Tuesday: 20th June 2017
Each Market In Focus
- The Australian market looks set to open modestly higher following positive leads from Wall Street where two of its key indexes closed at fresh record highs.
- At 7.00 AEST on Tuesday, the share price futures index was up eight points, or 0.14 per cent, at 5,751.
- Locally, in economic news on Tuesday, the Reserve Bank of Australia releases the minutes of its June monetary policy meeting.
- The Australian Bureau of Statistics releases its Residential Property Price Indexes for the March quarter, while the ANZ-Roy Morgan Consumer Confidence weekly survey is also due out as is the CommBank business sales index for May.
- The NSW budget is handed down on Tuesday.
- Meanwhile, the CapGemini Retail Banking report is expected. No major equities news is expected.
- The Australian market on Monday lifted as the major banks gained but investors dumped retail stocks as a major acquisition by internet giant Amazon.com in the US ignited fears for the future of local bricks-and-mortar retailers.
- The benchmark S&P/ASX200 index rose 31.2 points, or 0.54 per cent, to 5,805.2 points.
- The broader All Ordinaries index gained 27.5 points, or 0.47 per cent, to 5,835.5 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
- US stocks have risen, with the S&P 500 and the Dow hitting fresh record highs with growth sectors such as technology in favour again as investors appeared to regain confidence in the economy after upbeat comments from Federal Reserve officials.
- Nasdaq’s biotechnology index rose 2.5 per cent in its biggest one-day gain since February while the S&P’s healthcare index had a record-high close.
- The Dow Jones Industrial Average rose 0.68 per cent to end at 21,528.99, the S&P 500 gained 0.83 per cent to 2,453.46 and the Nasdaq Composite rose 1.42 per cent to 6,239.01.
- Gold prices fell to a one-month low Monday as investors continued to price in more hawkish rhetoric from last week’s Federal Reserve meeting and the dollar pushed higher.
- Gold for August delivery settled down 0.8% at $1,246.70 a troy ounce on the Comex division of the New York Mercantile Exchange, the lowest level since May 16.\
- Copper for July delivery rose 1% to $2.5895 a pound in New York.
- IRON ORE: $56.18 +1.27 ( July contract )
- Oil futures ended lower after a rebound effort fizzled out, leaving crude to succumb to supply concerns.
- West Texas Intermediate crude for July delivery on the New York Mercantile Exchange fell 54 cents, or 1.2%, to close at $44.20 a barrel.
- Brent crude for August delivery lost 46 cents, or 0.97%, to $46.91 a barrel.
- The U.S. dollar edged higher Monday, as investors looked ahead to a week of public appearances by Federal Reserve officials.
- The Wall Street Journal Dollar Index, which gauges the U.S. currency against a basket of 16 others, was recently up 0.2% at 88.61.
The Australian dollar is down sharply against the greenback, falling back below 75 US cents, as the US dollar gains after an influential Federal Reserve official expressed confidence that rising wages would help revive domestic inflation.
At 7.00 AEST on Tuesday, the Australian dollar was worth 75.98 US cents, down from 76.11 US cents on Monday.
- French stocks leapt on Monday following a convincing parliamentary victory for President Emmanuel Macron, while banks rebounded following upgrades and retailers recovered from last week’s losses.
- France’s blue-chips gained nearly 1 per cent after President Emmanuel Macron cemented an overwhelming parliamentary majority, further increasing his party’s capacity to push through reforms.
- Banks BNP Paribas, Societe Generale and Credit Agricole underpinned gains on the index.
- Euro zone blue-chips closed 0.9 per cent higher, and the pan-European STOXX 600 finished 0.96 per cent higher.
- But Germany’s DAX outperformed the CAC 40, surged 1.07 per cent to close at 12,888.95.
- Meanwhile, London’s FTSE 100 also jumped markedly, up 0.81 per cent to 7,523.81.
- Asian stocks rose, shaking off Wall Street’s subdued performance on Friday.
- MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7 per cent.
- Japan’s Nikkei climbed 0.62 per cent to 20,067.75.
- Chinese blue-chip shares advanced 0.8 per cent on signs tight liquidity conditions were easing. Data showing home prices rose 10.4 per cent in May from a year ago, although slowing from April’s 10.7 per cent gain, helped boost real estate stocks.
- Hong Kong’s Hang Seng gained 1.16 per cent to 25,924.55.
- China stocks rose, with the blue-chip CSI300 index snapping a three-day losing streak, on signs that tight liquidity is easing and as fewer new listings are expected to come onto the market.
- The blue-chip CSI300 index rose 0.99 per cent, to 3,553.67 points, while the Shanghai Composite Index added 0.68 per cent to 3,144.37 points.
- Traders said liquidity conditions improved as the central bank continued to provide funds via open market operations, after injecting a net 410 billion yuan into money markets last week, the biggest weekly injection since mid-January.
- Liquidity typically tightens in China’s financial system in June due to tax payments and as banks look to make their books look better for the end of the month and quarter.
- The pinch has been compounded this year by a regulatory clampdown on riskier forms of financing which has been banks hoarding more cash than usual.
- The S&P/NZX50 Index rose 0.5 per cent to 7,592.03.
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