Thursday: 16th February 2017
Each Market In Focus
- At 8.00 a.m. AEDT on Thursday, the share price futures index was down 3 points at 5,756.
- A rally by banks on the back of a record half-year profit from Commonwealth Bank of Australia helped drive the local stock market to its highest close in 21 months.
- A solid first-half report from the country’s biggest bank and a relatively positive outlook from its chief executive on the prospects for Australia’s economy further bolstered investor sentiment that had been lifted by renewed optimism about the U.S. economy after Federal Reserve Chairwoman Janet Yellen signaled Tuesday the central bank could consider raising short-term interest rates at its next policy meeting.
- NZ Spark New Zealand Ltd (SPK.NZ) Interim 2017 Earnings conference call /Webcast
- AUS Goodman Group (GMG.AU) Interim 2017 Earnings conference call / Webcast
- AUS Bapcor Limited (BAP.AU) Interim 2017 Earnings conference call
- AUS South32 Ltd (S32.AU) Interim 2017 Earnings conference call / Webcast
- AUS Origin Energy Ltd (ORG.AU) Interim 2017 Webcast [analyst]
- AUS Mirvac Group (MGR.AU) Interim 2017 Earnings conference call / Webcast
- AUS Sydney Airport (MGPYF) Full year 2016 Earnings conference call /Webcast
- AUS Evolution Mining Limited Interim 2017 Earnings conference call /Webcast (EVN.AU)
- AUS Mineral Resources (MIN.AU) Interim 2017 Earnings conference call
- AUS Magellan Financial Group Interim 2017 Earnings conference call Limited (MFG.AU) [simultaneous]
- AUS Magellan Financial Group Interim 2017 Analyst meeting Limited (MFG.AU)
- AUS Evolution Mining Limited Interim 2017 Results (EVN.AU)
- AUS Goodman Group (GMG.AU) Interim 2017 Results
- AUS DUET Group (DUE.AU) Interim 2017 Dividend payment date – proposed
- AUS Event Hospitality & Interim 2017 Results Entertainment Ltd (EVT-AU)
- AUS Mineral Resources (MIN.AU) Interim 2017 Results
- AUS Mirvac Group (MGR.AU) Interim 2017 Results
- AUS IPH Ltd (IPH.AU) Interim 2017 Results
- AUS Magellan Financial Group Interim 2017 Results Limited (MFG.AU)
- AUS Tatts Group Ltd (TTS.AU) Interim 2017 Results
- AUS Sydney Airport (MGPYF) Full year 2016 Results
- AUS The Star Entertainment Group Interim 2017 Results (SGR.AU)
- AUS Telstra Corp (TLS.AU) Interim 2017 Results
- AUS Origin Energy Ltd (ORG.AU) Interim 2017 Results
- AUS Bapcor Limited (BAP.AU) Interim 2017 Results
- NZ Spark New Zealand Ltd (SPK.NZ) Interim 2017 Results
- AUS South32 Ltd (S32.AU) Interim 2017 Results
- NZ Nov Accommodation Survey, rescheduled from 18 Jan due to November’s earthquake
- AUS Feb Consumer Inflationary Expectations Survey
- AUS Jan Foreign Exchange Transactions and Holdings of Official Reserve Assets
- AUS Jan Labour Force
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. The filter uses an above 50 cent price filter, and the codes in Blue are on our watch list. ( source Metastock)
- Wall Street has risen with the S&P on course for a 7-day winning streak for the first time since September 2013, after President Donald Trump repeated his promise of tax cuts and upbeat economic data increased the odds of an interest rate rise.
- Trump, in a meeting with top US retail companies executives, said he would lower taxes substantially and simplify the tax code – echoing a vow he made last Thursday that renewed optimism about the economy and revived the “Trump trade”.
- Also boosting sentiment was robust economic data – including bigger-than-expected gains in retail sales and consumer prices in January – that reinforced the strength of the economy.
