Wednesday: 10th May 2017
Each Market In Focus
- The Australian market looks set to open solidly higher the morning after federal treasurer Scott Morrision handed down the budget.
- At 7.00 a.m. AEST on Wednesday, the share price futures index was up 19 points, or 0.33 per cent, at 5,845.
- Locally, in major economic news on Wednesday, federal treasurer Scott Morrison addresses the National Press Club the day after handing down the budget.
- In equities news, Australian Agricultural Company is expected to post full-year financial results.
- Meanwhile, the Telecommunications Industry Ombudsman publishes its six-monthly update on complaint statistics for landline, mobile and internet services.
- And, Qantas budget carrier Jetstar launches its inaugural flight to Ho Chi Minh City The Australian market on Tuesday closed around 0.5 per cent lower, led downwards by
the big banks, amid investors fears the federal government would introduce a new tax on banks in the federal budget – which it did.
- The benchmark S&P/ASX200 index fell 31 points, or 0. 53 per cent, to 5,839.9 points
- The broader All Ordinaries index lost 23.3 points, or 0.4 per cent, to 5, 874.5 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
- The S&P 500 have fallen after edging up to an intra-day record high for the second straight session, while Apple became the first US company to close with a market capitalisation above $US800 billion.
- Better-than-expected quarterly earnings from US companies and Emmanuel Macron’s victory in the French presidential election on Sunday have given investors confidence, but valuations for US stocks are already higher than average.
- The hope that US president Donald Trump will cut corporate and personal taxes remained in focus for investors.
- The Dow Jones Industrial Average declined 0.17 per cent to 20,975.78 and the S&P 500 lost 0.10 per cent to 2,396.92 points.
- The Nasdaq Composite added 0.29 per cent to close at a record high of 6,120.59, helped by Apple.
- Meanwhile, gold prices fell 0.9% to $1,216.10 a troy ounce for the April contracts as investors priced in a greater likelihood that the Federal Reserve will raise interest rates at its June meeting.
- Copper rose off its four-month low as the latest data showed a fall in warehouse inventories.
- Copper for July delivery closed up 0.2% at $2.4980 a pound on the Comex division of the New York Mercantile Exchange. Prices hit their lowest level since late December on
- IRON ORE: $61.37 +0.65 (May contract )
- Crude futures fell, with a slate of factors including skepticism about OPEC’s influence, a rising dollar and momentum, continuing to batter oil.
- The drop was the 11th in 17 sessions and brought oil prices down to their second-lowest settlement of 2017.
- Prices are down more than 14% year-to-date, primarily from stockpiles in the U.S. holding near historic highs and waylaying a rally many had expected after the world’s biggest exporters pushed a historic deal to cut output.
- Light, sweet crude for June delivery settled down 55 cents, or 1.2%, at $45.88 a barrel on the New York Mercantile Exchange.
- Brent crude, the global benchmark, lost 61 cents, or 1.2%, to $48.73 a barrel on ICE Futures Europe.
- The U.S. dollar rose broadly as investors assessed the outlook for higher U.S. interest rates.
- The WSJ Dollar Index, which measures the U.S. currency against 16 others, rose 0.4% to 90.52.
- The dollar rose against the Japanese yen and many emerging-market currencies.
- Investors have grown more optimistic that the Federal Reserve will raise interest rates it its meeting next month.
- Federal Reserve Bank of Kansas City President Esther George said the U.S. central bank should press forward with interest-rate increases, warning that the economy might overheat if borrowing costs aren’t increased quickly enough.
- The Australian dollar is slightly higher against its US counterpart after having lost almost half a per cent before the federal budget helped prompt a turnaround.
- At 7.00 a.m. AEDT on Wednesday, the Australian dollar was worth 73.41 US cents, up from 73.39 US cents on Tuesday.
- European stocks lifted on Tuesday with investor sentiment bolstered by historically low US equity volatility, and the French presidential election result and company earnings reports.
- A raft of well-received updates and a recovery in resources stocks helped European shares rebound from the previous session’s slight losses, ending at fresh 21-month highs.
- The pan-European STOXX 600 index rose 0.45 per cent while France’s CAC 40 index gained 0.3 per cent, recouping some of its losses from Monday following centrist Emmanuel Macron’s French presidential election victory.
- Europe’s index of leading 300 shares rose to a near-two-year high, Germany’s DAX rose 0.43 per cent to hit a record high of 12,749.12, and Britain’s FTSE 100 closed up 0.57 per cent at 7,342.21.
- Company results were in focus, with shares in Italy’s David Campari jumping 4.4 per cent after the spirits maker reported first-quarter earnings boosted by high-margin brands.
- A rebound in basic resources stocks and gains among energy firms also helped support the market, with miners up after a rise in the underlying price of copper.
- Asian stock markets were mixed with Japan falling but Hong Kong and China higher, as investors searched for the next catalyst following France’s presidential election.
- MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent.
- Japan’s Nikkei was slightly lower, down 0.26 per cent at 19,843.00.
- China’s CSI 300 index retreated 0.19 per cent in its sixth straight session of losses amid concerns over tighter financial regulations.
- Hong Kong’s Hang Seng reversed earlier losses to close up 1.27 per cent at 24,889.03, the highest level in 21 months, aided by a sharp rebound in resource shares and continuous money inflows from mainland China.
- Sentiment was also aided by signs of stabilisation in China stocks after sharp falls recently, with the benchmark Shanghai Composite Index snapping a five-day losing streak.
- China Enterprises Index gained 1.5 per cent, to 10,128.99 points.
- Shanghai stocks recouped earlier losses to end flat, snapping a five-day losing streak, but lingering concerns over tighter financial regulations checked overall demand.
- The Shanghai Composite Index added 0.06 per cent to 3,080.53 points.
- The S&P/NZX 50 index 0.2 per cent to 7412.12
Important News Events For Today
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