Thursday: 27th April 2017
Each Market In Focus
- The Australian market looks set to open virtually unchanged, following Wall Street’s uninspiring lead.
- At 7.00 a.m. AEST on Thursday, the share price futures index was down one point at 5,897.
- Locally, in major economic news on Thursday, Reserve Bank of Australia governor Philip Lowe speaks at the Renminbi Global Cities Dialogue dinner in Sydney where global Renminbi (RMB) trading hubs experts will discuss key issues in the internationalisation of the Chinese currency.
- The Australian Bureau of Statistics releases the International trade price indexes for the March quarter.
- In equities news, Ten Network is expected to post its half-year results
- Coles owner Wesfarmers is slated to release third quarter sales figures and Newcrest Mining is earmarked to release its quarterly production report.
- The Australian market on Wednesday closed higher for a fourth straight session, while the Australian dollar has fallen due to weaker-than-expected inflation numbers.
- The benchmark S&P/ASX200 index rose 40.2 points, or 0.68 per cent, to 5,912 points.
- The broader All Ordinaries index gained 36.1 points, or 0.61 per cent, to 5,936.8 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 ticked lower following two sessions of strong gains with strong corporate earnings offset by uncertainty over the feasibility of a proposed business tax cut.
- The proposal from the Trump administration slashes tax rates for businesses and on overseas corporate profits returned to the country. It offered no specifics on how it would be paid for without increasing the deficit.
- The expectation of a corporate tax cut was partly behind the rally in US stocks since the November election of Donald Trump as president.
- The market has stalled over the last several weeks as the administration has failed to score a major legislative victory,Republican majorities in the House and Senate notwithstanding.
- The S&P 500 traded above its record closing high throughout the day, however. Some analysts say even though tax reform would be a major boost to stocks, economic and earnings growth are enough to support current market levels.
- The Dow Jones Industrial Average fell 0.10 per cent to 20,975.09
- The S&P 500 lost 0.05 per cent, to 2,387.45
- The Nasdaq Composite closed flat at 6,025.23.
- Gold prices reversed losses in aftermarket trading, after White House officials unveiled plans for tax reform.
- Gold for June delivery was recently up 0.1% at $1,268.10 a troy ounce in electronic trading.
- Prices closed down 0.2% at $1,264.20 a troy ounce in regular trading on the Comex division of the New York Mercantile Exchange.
- IRON ORE: $72.42 -0.99% ( April contract )
- U.S. oil futures rose after U.S. data showed refiners gobbled up more crude oil than ever from storage tanks, drawing down stockpiles.
- But prices pared gains and dropped back below $50, as falling fuel prices weighed on the oil market.
U.S. crude futures settled up 6 cents, or 0.12%, at $49.62 a barrel on the New York Mercantile Exchange.
Brent, the global benchmark, fell 28 cents, or 0.54%, at $51.82 a barrel on ICE Futures Europe.
- The U.S. dollar pared gains as investors digested details of the Trump administration’s tax-reform plan.
- The WSJ Dollar Index, which measures the U.S. currency against 16 others, was recently up 0.2% to 89.73, compared with a gain of 0.5% earlier in the day.
- The administration’s tax plan includes deep reductions in business taxes and major changes to the individual tax system.
- The administration also said it would introduce a one-time tax break meant to encourage U.S. corporations to repatriate earnings stashed overseas. During a press briefing, Treasury Secretary Steven Mnuchin said the
administration hasn’t decided at what rate the earnings will be taxed but said it would be “very competitive” and “will bring back trillions of dollars.”
- The Australian dollar is lower against its US counterpart as investors shy away from global commodity currencies, spooked by suggestions the United States may withdraw from the North American Free Trade Agreement (NAFTA).
- At 7.00 a.m. AEST on Thursday, the Australian dollar was worth 74.69 US cents, down from 74.95 US cents on Wednesday.
French blue chips hit a fresh 9-year high on Wednesday, helped by a surge in the shares of luxury group Kering after it reported strong sales, while European regional indexes hovered near a 20-month peak.
The pan-European STOXX 600 benchmark ended the session up 0.5 per cent as luxury stocks and financials underpinned gains, supported by a wave of earnings results that largely outperformed market expectations.
France’s CAC 40 rose 0.2 per cent, building on gains made earlier this week after the investor-friendly centrist Emmanuel Macron progressed to the second round of the French presidential election on May 7. He is tipped to win.
Germany’s DAX up 0.05 per cent at 12,472.80.
British shares rose as gains for Standard Chartered and other companies reporting well-received results helped offset a pullback in healthcare stocks.
The blue-chip FTSE 100 index closed up 0.18 per cent at 7,288.72, broadly in line with other European bourses, and rising for the third straight session.
- Asian stocks extended gains for a fifth consecutive day, as renewed optimism about the world’s biggest economy brightened the outlook for risky assets.
- MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent, hovering near their highest since June 2015.
- Stock markets in Japan and Australia led gainers, with the Nikkei 225 up 1.10 per cent and Australia’s two major indexes both closed more than 0.6 per cent higher.
- Hong Kong shares rose to their highest level in more than a month, in line with gains in most other Asian markets, supported by improved risk appetite and an overnight rally on Wall Street.
- A further rebound in mainland China stocks also buoyed investors’ confidence.
- The Hang Seng index rose 0.5 per cent to 24,578.43 points, the highest level since March 21, while the China Enterprises Index gained 0.4 per cent to 10,317.63.
- The blue-chip CSI300 index rose 0.1 per cent to 3,445.18 points, while the Shanghai Composite Index added 0.2 per cent to 3,140.85 points.
- The S&P/NZX 50 Index gained 112.2 points, or 1.6 per cent, to 7335.14.
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