Tuesday: 2nd May 2017
Each Market In Focus
- The Australian market looks set to open higher after the Nasdaq reached another record high, but the Dow closed lower on Wall Street and many major global markets were closed for May Day.
- At 8.00 a.m. AEST on Tuesday, the share price futures index was up nine points, or 0.15 per cent, at 5,945.
- Many European and Asian markets were closed for the May Day public holiday on Monday.
- Locally, in major economic news on Tuesday, the Reserve Bank of Australia holds its monthly board meeting and announces its interest rate decision.
- In equities news, the ANZ bank is slated to post its half-year results, Woolworths is expected to release quarterly sale figures while Mobilicom is due to launch on the ASX.
- The Australian market on Monday defied negative overseas leads to close higher as investors look forward to the big four banks’ profit reports.
- The benchmark S&P/ASX200 index climbed 32.4 points, or 0.55 per cent, to 5,956.5 points.
- The broader All Ordinaries index rose 28.8 points, or 0.48 per cent, to 5,976.4 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 Nasdaq has risen to another record high, boosted by Apple and other big tech stocks that more than offset weak economic data.
- Apple shares jumped 2 per cent and set a record high, supporting the three major Wall Street indexes, although the Dow Jones Industrial Average closed slightly lower.
- The iPhone maker is due to report its results on Tuesday.
- The S&P 500 technology index, the best performing major group this year, gained 0.9 per cent, with big tech names including Microsoft, Alphabet and Facebook hitting records.
- Investors braced for another heavy week of quarterly corporate results in an earnings season that has exceeded expectations.
- Market watchers have been looking for results to help justify stock valuations, as the S&P 500 has been trading about 20 per cent above its long-term average, based on forward earnings estimates.
- The Nasdaq Composite added 0.73 per cent, to 6,091.60, a record closing high.
- The S&P 500 gained 0.17 per cent, to 2,388.33.
- The Dow Jones Industrial Average fell 0.13 per cent, to 20,913.46, after notching its best weekly performance of 2017 last week.
- Meanwhile, gold for June delivery fell 1% to a three-week low of $1,255.50 a troy ounce in New York, erasing gains after trading as high as $1,269.70 on weaker-than-expected manufacturing data from the Institute for Supply Management, which showed an index tracking U.S. factory activity fell to 54.8 in April, lower than forecasts of 56.5.
- IRON ORE: $75.54 +4.41%
- Crude futures tumbled Monday, weighed down by falling gasoline prices and by concerns about increasing U.S. oil being pumped into the still-oversupplied market.
- U.S. crude futures fell to a fresh one-month low, dropping 49 cents, or 0.99%, to $48.84 a barrel on the New York Mercantile Exchange.
- Brent, the global benchmark, fell 53 cents, or 1.02%, at $51.52 a barrel on London’s ICE Futures Europe.
- U.S. refiners have ramped up their output and have been processing more crude oil than ever before.
- But the result has been big increases in gasoline stockpiles, which could become a drag on crude.
- The U.S. dollar strengthened against the Japanese yen after the Atlanta Federal Reserve raised its projected rate of second-quarter economic growth, helping to soften the blow from a spate of disappointing manufacturing data released earlier.
- The greenback climbed to ¥111.83 late Monday in New York, compared with ¥111.53 late Friday in New York.
- The ICE U.S. Dollar Index, a measure of the greenback’s strength against a basket of six currencies, was flat at 99.06.
- The WSJ Dollar Index, which gauges the dollar’s strength against a wider basket, was also flat at 89.17.
- The Australian dollar is sharply higher against its US counterpart and comfortably back above 75 US cents.
- At 7.00 a.m. AEST on Tuesday, the Australian dollar was worth 75.26 US cents, up from 74.90 US cents on Monday.
- Europe’s main markets were closed on Monday for the Labour Day public holiday, including London’s FTSE100 and Germany’s DAX.
- Many Asian markets were closed for May Day, while Japan’s stocks shook off a sluggish start and edged up on upbeat earnings.
- MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1 per cent. Japan’s
- Nikkei climbed 0.59 per cent, with high-tech blue chips gaining on strong earnings.
- Markets initially took their cue from Wall Street, which dipped on Friday after data showed the US economy grew at its weakest pace in three years in the first quarter.
- The mood brightened slightly, however, on news that US congressional negotiators hammered out a bipartisan agreement on a spending package to keep the federal government funded through September 30, thus averting a government shutdown.
- Markets were little fazed by China’s official manufacturing survey on Sunday which showed growth in the country’s factories slowed more than expected in April to a six-month low.
- Hong Kong’s Hang Seng, the Shanghai Composite Index and the CSI300 were closed.
- The S&P/NZX 50 Index gained 0.05 per cent to 7,382.22.
Important News Events For Today
“If you fell down yesterday, stand up today”. – H. G. Wells
*Now you know everything.*