Wednesday: 3rd May 2017
Each Market In Focus
- The Australian market is set to open flat with flat leads from US markets and little in the way of share or economic news to influence investors.
- At 7.00 a.m. AEST on Wednesday, the share price futures index was down four points, or 0.07 per cent, at 5,930.
- Locally, the Ai Group Performance of Manufacturing Index for April is due on Wednesday morning.
- In equities news, Sigma Pharmaceuticals will hold its annual general meeting.
- In the Australian share market on Tuesday, ANZ’s weaker-than-expected $3.4 billion half-year cash profit weighed on the big four banks and pulled market slightly lower.
- The benchmark S&P/ASX200 dropped 6.1 points, or 0.1 per cent, to 5,950.4 points, while the broader All Ordinaries index dropped five points, or 0.08 per cent, to 5,971.4 points.
- Meanwhile, the Australian dollar has risen slightly against the greenback with more investors expect the US Federal Open Market Committee to hold interest rates in May.
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
- A measure of stocks across major markets globally inched up to a record high on Tuesday, lifted by gains in Europe amid corporate and economic strength, while crude futures tumbled as prices breached key technical levels.
- A broad index of European stocks rose to its highest since August 2015, boosted by company earnings and as a survey of factory activity in the euro zone jumped to its highest since April 2011.
- French blue chips hit their highest in nearly a decade and Germany’s DAX set a record high.
- Robust results have helped lift share prices across the globe this year, with major US indexes at or near record levels.
- First-quarter profits of companies on the benchmark S&P 500 index are expected to have risen 13.9 per cent, the strongest rise since 2011, according to Thomson Reuters data.1.50.6 BP shares rose 1.6 per cent after the oil major’s first-quarter profit tripled.
- Apple shares fell 1.2 per cent to $145.75 in extended trading after the iPhone maker reported a surprise fall in iPhone sales.
- The Dow Jones Industrial Average rose 36.43 points, or 0.17 per cent, to 20,949.89.
- The S&P 500 gained 2.84 points, or 0.12 per cent, to 2,391.17
- The Nasdaq Composite added 3.76 points, or 0.06 per cent, to 6,095.37.
- Gold for June delivery closed up 0.1% at $1,257.00 a troy ounce in New York, fluctuating between minor gains and losses as traders awaited news out of the Federal Reserve’s May policy meeting and more economic data this week.
- Meanwhile, copper prices fell, as economic data in China proved disappointing and led to fears that a key area of copper consumption may be slowing down.
- Copper for July delivery settled down 1% at $2.6355 a pound on the Comex division of the New York Mercantile Exchange.
- Oil prices took some of their biggest losses of the year with concerns about rebounding output from Libya and rising production in the U.S. pushing prices to new lows.
- Brent crude, the global benchmark, fell to its lowest point since Nov. 29. U.S. oil is at its second-lowest settlement since then, and the losses were its third-biggest of any session in 2017.
- Most of the losses came in a steep drop late in the afternoon, but spotting its trigger was difficult. Some noted live comments on Saudi television from the country’s deputy crown prince, but little of what he said about oil would impact near-term markets.
- Light, sweet crude for June settled down $1.18, or 2.4%, at $47.66 a barrel on the New York Mercantile Exchange.
- It is the lowest settlement since March 21. Brent lost $1.06, or 2.1%, to $50.46 a barrel on ICE Futures Europe.
- The U.S. dollar was steady as investors awaited new clues on the path for higher U.S. interest rates.
- The WSJ Dollar Index, which measures the U.S. currency against 16 others, edged down 0.1% to 89.68. The dollar rose 0.2% against the Japanese yen but fell against many emerging-market currencies including the Korean won and Turkish lira.
- The Federal Reserve’s latest policy meeting began, and most expect the central bank to hold interest rates steady.
- Though the Fed won’t hold a press conference after the meeting, it will release a statement Wednesday afternoon that could acknowledge a string of recent disappointing economic data.
- Investors will parse the language for signs that the Fed could raise rates in June.
- Friday’s U.S. employment report, viewed as the best read on the health of the labor market, could also bolster the Fed’s case for raising rates next month.
- Higher rates would likely support the dollar by making U.S. assets more attractive to yield-seeking investors.
- Meanwhile, the U.S. dollar could get support as President Donald Trump’s pushes forward on his policy proposals.
- The Australian dollar is a touch higher against its US counterpart.
- At 7.00 AEST on Wednesday, the Australian dollar was worth 75.32 US cents, up from 75.25 US cents on Tuesday.
- Forecast-beating company earnings and signs of underlying economic strength pushed European shares higher on Tuesday while tech stocks lifted Asian stocks to two-year highs as investors shrugged off sub-par Chinese factory activity data.
- Investors were looking ahead to earnings from Apple , whose shares – along with those of other major tech companies – hit record highs on Monday. However, index futures pointed to a modestly lower start for Wall Street .
- Strong earnings have helped push shares higher across the globe this year.
- First-quarter profits at S&P 500 companies are expected to have risen 13.6 per cent, the strongest rise since 2011, according to Thomson Reuters I/B/E/S. Their European counterparts are seen up 13.9 per cent.
- Wall Street’s “fear gauge” of implied equity market volatility held close to Monday’s close at its lowest since before the global financial crisis.
- The dollar hit a six-week high against the safe-haven Japanese yen on some signs of easing tensions over North Korea and as US bond yields rose after US Treasury Secretary Steven Mnuchin said the government was looking into issuing ultra-long debt of maturities in excess of 30 years.
- Greek government bond yields hit 2 1/2-year lows after Greece and its lenders reached a long-awaited deal on reforms required to release further bailout funds.
- The pan-European STOXX 600 share index, which had its best week since December last week, gained 0.4 per cent.
- The banking sub-index was up 0.5 per cent, showing no reaction to comments from US President Donald Trump, who told Bloomberg Television he was actively considering breaking up big banks.
- Asian shares rose to near two-year highs on Tuesday as growing optimism over tech industry earnings and easing concerns over North Korea offset softer-than-expected factory readings in China and the United States.
- MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.5 per cent to its highest level since June 2015, as many of the region’s markets reopened after a long holiday weekend. Japan’s Nikkei rose 0.7 per cent.
- In Asia, Samsung Electronics gained as much as 2.0 per cent at one point, helping to lift Kospi index 0.7 per cent to within reach of its all-time high marked in 2011.
- Taiwan Semiconductor Manufacturing Co (TSMC) hit a record high, rising as much as 2.3 per cent.
- In Hong Kong, Tencent gained 1.3 per cent at most, hitting record highs.
- Worries about tensions over the Korean peninsula also eased slightly after US President Donald Trump on Monday opened the door to meeting North Korea’s Kim Jong Un, saying he would be honoured to meet the young leader under the right circumstances.
- The CBOE Volatility Index, a barometer of expected near-term stock market volatility, closed at its lowest level since Feb 2007, suggesting investors’ fears were easing.
- New Zealand shares rose for a seventh day on Tuesday, following Wall Street higher, as a pick-up in risk appetite prompted investors to renew their hunt for stocks offering relatively high dividends.
- The S&P/NZX 50 index increased 40.27 points, or 0.5 per cent, to 7422.49. Within the index, 28 stocks gained, 15 fell, and seven were unchanged.
Important News Events For Today
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