- After the economic data, traders raised the odds of a Federal Reserve interest rate rise in March to 26.6 per cent from 13.3 per cent before the data was released, according to Thomson Reuters data.
- Financial stocks, which benefit in a higher rate environment, again led the gainers among the 11 major S&P sectors, with a 0.63 per cent gain.
- In late afternoon trading, the Dow Jones Industrial Average was up 0.56 per cent, the S&P 500 had lifted 0.45 per cent and the Nasdaq Composite had risen 0.67 per cent.
- Copper prices edged higher Wednesday as striking workers and management at the world’s largest copper mine returned to negotiations.
- Copper for March delivery settled up 0.1% at $2.7405 a pound on the Comex division of the New York Mercantile Exchange, trading as low as $2.7195 and as high as $2.7530 earlier in the session.
- Gold prices rose, as haven buying amid political uncertainty outweighed bullish signals on future rate increases from the U.S. Federal Reserve. Gold for April delivery settled up
- 0.6% at $1,233.10 a troy ounce on the Comex division of the New York Mercantile
- Exchange, after trading as low as $1,217.50 earlier in the session. Wednesday’s gains broke a four-session losing streak for the precious metal.
- IRON ORE: $85.86 -0.05 ( February contract )
- Oil prices edged lower Wednesday after federal data showed that stockpiles of U.S. crude and gasoline surged to record levels last week.
- But the figures, which analysts described as decidedly bearish, didn’t shake crude from the tight range it has traded in since the start of the year.
- The U.S. dollar swung between gains and losses despite better-than-expected U.S. data and a brighter outlook for higher U.S. interest rates.
- After a sluggish start to the year, the dollar has gotten a boost this week from upbeat data and commentary from Federal Reserve Chairwoman Janet Yellen.
- In her second day of testimony in front of Congress, Ms. Yellen on Wednesday touted the economy’s improvement since the financial crisis but acknowledged that economic growth overall had been “quite disappointing” and fallen short of expectations for a variety of reasons.
- The Australian dollar is higher against its US counterpart and the yen and euro, performing strongly following positive earnings reports.
- At 7.00 AEDT on Thursday, the Australian dollar was worth 77.00 US cents, up from 76.68 on Wednesday.
- European shares ended higher in another session dominated by earnings, as French lender Credit Agricole led banking stocks to a three-week high.
- The pan-European STOXX 600 index rose 0.3 per cent with the banking index the top sector, up 1.4 per cent.
- Shares in Credit Agricole jumped 4.7 per cent after France’s biggest retail bank beat forecasts with a smaller than expected earnings drop in the fourth quarter.
- Banking stocks were also helped by hawkish rhetoric from U.S. Federal Reserve Chair Janet Yellen who stood by the stance she took on Tuesday that the central bank was on track to raise interest rates at an upcoming policy meeting.
- Germany’s DAX gained 0.19 per cent to close at 11,793.93.
- London’s FTSE100 rose 0.47 per cent to 7,302.41.
- MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7 per cent, rising to its highest since July 2015. Japan’s Nikkei added more than 1 per cent, buoyed by a weaker yen.
- Hong Kong stocks hit a five-month high, after Fed chair Janet Yellen’s comments on the US economy and interest rate expectations.
- The benchmark Hang Seng index climbed to its highest since September 9 in intraday trading and settled 1.2 per cent up, at 23,994.87 points.
- The Hong Kong China Enterprises Index closed at the highest since November 2015, up 1.8 per cent, at 10,436.04 points.
- But, China stocks reversed earlier gains to end lower, as technology and resource stocks took a breather after their recent strong rally.
- The blue-chip CSI300 index fell 0.4 per cent, to 3,421.71 points, while the Shanghai Composite Index shed 0.2 per cent to 3,212.99 points.
- The S&P/NZX50 Index gained 29.12 points, or 0.4 per cent, to 7,180.02.
Important News Events For Today
Pessimism leads to weakness, optimism to power. – William James
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