Thursday: 9th February 2017
Each Market In Focus
- The Australian market looks set to open flat, following the US and Europe’s lead with markets nervous amid widespread political uncertainty.
- At 8.00 AEDT on Thursday, the share price futures index was down 1 point, or 0.02 per cent, at 5,597.
- Locally, no major economic news is expected on Thursday.
- In equities news, AMP is expected to post full-year results, while AGL Energy, Suncorp and NBN Co are slated to release half-year results.
- Newcrest Mining chief executive Sandeep Biswas is scheduled to speak at the Melbourne Mining Club.
- The Australian market on Wednesday gained ground due to strength among the big four banks, well received earnings reports from Carsales.com and construction firm CIMIC, and a higher price for iron ore.
- AUS AGL Energy Limited Interim 2017 Earnings conference call / Webcast
- AUS Suncorp Group (SUN.AU) Interim 2017 Earnings conference call / Webcast
- NZ Sky City Entertainment Group Interim 2017 Earnings conference call /Webcast Limited (SKC.NZ)
- AUS AMP Ltd (AMP.AU) Full year 2016 Webcast
- AUS Henderson Group (HGG.LN) Full year 2016 Earnings conference call /Webcast
- NZ Sky City Entertainment Group Interim 2017 Results Limited (SKC.NZ)
- AUS Henderson Group (HGG.LN) Full year 2016 Results
- AUS News Corporation (NWSA) Q2 2017 Results
- AUS AMP Ltd (AMP.AU) Full year 2016 Results
- AUS Suncorp Group (SUN.AU) Interim 2017 Results
- AUS AGL Energy Limited Interim 2017 Results
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)
- The S&P 500 and the Nasdaq Composite index were little changed on Wednesday, while the Dow was pressured by losses in bank stocks.
- The financial index dropped 1 per cent and was on track to mark its biggest drop in three weeks due to declines in JPMorgan and Wells Fargo.
- Analysts say market is reducing expectations for the number of US interest rate hikes this year as well as for fiscal stimulus policies and tax cuts from President Donald Trump’s administration.
- Goldman Sachs fell 1.1 per cent and was the biggest drag on the Dow.
- The Dow Jones Industrial Average was down 0.18 per cent at 20,054.04
- The S&P 500 was down flat at 2,293.37.
- The Nasdaq Composite was up 0.1 per cent, at 5,682.12.
- Copper prices rose to their highest level in nearly a week Wednesday as workers at the world’s largest copper mine prepared to strike.
- Industrial action is expected to be a big influence on the price of copper this year, with the base metal getting a further boost from a crop of labor negotiations set to take place from Chile to Salt Lake City.
- Copper for March closed up 1.3% at $2.6665 a pound on the Comex division of the New York Mercantile Exchange, the highest closing since Feb. 2.
- Prices are up more than 6% since the beginning of the year, boosted by expectations of stronger economic growth and anticipation of extra government infrastructure spending in the U.S. and China.
- Gold prices rose for the fifth straight session, spurred by a weaker dollar and global political uncertainty.
- Gold for April delivery closed up 0.3% at $1,239.50 a troy ounce on the Comex division of the New York Mercantile Exchange.
- Prices are up nearly 8% since the start of the year.
- IRON ORE: $81.88 +0.86 ( February contract )
- Oil prices closed higher Wednesday as signs of rising gasoline demand negated a larger-than-expected build in inventory levels.
- Light, sweet crude for March delivery settled up 17 cents, or 0.3%, to $52.34 a barrel on the New York Mercantile Exchange, after trading as low as $51.50 a barrel earlier in the session.
- Brent, the global benchmark, settled up 7 cents, or 0.1%, at $55.12 a barrel.
- The U.S. dollar fell against the Japanese yen and the Swiss franc as uncertainty over the path of U.S. political and economic policy drove investors into safer assets.
- The U.S. dollar has softened since the start of the year amid uncertainty surrounding President Donald Trump’s plans for tax reform and fiscal stimulus.
- The Australian dollar is little changed against the US dollar which has been pressured by the decline in US bond yields as investors price out a March rate rise by the Federal Reserve.
- At 7.00 a.m. AEDT on Thursday, the Australian dollar was worth 76.38 US cents, up fractionally from 76.32 US cents on Wednesday.
- London and Germany closed flat as European shares edged ahead, helped by good earning updates, but bank stocks hit a five-week low on growing concerns over the region’s crowded election agenda this year.
- The STOXX 600 rose 0.3 per cent after a volatile session that saw the pan-European index dip into negative territory at one point, weighed down by financial stocks which are seen as most sensitive to political uncertainty.
- At the forefront of investors’ concerns is the French presidential election, with worries about the strong showing of far-right candidate Marine Le Pen keeping euro and French debt under pressure on Wednesday.
- In spite of the political jitters, a series of good earnings updates has supported the STOXX, which is flat so far this week.
- According to JP Morgan, more than half of the STOXX companies that have reported so far beat EPS estimates, with growth at 8 per cent year-on-year.
- Germany’s DAX was flat, down just 0.05 per cent, at 11,543.38.
- London’s FTSE100 was also flat, up 0.04 per cent, at 7188.82.
- Hong Kong stocks erased early losses and closed at three-and-a-half-month highs, boosted by shares of China property developers and brokers.
- The benchmark Hang Seng index ended up 0.7 per cent at 23,485.13 points, while the Hong Kong China Enterprises Index gained 1.1 per cent to 9,955.34.
- An index tracking mainland real estate stocks added 5.6 per cent, clocking its best one-day gain in 11 months.
- Sentiment was also lifted by rising capital inflows from investors in mainland China.
- China’s Shanghai Composite Index closed 0.4 per cent higher at 3,166.98.
- Japan’s Nikkei 225 rose 0.5 per cent.
- The S&P/NZX 50 Index fell 0.78 of a point, or 0.01 per cent, to 7,066.27.
Important News Events For Today
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