Monday: 5th June 2017
Each Market In Focus
- The Australian market looks set to open modestly higher after Wall Street’s main three indexes again close at record highs.
- At 8.00 a.m. AEST on Monday, the share price futures index was up 10 points, or 0.17 per cent, at 5,797.
- Locally, in economic news on Monday, the Australian Bureau of Statistics’ business indicators for the March quarter are due out.
- The ANZ job advertisements series for May is expected, as is the CoreLogic capital city house prices survey for the week just ended.
- No major equities news is expected.
- The Australian market on Friday ended the week on a high note, posting its best day since March as strong overseas markets added a tailwind and traders bought back into banks and miners.
- The benchmark S&P/ASX200 index rose 50 points, or 0.87 per cent, at 5,788.1 points.
- The broader All Ordinaries index lifted 48.6 points, or 0.84 per cent, at 5,821.1 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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- US stocks have closed at record levels for a second consecutive session, as gains in technology and industrial stocks more than offset a lukewarm jobs report.
- Nonfarm payrolls increased by 138,000 in May, well short of the 185,000 expected by economists. The prior two months were revised lower by 66,000 jobs than previously reported.
- Average hourly earnings rose 0.2 per cent in May, following a similar gain in April, but the unemployment rate fell to a 16-year low of 4.3 per cent.
- The modest increase, however, could raise concerns about the economy’s health after gross domestic product growth slowed in the first quarter and a string of softening data this week, including reports on housing and auto sales.
- The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. Job gains are slowing as the labour market nears full employment.
- The Dow Jones Industrial Average rose 0.29 per cent to 21,206.29, the S&P 500 gained 0.37 per cent to 2,439.07 and the Nasdaq Composite added 0.94 per cent to 6,305.80.
- For the week, the S&P rose 0.95 per cent, the Dow added 0.59 per cent and the Nasdaq gained 1.54 per cent.
- Gold prices rose to their highest level in more than a month Friday, after weaker than expected U.S. employment numbers bolstered the case for the Federal Reserve to continue raising rates at a gradual pace.
- Gold for August delivery closed up 0.8% at $1,280.20 a troy ounce on the Comex division of the New York Mercantile Exchange, the highest settlement value since April 21.
- Copper for July delivery was down 0.5% at $2.5745 a pound.
- Iron Ore: 56.27 +0.88 (June Contract)
- Oil prices resumed losses Friday to trade at four-week lows, after rising U.S. production and President Trump’s withdrawal from the Paris Climate Accord helped reignite a recent selloff.
- Light, sweet crude for July delivery recently lost $1.16, or 2.4%, to $47.20 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell $1.28, or 2.5%, to $49.35 a barrel on ICE Futures Europe.
- The U.S. dollar tumbled after a disappointing monthly jobs report fueled uncertainty about the path for higher U.S. interest rates.
- The WSJ Dollar Index, which measures the U.S. currency against 16 others, fell 0.5% to 88.28.
- That would be the lowest closing level since the Nov. 8 U.S. presidential election sent the currency soaring.
- The Australian dollar has risen solidly and is comfortably back above 74 US cents after a disappointing US jobs report hurt the greenback.
- At 7.00 AEST on Monday, the Australian dollar was worth 72.24 US cents, up from 73.90 US cents on Friday.
- European shares rose on Friday as investors maintained strong flows into the region but top regional benchmarks came off earlier highs after a disappointing US jobs growth.
- The pan-European STOXX 600 ended up 0.2 per cent. Germany’s DAX rose 1.25 per cent and UK’s FTSE added 0.05 per cent, having both hit fresh record highs earlier in the day.
- Supporting the DAX were gains among carmakers after better-than-expected US car sales data, as well as in Linde after boards approved a $US73 billion merger deal with US peer Praxair to create an industrial gases leader.
- Linde shares rose 2 per cent but remained at a discount to the price implied by the merger terms.
- British shares climbed to fresh all-time peaks but pared most of their gains following the US jobs report.
- The FTSE 100 index of top UK blue chips rose 0.05 per cent, off a peak of 7,598.99 points hit earlier in the day, while the domestically focused mid cap FTSE 250 index inched down 0.04 per cent, reversing earlier gains.
- Asian markets rose to their best levels in more than two years as upbeat data on US manufacturing and private sector employment and buoyant European factory growth boosted investor optimism.
- MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.6 per cent, while Japan’s Nikkei rose 1.6 per cent, topping the psychologically important 20,000-point mark and taking the benchmark to its highest level since August 2015.
- Hong Kong stocks closed the week at a near two-year high, supported by an upbeat mood in global equity markets and continuous money inflows from China.
- Both the Hang Seng index and the Hong Kong China Enterprises Index rose 0.4 per cent, to 25,924.05 and 10,666.43 points, respectively.
- For the week, the Hang Seng rose 1.1 per cent, while the HSCI gained 0.4 per cent. China stocks ended the week little changed, bucking a global equity rally as investors worried about tightening liquidity and conflicting signals on the health of the world’s second-largest economy.
- The blue-chip CSI300 index fell 0.3 per cent to 3,486.51 points, while the Shanghai Composite Index added 0.09 per cent to 3,105.54.
- For the week, the CSI300 inched up 0.2 per cent, while the SSEC slipped 0.1 per cent.
- The S&P/NZX 50 Index gained 0.7 per cent to 7499.97.
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