Tuesday: 16th May 2017
Each Market In Focus
- The Australian market looks set to open higher after the S&P 500 and the Nasdaq hit record highs, powered by rising oil prices and gains in technology stocks after a global cyber attack.
- At 7.00 a.m. AEST on Tuesday, the share price futures index was up 17 points, or 0.29 per cent, at 5,835.
- Overnight, oil rose to the highest level in more than three weeks after top exporters Saudi Arabia and Russia said supply cuts needed to be extended into 2018.
- Locally in economic news, the Reserve Bank of Australia will release minutes of its May monetary policy meeting later on Tuesday, while new motor vehicle sales data will be
released by the Australian Bureau of Statistics.
- In equities news, Ruralco and Orica release their half-year results, while Coca Cola Amatil will hold its annual general meeting in Sydney.
- The Australian share market on Monday closed steady after softer-than-expected Chinese figures weighed on the major miners and gains from the banks eased.
- The Australian share market has closed around 0.7 per cent lower as the stoush between the Turnbull government and the big banks over a proposed $6.2 billion levy on big financial institutions weighed on investors’ minds.
- The benchmark S&P/ASX 200 ended up just 1.5 points, or 0.03 per cent, at 5,838.4 points, while the broader All Ordinaries index was down 2.5 points, or 0.04 per cent, at 5,868.4 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)
Scans Powered by Metastock. Click here for more information
- The S&P 500 and the Nasdaq have hit record closing highs, powered by demand for technology stocks after a global cyber attack and by rising
- On Monday, oil rose to the highest level in more than three weeks after top exporters Saudi Arabia and Russia said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally agreed.
- The rising oil prices and housing data drove optimism about the economy and helped make financial stocks the second biggest driver for the S&P 500, behind the technology sector.
- Shares of cyber security firms jumped on expectations that they would benefit from greater spending after the global “ransomware” attack that began spreading across the globe on Friday.
- The Dow Jones Industrial Average was up 85.33 points, or 0.41 per cent, to 20,981.94
- The S&P 500 gained 11.42 points, or 0.48 per cent, to 2,402.32
- The Nasdaq Composite added 28.44 points, or 0.46 per cent, to 6,149.67.
Gold settled at a nearly two-week high Monday after more show of nuclear strength from North Korea, while platinum, copper and silver advanced, finding traction after weekend comments from China about a boost in infrastructure projects.
Gold for June rose by $2.30, or 0.2%, to settle at $1,230 an ounce.
July copper rose 1.5 cents, or 0.6%, to $2.539 a pound.
- IRON ORE: $66.75 +1.32% ( May contract )
- Oil prices settled at a two-week high on Monday after energy ministers from Saudi Arabia and Russia released a joint statement backing a nine-month extension of OPEC-led production cuts.
- That would keep current output caps in place through the first quarter of 2018 if agreed to by all parties at the coming meeting of the Organization of the Petroleum Exporting Countries on May 25.
- On the New York Mercantile Exchange, June West Texas Intermediate crude rallied $1.01, or 2.1%, to settle at $48.85 a barrel, the highest settlement since April 28, according to FactSet data.
- But prices finished below earlier highs above $49 after a month report from the Energy Information Administration revealed expectations for a monthly climb in U.S. shale oil
- July Brent on London’s ICE Futures exchange gained 98 cents, or 1.9%, to end at $51.82.
- The U.S. dollar slipped Monday, dented by a rally in commodity-dependent currencies and disappointing U.S. data.
- Commodity-linked currencies were stronger as oil prices rallied.
- U.S. oil prices rallied more than 2% after energy ministers from Russia and Saudi Arabia said they would back an extension to the production cut deal by the world’s biggest oil producers to limit supply.
- Meanwhile, the dollar is also being weighed by weak U.S. data and political uncertainty.
- A closely watched measure of inflation came in below expectations on Friday, a potential obstacle for the Federal Reserve as it seeks to normalize interest rates. Signs
that inflation has firmed would bolster the Fed’s case for raising rates more aggressively.
- The Australian dollar has been unable to sustain gains against the US dollar, despite a jump in crude oil futures and metals getting a boost.
- At 7.00 a.m. AEST on Tuesday, the Australian dollar was worth 74.14 US cents, down from 74.24 US cents on Monday.
- Britain’s main share index climbed to a new record high on Monday, fuelled by oil and mining stocks, and cybersecurity firm Sophos jumped after a ransomware attack hit companies, hospitals and schools worldwide.
- The FTSE 100 was up 0.3 percent at 7,454.37 points at its close, having hit a fresh high of 7,460.20 points at the open. The blue chip index sealed its 8th session of straight gains – its longest winning streak since the start of January.
- In Europe, another victory for Angela Merkel’s conservatives in a regional election in Germany pushed Frankfurt’s DAX to a record high in early trade. But nerves about the pace of Chinese and U.S. growth, and odd trends generated by record low volatility globally were lingering in the background.
- At a time when central bank policymakers are wondering if they have successfully got consumer prices moving upward again, two weeks of fuel price rises also hint at another boost to headline rates of inflation in the months ahead.
- That in the past has been a mixed blessing for markets and the global economic outlook, and gains for European stocks were neither large nor across the board, with Paris shares drifting lower.
- Asian stock markets shrugged off worries over the ‘ransomware’ cyber attack to reach a two-year high on Monday.
- Hong Kong shares gained 0.9 per cent and their mainland equivalents 0.4 per cent, after Beijing soothed market fears of tighter regulation saying bank risks were “completely controllable.”
- Most sectors rose, with financial shares among the biggest gainers.
- MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent to its highest level since June 2015.
- MSCI’s emerging markets benchmark also advanced 0.3 percent to a two-year high.
- Japan’s Nikkei slipped 0.2 percent on a stronger yen.
- New Zealand shares fell on Monday as weaker-than-expected data out of China compounded jitters after a ransomware attack and a missile test by North Korea.
- The S&P/NZX 50 index fell 22 points or 0.3 per cent to 7429.94.
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