Monday: 17th July 2017
Each Market In Focus
- The Australian market looks set to open higher as investors take the lead from Friday’s gains on Wall Street
- At 7.00 AEST on Monday, the share price futures index was up 14 points, or 0.25 per cent, at 5,704.
- Locally, no major economic or equities news is expected on Monday.
- The Australian share market on Friday has closed out another volatile week of trade on a positive note, with gains across the board led by a resurgent energy sector.
- The benchmark S&P/ASX200 closed up 28.3 points, or 0.49 per cent, at 5,765.1 points, while the broader All Ordinaries index was up 29.6 points, or 0.51 per cent, at 5,808.7 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 Dow and S&P 500 have hit record highs after weak economic data dulled prospects of more interest rate hikes this year.
- A decline in financial shares limited Friday’s gains, even though JPMorgan Chase & Co and other big banks delivered quarterly results that beat Wall Street expectations.
- Data showed consumer prices were unchanged in June and retail sales fell for a second straight month, pointing to tame inflation and subdued expectations of strong economic growth in the second quarter.
- Chances of a rate hike in December fell to 48 per cent after the release of data, from 55 per cent late Thursday.
- Earlier this week, the market rose after Federal Reserve Chair Janet Yellen said future rate hikes could be gradual in the face of persistently low inflation.
- The S&P financials, which benefit from a rising rate environment, fell 0.5 per cent, and the group was the only one of the S&P 500 sectors down on the day.
- The Dow Jones Industrial Average rose 84.65 points, or 0.39 per cent, to 21,637.74
- The S&P 500 gained 11.44 points, or 0.47 per cent, to 2,459.27
- The Nasdaq Composite added 38.03 points, or 0.61 per cent, to 6,312.47.
- Gold prices rose Friday, after weaker-than-expected U.S. inflation data eroded the case for the Federal Reserve to raise interest rates in coming months.
- Gold for August delivery closed up 0.8% at $1,227.50 a troy ounce on the Comex division of the New York Mercantile Exchange.
- IRON ORE: $64.58 +0.88 ( August contract )
- Oil prices rose for a fifth straight day Friday, as the U.S. dollar weakened and investors focused on signs of an easing supply overhang.
U.S. crude futures settled up 1% at $46.54 a barrel on the New York Mercantile Exchange.
Brent, the global benchmark, rose 1% to $48.91 on ICE Futures Europe.
- U.S. crude futures ended the week up 5.22%.
- The U.S. dollar tumbled after disappointing U.S. inflation data compounded concerns about the Federal Reserve’s plans to raise interest rates.
- The WSJ Dollar Index, which measures the U.S. currency against 16 others, slid 0.6%. The dollar fell against the Japanese yen, the euro and the Mexican peso.
- A Labor Department report showed the consumer-price index, which measures what Americans pay for everything from ice cream to eye-doctor visits, was flat in June from the prior month.
- Excluding the often-volatile categories of food and energy, so-called core prices rose 0.1%, below the 0.2% gain expected by economists.
- The data is the latest sign that U.S. inflation remains stubbornly soft, a potential obstacle for the Fed’s plans to continue lifting interest rates.
- U.S. retail sales data released Friday also disappointed. Spending at retailers declined in June for the second straight month, while economists had expected a slight increase.
- Investors remain skeptical about the Fed’s current projection for one more interest-rate increase this year.
- Markets are pricing in a roughly 48% chance that the Fed raises rates again in 2017, according to fed-funds futures contracts tracked by CME Group.
- That is down from 54% a week ago.
- The Australian dollar has retained most of its gains against its US counterpart after surging to a 15-month high on Friday following disappointing US inflation data.
- At 7.00 AEST on Monday, the Australian dollar was worth 78.24 US cents, up from 77.49 US cents on Friday.
- European shares had their strongest week in more than two months as investors piled back into equities on signs that the world’s major central banks would likely not tighten monetary policy as quickly as some had feared.
- The move on indexes on Friday was more muted as investors digested disappointing earnings reports from major U.S. banks including JPMorgan and Citigroup, which sent banking stocks lower.
- The pan-European STOXX 600 index inched up 0.1 per cent while euro zone blue chips fell 0.2 per cent.
- Firmer metals prices underpinned gains on mining stocks on Friday.
- Britain’s major share index faltered on Friday, cutting its weekly gain from a global rally after U.S. Fed officials hinted monetary policy tightening would go ahead at a slower pace.
- The FTSE 100 fell 0.5 per cent, underperforming mid-caps and taking weekly gains to a narrow 0.2 per cent.
- The more defensives-heavy index suffers when expectations of monetary policy tightening dampen.
- Asian equities rose for the fifth straight session, as signs the Federal Reserve will pursue a gradual rate tightening path and hopes of a strong earnings season lifted appetite for risk assets.
- Japan’s Nikkei added 0.2 per cent, poised for a weekly rise of just over 1 per cent, while MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.3 per cent to its highest level in two years.
- Hong Kong stocks rose for the fifth straight day on Friday, recording their best weekly gain in a year, as the previous week’s correction attracted bargain hunting from
mainland China investors.
- China stocks ended mixed for the week, with the blue-chip index closing at an 19-month high, while start-ups had their worst week since last July, as investors sought firms with solid fundamentals amid an extended correction in small-caps.
- The blue-chip CSI300 index rose 0.4 per cent, to 3,703.09 points, while the Shanghai Composite Index added 0.1 per cent to 3,222.42 points.
- The S&P/NZX 50 Index jumped 38.88 points, or 0.5 per cent, to 7649.77 on Friday.
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