Monday: 29th May 2017
Each Market In Focus
- The Australian market looks set to open slightly higher following a rebound in oil prices and after Wall Street’s last session ended positively, though barely changed.
- At 7.00 AEST on Monday, the share price futures index was up seven points, or 0.12 per cent, at 5,763.
- Locally, in economic news on Monday, the CoreLogic capital city house prices survey for the week just ended is due out.
- No major equities news is expected.
- The Australian market on Friday closed lower due to steep losses in the heavyweight mining, banks and telco sectors.
- The benchmark S&P/ASX 200 index fell 37.9 points, or 0.65 per cent, to 5,751.7 points.
- The broader All Ordinaries index lost 36.7 points, or 0.63 per cent, to 5,792.1 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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- US stocks have ended little changed ahead of the long holiday weekend, though indexes ended a two-week streak of losses and consumer shares were strong for a second day.
- The S&P 500 and Nasdaq also eked out record closing highs, and the S&P 500 posted a seventh straight session of gains, matching a winning streak from February.
- Trading volume, with just about 5.2 billion shares changing hands on US exchanges, was the lowest of the year.
- The US market will be closed on Monday for Memorial Day.
- The Dow Jones Industrial Average ended down 0.01 per cent to 21,080.28
- The S&P 500 gained 0.03 per cent to 2,415.82
- The Nasdaq Composite added 0.08 per cent to 6,210.19.
- Gold prices rose to a four-week high, boosted by increased demand for haven assets amid uncertainty about economic and political stability.
- IRON ORE: $61.25 -0.15 ( May contract )
- Oil prices rose Friday, reversing earlier declines as major producers tried to reassure the market and investors regained some confidence in OPEC’s agreement to extend its production cuts through the beginning of next year.
- U.S. crude futures rose 90 cents, or 1.84%, to $49.80 a barrel on the New York Mercantile Exchange.
- Brent, the global benchmark, rose 69 cents, or 1.34% to $52.15 a barrel on ICE Futures Europe.
- The U.S. dollar edged higher after a measure of U.S. economic growth was revised higher for the first quarter of the year.
- The WSJ Dollar Index, which measures the U.S. currency against 16 others, rose 0.1% to 88.86.
- Gross domestic product, a broad measure of the goods and services produced in the U.S. economy, rose 1.2% in the first quarter, compared to last month’s estimate for 0.7% growth.
- Though that represented a slowdown from the fourth quarter’s 2.1% growth rate, it was still above consensus expectations.
- The Australian dollar is a little higher against its US counterpart as the US dollar lifted amid better-than-expected American gross domestic product figures and rebounding oil prices.
- At 7.00 a.m. AEST on Monday, the Australian dollar was worth 74.41 US cents, up slightly from 74.38 US cents on Friday.
- European shares slid in thin trade on Friday as shares in energy firms and banks dropped, ending a lacklustre week relatively little changed.
- The pan-European STOXX 600 index closed 0.2 per cent lower as did the eurozone blue chips.
- Germany’s DAX fell 0.15 per cent to 12,602.18.
- Banks were the biggest drag, falling 0.6 per cent and hitting a one-week low earlier in the session.
- Traders cited worries over the political situation in Italy and concerns surrounding ailing regional banks Popolare di Vicenza and Veneto Banca, even though the county’s economy minister sought to reassure investors on Thursday that they will not be hit in any rescue of the two banks.
- Oil stocks were the biggest sectoral fallers, down more than 1 per cent as the oil price tumbled following OPEC’s decision to extend a production cut to March 2018, which disappointed investors.
- Sterling racked up its worst falls since early February after an opinion poll showed Prime Minister Theresa May’s lead down to just 5 percentage points over the Labour opposition less than two weeks before a parliamentary election.
- In a succession of falls in Europe, the pound sank against the euro and by a full percentage point against the US dollar to its lowest in a month, more than two cents below last week’s six-month highs.
- That lifted London’s multinational-dominated FTSE share index, which tends to rise when the pound falls, by 0.4 per cent when other major European markets were falling.
- The FTSE 100 gained 0.4 per cent to 7,547.63.
- Asian stocks fell after an agreement by OPEC to extend existing supply curbs disappointed investors wagering on larger cuts.
- MSCI’s broadest index of Asia-Pacific shares outside Japan , which closed at a two-year high on Thursday, fell 0.2 per cent, shrinking its weekly gain to 1.4 per cent.
- Japan’s Nikkei 225 also slipped, by 0.64 per cent to 19,686.84.
- Hong Kong stocks broke a five-day winning streak, as gains in air carriers were offset by weakness in energy shares following a tumble in oil prices.
- The Hang Seng index was flat, up 0.03 per cent at 25,639.27, while the China Enterprises Index gained 0.1 per cent, to 10,579.67 points.
- China stocks reversed earlier losses to end higher, led by the blue-chip CSI300 index posting its best week in six months as suspected state-directed buying offset concerns over a surprise move by Moody’s to cut the country’s credit rating.
- For the day, the blue-chip CSI300 index fell 0.15 per cent to 3,480.43 points, while the Shanghai Composite Index was flat, up 0.07 per cent at 3,110.06 points.
- The S&P/NZSX 50 index added 0.1 per cent to 7441.57.
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