Tuesday: 27th June 2017
Each Market In Focus
- The Australian market looks set to open flat after both the Dow and the S&P 500 closed steady on Wall Street.
- At 7.00 a.m AEST on Tuesday, the share price futures index was up two points, or 0.04 per cent, at 5,668.
- Locally, in economic news on Tuesday, the ANZ-Roy Morgan Consumer Confidence weekly survey is due out.
- Reserve Bank of Australia deputy governor Guy Debelle is slated to appear, via video link, at the Global FX Code of Conduct launch in Singapore.
- No major equities news is expected.
- The Australian market on Monday closed steady amid modest gains from the heavyweight banking and mining sectors.
- The benchmark S&P/ASX200 index gained 4.3 points, or 0.08 per cent, to 5,720.2 points.
- The broader All Ordinaries index rose 3.8 points, or 0.07 per cent, to 5,758.4 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)
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- The S&P 500 and the Dow have barely risen as gains were offset by a fall in technology stocks, which pushed the Nasdaq lower as investors turned to more defensive sectors.
- The slow-growing, high-dividend S&P utilities and telecommunications were the best performers among the 11 S&P sectors.
- Technology was the weakest sector, with a 0.6 per cent decline. The sector been under pressure recently due to stretched valuations.
- The Dow Jones Industrial Average rose 14.79 points, or 0.07 per cent, to 21,409.55
- The S&P 500 gained 0.77 point, or 0.03 per cent, to 2,439.07.
- The Nasdaq Composite dropped 18.10 points, or 0.29 per cent, to 6,247.15.
- A fall in Microsoft, Amazon and Alphabet weighed most on the S&P 500, as well as on the Nasdaq.
- Gold prices fell Monday, in a move many market participants blamed on what appeared to be an an erroneous order to sell a large amount of the precious metal.
- An order to sell 1.8 million ounces of gold, or roughly 56 tons, took prices for the metal down around $20 in early London trading Monday, according to exchange data.
- Prices recovered some of that drop. Gold for August delivery closed down 0.8% at $1,246.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
Most other precious metals fell in sympathy with gold.
Silver closed down 0.5% at $16.57 a troy ounce.
Platinum fell 1.4% to $916.60 a troy ounce.
Palladium was up 0.9% at $863.95 a troy ounce.
- IRON ORE: $56.66 +0.91(July contract )
- Crude futures rose for a third consecutive session Monday, as investors weighed the relentless growth in U.S. oil output against efforts by major global producers to reduce supply.
- U.S. crude futures for August delivery settled up 37 cents, or 0.86%, at $43.38 a barrel on the New York Mercantile Exchange.
- Brent, the global benchmark, rose 29 cents, or 0.64%, to $45.83 a barrel on ICE Futures Europe.
- The U.S. dollar slipped Monday after a report showed demand for long-lasting factory goods fell in May for the second straight month.
- The WSJ Dollar Index, which measures the U.S. currency against 16 others, was recently down 0.1% to 88.55.
The U.S. dollar fell 0.8% against the Mexican peso, hitting its lowest level in over a year.
The greenback also declined against the euro, British pound and Brazilian real.
Weak business spending has been dragging on overall U.S. economic growth recently, but investment appeared to recover in the first quarter of the year.
- The Australian dollar is higher against a strengthening US dollar which rebounded after earlier losses on weaker-than-expected US economic data.
- At 7.00 AEST on Tuesday, the Australian dollar was worth 75.84 US cents, up from 75.71 US cents on Monday.
- European shares rose on Monday as banks rallied after Italy reached a deal to wind up two failed regional banks and Nestle climbed to a new record after an activist investor urged changes at the consumer bellwether.
- Italy began winding up two failed Veneto region banks on Sunday in a deal that could cost taxpayers up to 17 billion euros ($A25 billion) but puts an end to a long-running crisis and leaves the lenders’ good assets in the hands of Intesa Sanpaolo.
- Shares in Intesa, Italy’s largest retail bank, rose 3.5 per cent while the eurozone bank index rose 1.1 per cent.
- Gains in bank stocks helped the pan-European STOXX 600 and the eurozone blue chip indexes end 0.4 and 0.5 per cent higher respectively, while Germany’s DAX gained 3 per cent to 12,770.83.
- British shares snapped four straight days of losses, as banks joined a broader European rally and steadier crude oil prices supported energy firms.
- The blue chip FTSE index was up 0.3 per cent at 7,446.80 points at its close, paring back its earlier gains slightly as energy shares eased.
Asian shares edged up on Monday on optimism about global growth.
MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.4 per cent while Japan’s Nikkei rose 0.1 per cent. Trading was slow with many markets in the region.
The prospect of solid global economic growth has kept alive investors’ optimism over world equities even as some markets, including Wall Street, have slowed down from a frenetic run due to high valuations.
Share prices have also been supported by relatively loose monetary policies in the developed world, with the Bank of Japan and the European Central Bank still pumping in funds.
In Hong Kong, tech shares and mainland property firms led the main indexes higher.
The Hang Seng index rose 0.8 per cent, to 25,871.89, while the China Enterprises Index gained 1.0 per cent, to 10,530.66 points.
China’s blue-chip index closed at its highest in more than a year, boosted by news of index provider MSCI saying it could substantially raise the future weighting of China ‘A’ shares in its emerging markets benchmark.
The Shanghai SE 50 Index, an index tracking the 50 most representative blue-chips on the Shanghai Stock Exchange, advanced 0.6 per cent to an 18-month high.
The blue-chip CSI300 index rose 1.3 per cent, to 3,668.09 points, while the Shanghai Composite Index ticked up 0.9 per cent to 3,185.44 points.
The S&P/NZX 50 Index rose 0.6 per cent to 7595.50.
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