Monday: 10th July 2017
Each Market In Focus
- The Australian market looks set to following in Wall Street’s upward path and open higher, after iron ore prices lifted.
- At 7.00 AEST on Monday, the share price futures index was up 10 points, or 18 per cent, at 5,661.
- Locally, no major economic or equities news is expected on Monday, although the CoreLogic capital city house prices survey for the past week is due out.
- The Australian market on Friday fell, erasing its gains for the week as investors worried that central banks are about to wind back economic stimulus measures.
- The benchmark S&P/ASX200 index fell 55.2 points, or 0.96 per cent, to 5,703.6 points.
- The broader All Ordinaries index lost 53.6 points, or 0.92 per cent, to 5,743.9 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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- Wall Street stocks have closed on a high note, with the S&P 500 index posting its best gain in six sessions on the heels of a US payrolls report that gave investors more confidence in the strength of the US economy.
- The economy added 222,000 jobs in June, Labor Department data showed, exceeding expectations of a 179,000 gain, putting the Federal Reserve on track to raise interest rates once more this year.
- However, muted wage growth may give the Fed room to pause if need be. Perceived chances of a rate rise at the US central bank’s December meeting stood at 48.9 per cent, according to Thomson Reuters data.
- The Dow Jones Industrial Average rose 0.44 per cent to 21,414.34
- The S&P 500 gained 0.64 per cent to 2,425.18.
- The Nasdaq Composite added 63.62 1.04 per cent to 6,153.08.
- Gold prices dropped near a four-month low on Friday after U.S. jobs data showed better-than-expected growth.
- Gold for August delivery settled down 1.1% at $1,209.70 a troy ounce on the Comex division of the New York Mercantile Exchange, closing at the lowest level since March 15.
- Meanwhile, copper for September delivery fell 0.5% to $2.6470 a pound in New York.
- IRON ORE: $62.41 +1.33 ( August contract )
Oil prices slid so far in just three sessions that it canceled out more than half of a two-week rally, with a deep plunge Friday from a surging dollar and re-emerging fears of oversupply.
The second half of this week brought some of oil’s worst daily losses in months.
The market dropped 6% in just three sessions, undermining what some had hoped was a long-coming turnaround.
Instead, bearish traders are returning quickly, brokers said, re-establishing a downward trend that took oil into a bear market this spring when many had predicted a steady rally toward $60 a barrel. Most of the issues this week are the same as they have been for months — the ineffectiveness of major output cuts by the world’s biggest exporters and rising U.S. production— with a strong dollar now hurting, too.
Light, sweet crude for August delivery settled down $1.29, or 2.8%, at $44.23 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, lost $1.40, or 2.9%, to $46.71 a barrel on ICE Futures Europe. Both had their seventh-lowest settlement of the year.
Both also lost ground for the sixth time in the last seven weeks. U.S. oil fell $1.81, or 3.9% a barrel this week.
Brent lost $2.06, or 4.2%, its biggest percentage loss for any week in two months.
- The U.S. dollar edged higher Friday, after a U.S. employment report showed that the U.S. economy continued to create jobs at a rapid pace last month.
- The ICE Dollar Index, which measures the U.S. currency against a basket of six others, was recently up 0.2% at 95.99. It fell as low as 95.75 after the data was released this morning.
- Nonfarm payrolls rose by a seasonally adjusted 222,000, more than the 174,000 economists had expected, the Labor Department said Friday morning. But wage growth remained tepid, with average hourly earnings for private-sector workers rising 2.5% in June compared with a year earlier, little changed from prior months.
- The cross currents underline a dilemma that has plagued investors and policy makers alike this year. While job creation has been strong, it has done little to quicken inflation, an important criteria for the Federal Reserve to raise interest rates.
- The euro was down 0.1% at $1.1407. The dollar was up 0.6% against the yen at Yen 113.39.
The Australian dollar is higher against its US counterpart and is back above 76 US cents, even though the US dollar has firmed slightly.
At 7.00 a.m. AEST on Monday, the Australian dollar was worth 76.02 US cents, up from 75.89 US cents on Friday.
- Falls in energy and bank stocks dampened an otherwise positive week for Britain’s top share index, while changes in broker recommendations prompted moves in easyJet, WPP and Royal Mail.
- Britain’s blue chip FTSE 100 index ended the day up 0.19 per cent at 7,350.92 points, reversing earlier losses after weak housing data drove sterling to a nine-day low, helping the index’s dollar earners.
- Oil & gas stocks dropped after oil prices fell more than one per cent following a rise in US output, with Royal Dutch Shell Financials were also weaker, with HSBC and Barclays both in negative territory, cooling after the sector hit its highest level since the end of February in the previous session on expectations of higher interest rates.
- The pan-European FTSEurofirst 300 index lost 0.21 per cent and MSCI’s gauge of stocks across the globe gained 0.10 per cent, while Germany’s DAX was steady, ip just 0.06 per cent at 12,388.68.
Asian shares lost ground on Friday after a weak session on Wall Street.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.6 per cent, after the Dow lost 0.7 per cent and the tech-heavy Nasdaq fell 1 per cent on Thursday, partly as higher Treasury yields dimmed the appeal of equities.
Japan’s Nikkei 225 was down 0.32 per cent at 19,929.09.
Hong Kong stocks followed most Asian markets lower and posted their biggest weekly loss in four months, as growing concerns about policy tightening by the world’s central banks weighed on global bourses.
Worries that China’s economic growth could slow in the second half have also curbed risk appetite.
The Hang Seng, the Hong Kong benchmark that ranked among the best-performing major indexes in the first half, dropped 0.49 per cent to 25,340.85 points.
The China Enterprises Index lost 0.9 per cent, to 10,251.83 points.
China stocks ended mixed, with blue chips snapping a two-week winning streak amid worries over economic growth and rising expectations of moves toward tighter policy globally.
The blue-chip CSI300 index fell 0.11 per cent, to 3,655.93 points, while the Shanghai Composite Index added 0.17 per cent to 3,217.96 points.
The S&P/NZX50 Index dropped 0.098 per cent to 7622.13.
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