors with a 0.8 per cent rise as oil prices came back from multi-month lows.
- Bank stocks ended lower even after they passed their annual stress test as some results were weaker than expected and investors focused on a flattening yield curve.
- The healthcare rally faded on Friday as investors tried to decipher whether a Senate Republican bill to replace Obamacare, released Thursday, would gain enough support to pass.
- Oil prices edged up after hitting their lowest point since August earlier in the week, but showed an almost 20 per cent year-to-date drop as production cuts have failed to reduce oversupply.
- Even after Friday’s gains, the energy sector posted its worst weekly decline since September.
- The Dow Jones Industrial Average closed down 0.01 per cent at 21,394.76, the S&P 500 gained 0.16 per cent to 2,438.3 and the Nasdaq Composite added 0.46 per cent to 6,265.25.
- For the week, the Dow added 0.05 per cent, the S&P rose 0.21 per cent and the Nasdaq gained 1.84 per cent.
- Gold climbed for a third session in a row Friday, but its rise on the back of declines in the U.S. dollar and recent weakness in assets perceived as risky wasn’t enough to give the metal’s prices a boost for the week.
- August gold rose $7, or 0.6%, to settle at $1,256.40 an ounce, with futures down a dime from last Friday’s settlement, after posting losses in each of the past two weeks.
- July copper rose 2.5 cents, or 1%, to $2.624 a pound, ending around 2.3% higher on the week.
- IRON ORE: $55.75 +0.39 ( July contract )
Oil prices ended higher on Friday, but suffered a weekly loss for the fifth time in a row-the longest run of weekly declines since 2015.
Some of the world’s largest producers expressed willingness to stick to output cuts providing support for oil for the session.
Prices, however, were still stuck in a bear market, defined as a decline from a recent peak of at least 20%, amid strong U.S. production.
August West Texas Intermediate crude advanced 27 cents, or 0.6%, to settle at $43.01 a barrel on the New York Mercantile Exchange. Oil reached bear-market territory on Wednesday.
Brent crude for August delivery on London’s ICE Futures exchange added 32 cents, or 0.7%, for the session to $45.54 a barrel. It fell 3.9% for the week.
- The U.S. dollar fell Friday as investors watched speeches from Federal Reserve officials for clues on the path for U.S. interest-rate increases.
- The WSJ Dollar Index, which measures the U.S. currency against 16 others, fell 0.2% to 88.63. The greenback was weaker against the euro, British pound and most emerging-market currencies.
- Investors have been watching a string of speeches from Fed officials this week for clues on how the central bank is viewing a recent slowdown in inflation and the path for further rate-increases.
The British pound rose 0.4% to $1.2727 after an upbeat speech from a Bank of England official added to speculation that the central bank could soon pare back stimulus. Friday marks the first anniversary of the U.K.’s vote to exit from the European Union, which sent the currency to multidecade lows against the dollar.
Though sterling has recovered, it remains down roughly 15% against the greenback over the past year.
- The Australian dollar is hardly changed against its US counterpart even as the greenback weakens slightly amid mixed data and comments from the Federal Reserve.
- At 7.00 a.m. AEST on Monday, the Australian dollar was worth 75.62 US cents, down slightly from 75.65 US cents on Friday.
- Another wobble in commodity-related shares and US dollar earners put pressure on British blue chips on Friday, underscoring their underperformance against continental European peers a year on from Britain’s vote to leave the European Union.
- Britain’s FTSE 100 was down 0.2 per cent at 7,424.13 points at its close, weighed down by weakness in health care and mining stocks – large-cap US dollar earners.
- Friday marked the one-year anniversary of Britons voting in a referendum by a narrow margin to quit the EU, a shock outcome which then sent sterling, British and European stocks into a tailspin.
- The pan-European STOXX 600 index was down 0.2 per cent as falls among financials, pharma firms and energy shares weighed.
- Germany’s DAX fell 0.5 per cent to 12,733.41.
Hong Kong shares were little changed on Friday, and roughly flat for the week, amid concerns that MSCI’s decision this week to include China-listed shares to its emerging market benchmark could weaken the city’s role as a gateway to investing in China.
The Hang Seng index was unchanged at 25,670.05, while the China Enterprises Index gained 0.3 per cent, to 10,430.04 points.
China stocks rose to end the week higher, on signs tight liquidity is easing and with sentiment lifted by MSCI’s decision to include mainland shares in a key index.
The blue-chip CSI300 index settled up 0.9 per cent at 3,622.88 points, the highest close in 18 months, while the Shanghai Composite Index added 0.3 per cent to 3,157.87 points.
For the week, CSI300 jumped 3.0 per cent, posting the best week in 2017, while the SSEC rose 1.1 per cent.
Tokyo’s Nikkei 225 lifted 0.1 per cent to 20,132.67.
The S&P/NZX 50 Index fell 0.1 per cent to 7553.64.
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