Monday: 24th April 2017
Each Market In Focus
- The Australian share market looks set to open flat after Wall Street closed slightly lower amid investor caution ahead of the French poll and Donald Trump’s tax plan announcement.
- At 7.00 a.m. AEST on Monday, the share price futures index was flat at 5,838.
- Locally, in economic news on Monday, CommSec’s latest State of the States quarterly report is due out.
- CoreLogic’s capital city house prices survey for the week just ended is also due to be released.
- No major equities news is expected.
- The Australian market on Friday higher, boosted by positive overseas leads and a lift In the price of iron ore.
- The benchmark S&P/ASX200 index rose 32.7 points, or 0.56 per cent, to 5,854.1 points.
- The broader All Ordinaries index gained 31.2 points, or 0.6 per cent, to 5,885.6 points.
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 dipped with investors cautious ahead of the first round of the closely contested French presidential election.
- US President Donald Trump said he would have a major tax reform announcement on Wednesday.
- The Dow Jones Industrial Average fell 0.15 per cent.
- The S&P 500 lost 0.30 per cent.
- The Nasdaq Composite dropped 0.11 per cent.
- Gold prices edged higher as investors turned to safe-haven assets on fears of political turmoil ahead of the French presidential election.
- IRON ORE: $70.93 +0.04 ( April contract )
- Oil prices fell sharply Friday, a bearish end to the market’s biggest week of losses in a month as traders reconsider the power of global exporters to ease a long standing storage glut.
The retreat comes at a time when many predicted that oil was beginning a slow, steady rally toward a $60 price that would be much more comfortable for the global oil industry.
Many predict oil prices at or above $55 would be healthy for rebounding companies, especially in the U.S., helping highly indebted companies avoid losses and bankruptcy while also preventing an overexpansion.
Light, sweet crude for June delivery settled down $1.09, or 2.1%, at $49.62 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, lost $1.03, or 1.9%, to $51.96 a barrel on ICE Futures Europe.
Both had their lowest settlement since the last week of March.
- The U.S. dollar edged higher Friday on fresh hopes that President Donald Trump will be able to push through promised tax cuts.
- Treasury Secretary Steven Mnuchin said Wednesday that Mr. Trump’s administration plans to release its tax reform proposal “very soon” and promised that a sweeping overhaul of the tax code will get done.
- Fading hopes that the new administration will be able to enact promised tax cuts and fiscal spending have pushed the dollar down more than 3% this year, following a sharp post-election rally.
- The Australian dollar is higher against its US counterpart despite the US dollar index strengthening with traders squaring positions ahead of the weekend.
- At 7.00 a.m. AEST on Monday, the Australian dollar was worth 75.81 US cents, up from 75.38 US cents on Friday.
- French blue-chip stocks underperformed other European benchmark indexes on Friday as investors retreated from risky bets ahead of the too-close-to-call first round of France’s presidential election.
- The CAC fell 0.4 per cent, while the pan-European STOXX index added 0.1 per cent. Meanwhile, Germany’s DAX gained 0.18 per cent and London’s FTSE 100 was steady, down just 0.06 per cent.
- Among French standout movers, Danone was the biggest faller on the CAC 40, down 2.5 per cent after reporting first-quarter sales figures.
- French banks Societe Generale and BNP Paribas extended the previous session’s gains, rising 1.7 per cent and 2.2 per cent respectively.
- Europe’s earnings season kicks off in earnest next week with Credit Suisse, UBS and SAP among those reporting results.
- Asian stocks were unscathed by a US trade investigation on Chinese steel exports.
- MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.5 per cent on Friday, taking its cue from Wall Street’s solid performance overnight on expectations of strong first-quarter earnings growth.
- Asian steelmakers were mostly steady or higher, as investors dismissed for now any negative impact from the launch of a US trade probe against Chinese steel exporters, although Chinese companies shed some of their earlier gains. The move sent their US counterparts surging over 8 per cent overnight.
- Hong Kong stocks edged lower in thin trading as investors took to the sidelines ahead of the first round of the French poll.
- Both the benchmark Hang Seng index and the China Enterprises Index each lost 0.1 per cent.
- But Chinese markets shrugged off President Trump’s decision to launch a trade probe against global steel exporting countries including China, the world’s largest, raising the possibility of new tariffs as it had been long anticipated.
- The blue-chip CSI300 index rose 0.2 per cent, while the Shanghai Composite Index was flat.
- The S&P/NZX 50 index edged up 9.16 points, or 0.1 per cent, to 7197.21.
Important News Events For Today
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