Friday: 21st April 2017
Each Market In Focus
- The Australian market looks set to open solidly higher following a round of strong earnings pushed Wall Street equities up.
- At 8.00 AEST on Friday, the share price futures index was up 30 points, or 0.52 per cent, at 5,833.
- Locally, no major economic or equities news is expected on Friday.
- The Australian market on Thursday broke a three-session losing streak as investors returned to the major banks, and a telco sector where Telstra is facing new competition..
- The benchmark S&P/ASX200 index rose 17.4 points, or 0.3 per cent, to 5,821.4 points.
- The broader All Ordinaries index gained 14.5 points, or 0.25 per cent, to 5,854.4 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. The filter uses an above 50 cent price filter, and the codes in Blue are on our watch list. ( 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. The filter uses an above 50 cent price filter, and the codes in Blue are on our watch list. ( source Metastock)
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- US stocks have rallied, with the Nasdaq closing at a record, as a round of solid earnings led by American Express pushed equities higher.
- The credit card company closed up 5.9 per cent as the top boost to the Dow Industrials after reporting a smaller-than-expected drop in quarterly profit late Wednesday.
- CSX Corp, up 5.6 per cent, was one of the best performers on the S&P 500 after the railroad reported a better-than-expected quarterly net profit driven by rising freight volumes and said it plans to cut costs and boost profitability moving forward.
- The Dow Jones Industrial Average rose 0.85 per cent to 20,578.71
- The S&P 500 gained 0.76 per cent to 2,355.84.
- The Nasdaq Composite added 0.92 per cent to 5,916.78.
- The S&P 500 closed just below its 50-day moving average, a level that had acted as resistance after the index fell below it last week.
- Gold for June delivery settled up 40 cents at $1,283.80 a troy ounce.
- IRON ORE: $70.89 -0.06 ( April contract )
- Oil prices stabilized after a steep drop in the prior session, with promises of further cuts from the world’s exporters countering fears of growing production coming from the U.S.
- Light, sweet crude for May delivery settled down 17 cents, or 0.3%, at $50.27 a barrel on the New York Mercantile Exchange. It has lost 5.5% over four-straight losing sessions.
- The May contract expired at settlement. The more actively traded June contract settled down 14 cents, or 0.3%, to $50.71 a barrel.
- Brent crude, the global benchmark, gained 6 cents, or 0.1%, to $52.99 a barrel on ICE Futures Europe.
- It snapped a three-session losing streak.
- The U.S. dollar continued to climb against the yen after Treasury Secretary Steven Mnuchin affirmed that there’s bipartisan support for raising the U.S. debt ceiling, and that an extension would likely be approved by the summer.
- The greenback advanced to Y109.48 on his comments, compared with Y108.86 late Wednesday in New York.
- The Australian dollar is modestly higher against its US counterpart with investors seemingly willing to take on greater risks.
- At 7.00 AEST on Friday, the Australian dollar was worth 75.27 US cents, up from 75.02 US cents on Thursday.
- European shares edged higher on Thursday as investors welcomed results from Man Group and Pandora maintained its outlook, while French equities outperformed ahead of the first round of France’s presidential election.
- The pan-European STOXX 600 index ended the session 0.2 per cent higher.
- France’s CAC 40 outperformed peers, jumping 1.5 per cent and marking its best day since the beginning of March.
- Banking stocks, which are regarded as bellwethers for the economy, led the CAC 40 higher, with BNP Paribas and Societe Generale up 4 and 2.8 per cent respectively. Some analysts suggested that investors were closing out short positions ahead of the vote.
- More broadly, European banks also rose, up 0.8 per cent. UBS on Wednesday upgraded the sector to ‘neutral’ from ‘underweight’, citing rising reflation expectations and a seemingly more benign regulatory environment.
- Even the struggling UK FTSE 100 managed to post a 0.06 per cent gain, despite coming under pressure this week after British Prime Minister Theresa May called a snap general election, a move that sent sterling to a more than 6-month high.
- Germany’s DAX lifted 0.09 per cent to finish at 12,027.32.
- Asian stocks erased early losses and edged higher on Thursday as signs of resilience emerged in some markets, while steadying commodity prices – especially for oil – prompted some bargain hunting among investors.
- Tokyo’s Nikkei 225 closed flat, down just 0.01 per cent at 18,430.49.
- Gains in Chinese and Japanese stocks pulled the broader market higher.
- Hong Kong stocks rebounded modestly along with global equity markets, though gains were capped by uncertainty over the French presidential election at the weekend and tensions with North Korea.
- Lower oil prices also dragged on shares of energy companies.
- The Hang Seng index rose 0.97 per cent to 24,056.98 points.
- China stocks snapped a four-day losing streak, with investors continuing to seek cover in defensives such as the consumer and healthcare sectors, while fleeing small caps and stocks related to the new Xiongan economic zone.
- The blue-chip CSI300 index rose 0.46 per cent to 3,462.09 points, while the Shanghai Composite Index edged up 0.04 per cent to 3,172.10.
- The S&P/NZX 50 index decreased 30.45 points, or 0.4 per cent, to 7188.06.
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