Thursday: 23rd February 2017
Each Market In Focus
- The Australian market looks set to open lower after Wall Street has a lacklustre day, with only the Dow Jones Industrial Average in positive territory in late trading
- At 8.00 a.m. AEDT on Thursday, the share price futures index was up down 12 points at 5758 points.
- Locally, in economic news on Thursday, the Australian Bureau of Statistics releases December quarter private new capital expenditure and expected expenditure figures, as well as average weekly earnings data.
- In equities news, Qantas, Crown Resorts, Village Roadshow, Westfield Corp, Ardent Leisure, Vodafone Hutchison, Iluka Resources, Nine Entertainment Co, Southern Cross Media Group and Ramsay Health Care are among the companies expected to post results on Thursday.
AUS Emeco Holdings Ltd (EHL.AU) Full year 2016 AGM / Webcast
AUS Washington H Soul Pattinson Full year 2016 Dividend payment date & Company Limited (SOL.AU)
AUS Ozforex Group Ltd (OFX.AU) Interim 2017 Ex-dividend date
NZ Nov REINZ Monthly Housing Price Index
NZ Nov REINZ Residential Market Report
NZ Oct Accommodation Survey
NZ Q3 Wholesale Trade Survey
AUS Oct Lending Finance
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)
- US stocks are mainly modestly weaker after the release of minutes from the Federal Reserve’s latest meeting showed many of the central bank’s policymakers said it may be appropriate to raise interest rates again “fairly soon”.
- The S&P 500 and the Nasdaq were in negative territory, while the Dow Jones Industrial Average held slight gains.
- The minutes of the Fed’s January 31-February 1 discussion, at which the US central bank voted to keep rates unchanged, also showed the depth of uncertainty at the central bank over the lack of clarity on the new Trump administration’s economic program.
- Separately on Wednesday, Fed Governor Jerome Powell said it will be appropriate for the Fed to raise interest rates “perhaps relatively soon”. Chair Janet Yellen last week said the Fed will likely need to raise interest rates at an upcoming meeting.
- In late afternoon trading, the Dow Jones Industrial Average was up 0.09 per cent at 20,762.51,
- The S&P 500 was down 0.16 per cent at 2,361.59.
- The Nasdaq Composite was 0.18 per cent lower at 5,855.26.
- Gold prices erased losses Wednesday after minutes from the Federal Reserve’s last policy meeting showed officials reiterated plans for a gradual increase in interest rates and cited concerns about a strong U.S. dollar.
- Gold for April delivery was recently down 0.1% at $1,238.30 a troy ounce in electronic trading, paring losses and briefly trading higher after settling at $1,233.30 an ounce on the Comex division of the New York Mercantile Exchange.
- Copper prices also fell Wednesday, with Comex futures for May delivery settling down 0.4% at $2.7460 a pound.
- Iron Ore $87.28 +0.88 (Feb Contract)
- Oil prices retreated Wednesday on continued investor concern about high U.S. stockpiles.
- Money managers have a record-high bullish bet on rising oil prices, expecting cutbacks from major exporters to end a longstanding glut. But rising U.S. shale production and U.S. oil stockpiles undermines the ability of international rivals to control the market and has often capped rallies, including this week, analysts said.
- Prices matched a 19-month high yesterday before Wednesday’s retreat nearly canceled out all of Tuesday’s gains.
- Light, sweet crude for April delivery settled down 74 cents, or 1.4%, at $53.59 a barrel on the New York Mercantile Exchange.
- Brent crude, the global benchmark, lost 82 cents, or 1.4%, to $55.84 a barrel on ICE Futures Europe.
- Both snapped a three-session winning streak.
- The U.S. dollar dropped after minutes from the Federal Reserve’s latest meeting disappointed some investors.
- The WSJ Dollar Index, measuring the U.S. currency against 16 others, fell 0.2%. The index had been essentially flat before the release.
- The Australian dollar has jumped against its US counterpart and is back above 77 US cents.
- At 7.00 a.m. AEDT on Thursday, the Australian dollar was worth 77.08 US cents, up from 76.91 US cents on Wednesday.
- European shares were steady at 14-month highs, supported by well-received earnings updates from companies such as Lloyds, Telefonica Deutschland and Scor.
- The pan-European STOXX 600 index ended flat after setting an intra-day high of 375.42 points, its highest level since early December 2015.
- Germany’s DAX was up 0.26 per cent, at 11,998.59, after hitting levels not seen since April 2015.
- Lloyds, the second largest British listed bank to post earnings this week, was a top gainer, up 3.3 per cent after impressing investors with profits rising to a ten-year high.
- Telefonica Deutschland rose 2.2 per cent after it reported better-than-expected core profit for the fourth quarter and raised its target for synergies from its acquisition of E-Plus, while French insurance company Scor rose 3.2 per cent after it raised its dividend and said it planned share buybacks due to a 5.4-per cent increase in premiums.
- Unilever rose 5.7 per cent, making its shares the biggest gainers on the FTSE 100 index, after saying it was reviewing its options to drive shareholder value, days after rejecting a $143 billion-bid from Kraft-Heinz.
- The FTSE 100 closed 0.38 per cent higher at 7,302.25.
- MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent, while Hong Kong’s Hang Seng found a near 18-and-a-half-month high.
- Market confidence was lifted on news that Hong Kong handed out billions in tax cuts and poverty relief on Wednesday, to stimulate its economy that is expected to grow more strongly than expected at 2 to 3 per cent this year.
- The Hang Seng closed up 0.99 per cent at 24,201.96.
- China’s main share indexes rose for a third day approaching three-month highs, though gains were capped as speculators sold some recently-listed financial sector stocks.
- The blue-chip CSI300 index rose 0.2 per cent, to 3,489.76 points. The Shanghai Composite Index also added 0.2 per cent, to 3,261.22 points.
- Japan’s Nikkei 225 bucked the trend, closing marginally lower as the yen strengthened. It was down 0.01 per cent at 19,379.87.
- The S&P/NZX50 Index fell 53.22 points, or 0.7 per cent, to 7,062.47.
Important News Events For Today
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