Thursday: 4th May 2017
Each Market In Focus
- The Australian market looks set to open lower, following Wall Street’s negative lead.
- At 7.00 AEST on Thursday, the share price futures index was down six points, or 0.1 per cent, at 5,871.
- Locally, in major economic news on Thursday, Reserve Bank of Australia governor Philip Lowe is slated to speak at an Economic Society (Qld) business lunch in Brisbane.
- The Australian Bureau of Statistics is due to release April’s international trade in goods and services figures.
- In equities news, the National Australia Bank is slated to post its half-year results, while Rio Tinto, Santos and Caltex Australia have annual general meetings.
- The Australian market on Wednesday its steepest fall in six weeks, thanks to falls by the major banks, miners and and telco company Vocus.
- The benchmark S&P/ASX200 index fell 58.1 points, or 0.98 per cent, to 5,892.3 points.
- The broader All Ordinaries index lost 51.5 points, or 0.86 per cent, to 5,919.9 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
Wall Street has closed slightly lower after the US Federal Reserve held interest rates unchanged and investors digested another heavy round of earnings reports.
The benchmark S&P 500 reduced its losses following the statement from the US central bank, which downplayed weak first-quarter economic growth and emphasised the strength of the labour market, in a sign it could tighten monetary policy as early as June.
Investors are betting on a 65-per cent chance of a hike in June, according to Thomson Reuters data.
The S&P 500 lost 0.13 per cent to 2,388.13, while the Nasdaq Composite dropped 0.37 per cent to 6,072.55, its biggest percentage drop in about three weeks.
- Gold for June delivery closed down 0.7% $1,248.50 a troy ounce in regular trading on the Comex.
- IRON ORE: $67.45 -1.34 (May contract )
- Oil prices inched higher Wednesday, rebounding from one-month lows despite U.S. stockpiles failing to show the major changes and easing oversupply some had expected.
- Oil initially dipped on data showing higher gasoline stockpiles. But it has been stuck in a range between $47 and $54 a barrel for two months and rebounded to finish with small gains after hitting the bottom of that range.
- Light, sweet crude for June delivery settled up 16 cents, or 0.3%, at $47.82 a barrel on the New York Mercantile Exchange.
- Brent crude, the global benchmark, gained 33 cents, or 0.7%, to $50.79 a barrel on ICE Futures Europe.
- The U.S. dollar extended gains after the Federal Reserve indicated it remains on track to raise interest rates this year despite recent weak economic data.
- The WSJ Dollar Index, which measures the U.S. currency against 16 others, rose 0.5% after being up 0.2% before the Fed announcement. The dollar rose 0.6% against the Japanese yen, 0.4% against the euro and 0.3% against the Mexican peso.
- The Fed kept its benchmark interest rate unchanged as expected at the close of its latest meeting. The central bank said in a statement that slow growth earlier this year was “likely to be transitory,” while pointing to continued strength in the labor market and firmer spending from businesses.
- Higher rates typically support the dollar by making U.S. assets more attractive to yield-seeking investors.
- The data comes ahead of Friday’s U.S. nonfarm payrolls report. A strong reading on that closely watched data could bolster the Fed’s case for raising rates and support the dollar.
- Meanwhile, the Australian dollar continues to slide against its US counterpart, underperforming while the US dollar index lifts 0.3 per cent.
- The local currency was trading at 74.23 US cents at 0703 AEST on Thursday, from 74.89 on Wednesday.
- European shares slipped slightly from the 20-month highs they hit in the previous session, as investors locked in profits following some underwhelming company results on Wednesday.
- Europe’s STOXX 600 index was flat in percentage terms at its close, having spent most of the session in negative territory.
- Shares in several Apple suppliers fell after the smartphone giant reported a surprise dip in sales of its flagship iPhone.
- London’s FTSE100 fell 0.2 per cent to 7,234.53. German blue chip carmaker Daimler and BMW were also on the back foot after disappointing April auto sales in the US.
- However, gains among healthcare stocks supported Germany’s DAX index, which rose 0.2 per cent and touched a fresh all-time high.
- Asian stocks were mixed, moderating after earlier strong gains on positive global earnings and manufacturing data, while expectations that the US Federal Reserve will signal a June rate increase later in the session lifted the dollar.
- MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1 per cent, after touching a near two-year high earlier in the day.
- Hong Kong was closed for the Buddha’s birthday holiday, and Japan is shut from Wednesday until Friday for Golden Week.
- China’s main stock indexes extended losses on Wednesday, with investors cautious on lingering worries about the country’s tougher regulations and a shift toward tighter policy.
- The blue-chip CSI300 index fell 0.4 per cent, to 3,413.13, while the Shanghai Composite Index lost 0.3 per cent to 3,135.35 points.
- The S&P/NZX 50 Index fell 16.65 points, or 0.2 per cent, to 7405.84.
Important News Events For Today
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