Thursday: 11th May 2017
Each Market In Focus
- The Australian market looks set to open higher as the dust settles on the federal budget and following a mixed lead from Wall Street.
- At 7.00 a.m. AEST on Thursday, the share price futures index was up 12 points, or 0.2 per cent, at 5,883.
- Locally, no major economic news is expected on Thursday.
- In equities news, BT Investment Management and GrainCorp are slated to release half-year results while AMP, Genworth Mortgage Insurance and GPT Group hold their and NBN Co releases its third-quarter results.
- The Australian market on Wednesday recovered from a poor start to close higher, but most of the big banks still face pressure after the Turnbull government’s budget announcement of a $6.2 billion levy on them.
- The benchmark S&P/ASX200 index rose 35.5 points, or 0.61 per cent, to 5,875.4 points
- The broader All Ordinaries index was up 36.6 points, or 0.62 per cent, at 5,911.1 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)
Scans Powered by Metastock. Click here for more information
- US stocks have closed mixed as investors digested President Donald Trump’s abrupt dismissal of his FBI chief as well as corporate earnings from Walt Disney and Nvidia.
- The Dow Jones industrial average lost ground, while the Nasdaq closed at a record high.
- Trump said he fired Federal Bureau of Investigation director James Comey over his handling of an email scandal involving then-Democratic presidential nominee Hillary
- However, Comey had also been leading an investigation into whether Trump’s 2016 presidential campaign colluded with Russia.
- Wall Street viewed the turmoil in Washington as the latest of several distractions from Trump’s promises to cut taxes and boost spending on infrastructure.
- The stock market has surged to record highs under Trump due to expectations he will stimulate the economy and boost corporate earnings.
- The Dow Jones Industrial Average fell 0.16 per cent to 20,943.11
- The S&P 500 gained 0.11 per cent to 2,399.63
- The Nasdaq Composite added 0.14 per cent to reach a record high close 6,129.14.
- Gold for June delivery rose 0.4% to $1,218.90 a troy ounce, in a bounce from Tuesday’s eight-week low.
- IRON ORE: $62.63 +1.26 ( May contract )
Crude prices logged their biggest daily gains since December, after U.S. data showed that the amount of oil in storage tanks fell for the fifth straight week, easing concernsabout a glut that has lingered despite output cuts by the world’s major exporters.
Oil inventories fell 5.2 million barrels last week — the largest weekly decline this year, according to the U.S. Energy Information Administration.
U.S. crude futures rose $1.45, or 3.16%, to settle at $47.33 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose $1.49, or 3.06%, to $50.22 a barrel.
The U.S. dollar rose against its Japanese rival on Wednesday, erasing an early decline after an industry group said that crude supplies fell by nearly six million barrels last week.
The shift helped draw investor attention to the commodity market, where fears of persistent supply overruns have stoked concerns that the Organization of the Petroleum Export might abandon its short-lived arrangement to cut production quotas. OPEC members will gather in Vienna later this month for a regular biannual meeting.
The U.S. dollar rose 0.3% at ¥114.33, compared with ¥113.98 late Tuesday in New York.
West Texas Intermediate crude futures for June delivery rose 3% to $47.26, and the rising oil prices helped bolster the Russian ruble and other oil sensitive currencies like the Brazilian real. Both countries are large oil exporters.
- The Australian dollar is higher against its US counterpart in spite of a surge in the greenback.
- At 7.00 a.m. AEDT on Thursday, the Australian dollar was worth 73.67 US cents, up from 73.56 US cents on Wednesday.
- Greek stocks rose for a 12th straight day on Wednesday, the longest run of gains since 1991, outperforming broadly flat European markets as Athens looked set to
clinch vital bailout loans.
- While the pan-European STOXX 600 index edged up 0.2 per cent and the eurozone STOXX index closed flat, Greek’s main equity index rose 1.8 per cent.
- The gains brought Athens’ benchmark index close to erasing all the losses it made after re-opening following an emergency five-week bourse closure in the summer of 2015.
- Elsewhere in Europe, some solid earnings updates and gains among commodity-related stocks on the back of rising crude oil prices provided support.
- Germany’s DAX closed flat, up just 0.7 per cent, at 12,757.46
- Britain’s FTSE 100 rose as strong earnings updates underpinned recent gains and housebuilder Barratt outperformed peers.
- The index ended up 0.59 per cent, just 0.8 per cent below March’s record high of 7,447.00 points.
- Hong Kong shares rose for the third straight session to close at new 21-month highs, even as Shanghai stocks fell to seven-month lows after China’s producer price inflation cooled more than expected.
- Sentiment was lifted by strength in many Asian markets as investors focused on strong corporate earnings, as well as signs that money was continuing to flow in from mainland China.
- The Hang Seng index rose 0.51 per cent, to 25,015.42, while the China Enterprises Index gained 1.0 per cent, to 10,227.42 points.
- The blue-chip CSI300 index fell 0.44 per cent to 3,337.70 points, down for the 8th straight session, while the Shanghai Composite Index lost 0.9 per cent to 3,052.79 points.
- Tokyo’s Nikkei lifted 0.29 per cent to 19,900.09.
- The S&P/NZX 50 index rose 0.2 per cent to 7424.200.
Important News Events For Today
“Once you replace negative thoughts with positive ones, you’ll start having positive results.” – Willie Nelson
*Now you know everything.*