Friday: 1st September 2017
Each Market In Focus
The Australian share market look set to open higher, following Wall Street’s lead where investor confidence helped the S&P 500 notch five days of gains for the first time in three months.
At 7.00 AEST on Friday, the share price futures index was up five points, or 0.09 per cent, at 5,693.
Locally, no major equities news is expected.
The Australian market on Thursday rose 0.79 per cent to 5,714.5 points, with widespread gains led by miners, banks and healthcare giants driving the index to its best daily gain in almost three weeks.
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 hit a trifecta of records for the third day in a row on Friday as the month-long post-election rally got a boost from healthcare and technology stocks.
- The three main U.S. stock indexes have hit a series of record highs as investors piled into sectors such as banks and industrials, betting that President-elect Donald Trump would usher in a business-friendly environment.
- Trump’s expected agenda of economic stimulus and reduced taxes and regulations has particularly fuelled financial and industrial shares.
- On Friday, sectors that have underperformed – healthcare, consumer staples, utilities and tech – led the way.
- The Dow Jones industrial average rose 142.04 points, or 0.72 per cent, to 19,756.85,
- The S&P 500 gained 13.34 points, or 0.59 per cent, to 2,259.53
- The Nasdaq Composite added 27.14 points, or 0.5 per cent, to 5,444.50.
- The S&P 500 notched its sixth straight day of gains, leaving it up 10.5 per cent for the year.
- Gold prices ticked higher after the Federal Reserve’s preferred inflation gauge remained well below its annual target.
- Gold for December delivery closed up 0.6% at $1,324.10 a troy ounce on the Comex division of the New York Mercantile Exchange – its highest close since September 2016.
- The precious metal rose 3.8% in August, its best month since January.
- Gold started rallying at about 10:15 a.m. Eastern time, when a group of buys pushed the precious metal higher from up roughly 0.2% to up 0.6%.
- IRON ORE: $76.83 +2.71 ( September contract )
- Gasoline futures soared intraday after the largest fuel conduit in the U.S. reported that shipments are being sharply curtailed in the wake of Harvey, and ahead of the expiration of the September contract.
- Gasoline futures for September surged 24.88 cents, or 13.2%, to $2.1335 a gallon on the New York Mercantile Exchange, on track for their largest daily increase since March 2016.
- The U.S. dollar intraday extended its rally for a third day as investors focus on U.S. economic data.
- The WSJ Dollar Index, which measures the U.S. currency against 16 others, rose 0.1% to 86.04.
- The U.S. dollar has rebounded in recent days after closing at its lowest level in a year on Monday.
- A Commerce Department report showed Americans’ spending and incomes grew at a healthy clip in July, but U.S. inflation remains soft.
- The price index for personal consumption expenditures – the Federal Reserve’s preferred inflation gauge – grew 1.4% from a year earlier, below the Fed’s 2% target.
- Investors worry the recent slowdown in inflation could prevent the Fed from raising rates again this year.
- The Australian dollar has bounced back against its US counterpart as geopolitical tensions and uneven US data continue to plague the currency.
- At 06:30 AEST on Friday, the Australian dollar was worth 79.49 US cents, up from 79.01
- US cents on Thursday when the local currency fell after the US dollar rallied on data that showed its economy grew at an annual pace of three per cent in the June quarter, up from the 2.6 per cent preliminary estimate.
- Britain’s top share index has risen, extending gains from the previous session as support from commodities-related stocks and financials helped the blue-chip index score its second consecutive monthly gain.
- The FTSE 100 ended up 0.9 per cent higher, while mid-caps rose almost one per cent on Thursday.
- Mining stocks were the stand-out performers, with Antofagasta, Anglo American, Glencore and Rio Tinto among the top gainers as the price of copper strengthened.
- Mining companies have been among the best performers in August, with the sector ending the month up 7.3 per cent.
- Precious metals miner Randgold Resources has led the way, climbing 12 per cent this month as geopolitical jitters resulting from tensions between North Korea and the United States have propped up demand for safe-haven assets.
Hong Kong stocks have eased but posted an eighth successive month of gains as China’s economic recovery and continuous money inflows from the mainland sustained the bullish momentum.
The Hang Seng index fell 0.4 per cent, to 27,970.30 on Thursday, while the China Enterprises Index lost 0.7 per cent, to 11,295.44 points.
But for the month, the Hang Seng gained 2.4 per cent, underpinned by further signs of an expanding Chinese economy.
The HSCE, which tracks Chinese firms, was even more bullish, up 4.3 per cent in August.
China’s manufacturing sector unexpectedly accelerated in August, an official Purchasing Managers’ Index (PMI) released on Thursday showed, although some analysts question whether such a trend is sustainable.
The financial sector, which has jumped nearly 24 per cent this year, softened after China’s biggest banks reported healthy earnings results, as some investors took profits.
Meanwhile, Japan’s Nikkei closed up 0.7 per cent, its best level in two weeks, helped by a pullback in the yen.
New Zealand shares have risen, with Sky Network Television and Contact Energy gaining while Chorus hit a five-month low.
The S&P/NZX50 Index rose 41.9 points, or 0.5 per cent, to 7817.1.
Within the index, 30 stocks gained, 17 fell and three were unchanged. Turnover was $179 million.
Sky led the index, rising 2.9 per cent to $2.84, while Contact Energy gained 2.4 per cent to $5.58 and Trade Me Group advanced 2.2 per cent to $4.65.
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