Thursday: 7th September 2017
Each Market In Focus
- The Australian share market is set to open higher, following the leads from equity markets in the US and Europe, which continued to make gains on Friday
in the post-Trump-election rally.
- At 8.00 a.m. AEDT on Monday, the local share price index was up 23 points, or 0.41 per cent, at 5,582.
- On Wall Street, the Dow Jones Industrial Average rose 0.72 per cent, while the S&P500 gained 0.59 per cent and Nasdaq ended 0.5 per cent higher.
- Earlier, Europe’s STOXX 600 finished up almost 1 per cent higher.
- In local economic news, the Australian Bureau of Statistics will release lending finance figures for October.
- On Friday, the benchmark S&P/ASX 200 index gained 17 points, or 0.31 per cent, to 5,560.6 points.
- The broader All Ordinaries index rose 16.8 points, or 0.30 per cent, to 5,615.8 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 climbed, boosted by energy shares and helped by news of an agreement to extend the debt limit, as stocks bounced back from a day-earlier sell-off.
- US stocks on Wednesday built on moderate gains after news that President Donald Trump, siding with Democrats over his fellow Republicans, said he agreed to pass an extension of the US debt limit until December 15, potentially avoiding an unprecedented default on US government debt.
- Data showed that US services sector activity accelerated in August amid strong gains in new orders and employment, while another report showed only a modest rise in the trade deficit in July – the latest signs that the economy had gathered momentum early in the third quarter.
- A Federal Reserve survey showed the US economy expanded at a modest to moderate pace in July through mid-August.
- The Dow Jones Industrial Average rose 0.25 per cent to 21,807.64
- The S&P 500 gained 0.31 per cent to 2,465.54
- The Nasdaq Composite added 0.28 per cent to 6,393.31.
- Gold snapped a three-day win streak to finish lower after the White House and lawmakers reached a deal to extend the deadline on the federal government’s debt ceiling and as stocks recouped some of their losses from the previous session.
- Gold for December delivery slid $5.50, or 0.4%, to settle at $1,339 an ounce.
- The SPDR Gold Shares exchange-traded fund fell 0.6%.
Copper traded near a three-year high with December copper extending gains to add 2 cents, or 0.8%, to settle at $3.15 a pound.
- IRON ORE: $74.64 -1.49 ( October contract )
Oil futures ended higher Wednesday, lifted as Gulf Coast refiners continued to resume operations following the shutdowns caused by Hurricane Harvey.
West Texas Intermediate crude for October delivery on the New York Mercantile Exchange rose 50 cents, or 1%, to end at $49.16 a barrel.
Brent crude for November delivery gained 82 cents, or 1.54%, to $54.20 a barrel.
- The U.S. dollar rebounded Wednesday, after President Donald Trump said he accepted congressional Democratic leaders’ proposal to raise the federal government’s borrowing limit for three months.
- The Wall Street Journal Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently unchanged at 85.31.
- The measure earlier fell as low as 85.07.
- In a midday meeting at the White House, Mr. Trump agreed to a package that includes an initial installment of $7.85 billion for Hurricane Harvey victims and a three-month extension of both government funding and a three-month increase in the debt limit.
- The deal removes, at least temporarily, worries over a looming debt ceiling showdown that had weighed on the dollar over the last several weeks.
- Other concerns continue to hang over the U.S. currencies, contributing to its 8% drop this year.
- A slowdown in U.S. inflation has made investors increasingly skeptical that the Fed will be able to tighten monetary policy in the months ahead.
- Expectations that rates will rise only gradually tend to weigh on the dollar, as lower borrowing costs make the U.S. currency less attractive to yield-seeking investors.
- In a speech Tuesday, Fed governor Lael Brainard said the U.S. central bank should be cautious about raising interest rates amid the economy’s “persistent failure” to reach its 2% inflation target.
- The U.S. dollar fell 1.2% against the Canadian dollar after the Bank of Canada unexpectedly raised rates Wednesday morning.
- The central bank raised its benchmark interest rate by a quarter-percentage point to 1%, citing stronger-than-anticipated growth.
- The Australian dollar has crept higher against its US counterpart, recouping a little of its loss following weaker-than-expected economic growth figures and gains in the greenback.
- At 7.00 AEST on Thursday, the Australian dollar was worth 79.98 US cents, up from 79.81 US cents on Wednesday.
A rally in auto stocks lifted German shares to 10-day highs on Wednesday as upbeat broker notes re-awakened investor interest into a cheaply valued sector that could benefit from plans to cut emissions.
The German blue chip index, where big carmakers such as Volkswagen and Daimler are listed, rose 0.8 per cent, while the pan-European STOXX 600 index rose 0.1 per cent after a choppy session where caution prevailed ahead of a European Central Bank meeting on Thursday.
Europe’s auto index rose 1.7 per cent, the best sectoral performer in the region by far.
British shares fell, weighed down by losses among banks and housebuilders although they ended off lows hit on simmering geopolitical tensions in the Korean peninsula.
Britain’s blue-chip FTSE 100 ended down 0.25 per cent at 7,354.13 points, with financials taking the most points off the index with shares in HSBC, Prudential and Barclays down between 0.7 and 1.1 per cent
Asian shares fell on Wednesday as simmering tension over the Korean peninsula kept investors wary of taking on risk.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4 per cent and Tokyo’s Nikkei hit a four-month low, closing down 0.1 per cent.
Hong Kong stocks fell, echoing declines in other global markets as rising tensions on the Korean peninsula prompted investors to take profits on this year’s strong rally.
The Hang Seng index fell 0.46 per cent to 27,613.76 points, while the China Enterprises Index lost 0.6 per cent to 11,128.77.
China blue-chip share index ended slightly weaker but off the day’s lows as strong gains in major state-owned firms helped offset rising North Korea tensions.
The CSI300 index fell 0.2 per cent to 3,849.45 points, while the Shanghai Composite Index closed little changed at 3,385.39.
The S&P/NZX 50 Index gained 0.2 per cent to 7,790.21.
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