Wednesday: 24th May 2017
Each Market In Focus
- The Australian market looks set to open higher, following Wall Street’s lead which ended higher after the release of US president Donald Trump’s budget plans.
- At 7.00 AEST on Wednesday, the share price futures index was up 11 points, or 0.19 per cent, at 5,782.
- Locally, in economic news on Wednesday, the Australian Bureau of Statistics releases figures for construction work done in the March quarter.
- In equities news, Programmed Maintenance Services is slated to post full-year results,
- OZ Minerals holds its annual general meeting in Adelaide, and Fonterra is expected to release its May business update.
- The two-day Stockbrokers and Financial Advisers conference starts in Sydney, while the Paydirt SA Resources and Investment Conference wraps up in Adelaide.
- Former Rio Tinto chief executive Sam Walsh is slated to speak at the QUT Business Leaders’ Forum at the Hilton in Brisbane.
- The Australian market on Tuesday closed lower with falls by the banks and miners offsetting gains from healthcare, retail and energy companies.
- The benchmark S&P/ASX200 index fell 11 points, or 0.19 per cent, to 5,760.2 points.
- The broader All Ordinaries index dropped 8.4 points, or 0.14 per cent, to 5,802.8 points..
AUS ALS Ltd (ALQ.AU) Full year 2017 Earnings conference call
AUS WorleyParsons Ltd (WOR.AU) Investor Day / Webcast [invitation only]
AUS Reckon Limited (RKN.AU) Full year 2016 AGM
AUS Programmed Maintenance Full year 2017 Earnings conference call / Webcast Services Ltd (PRG.AU)
NZ Tower Ltd Interim 2017 Earnings conference call / Webcast
AUS OZ Minerals (OZL.AU) Full year 2016 AGM
AUS ALS Ltd (ALQ.AU) Full year 2017 Earnings conference call [Europe]
NZ Tower Ltd Interim 2017 Results
AUS Programmed Maintenance Full year 2017 Results Services Ltd (PRG.AU)
AUS Boral Limited (BLD.AU) Analyst & Investor Site Tour
AUS DuluxGroup Ltd (DLX.AU) Interim 2017 Ex-dividend date
AUS AusNet (AST.AU) Full year 2017 Ex-dividend date
AUS Mar Westpac-Melbourne Institute Indexes of Economic Activity
NZ Apr Overseas Merchandise Trade
AUS May Vacancy Report
AUS Q1 Construction Work Done
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)
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- Wall Street has ended higher after the release of President Donald Trump’s budget plan but gains were tempered by declines in consumer discretionary stocks amid weakness in auto-parts companies.
- While Tuesday’s economic data was weak, investors were relieved Trump’s first full budget plan was largely as expected, even if it is not expected to be approved in Congress.
- It called for a hike in infrastructure and military spending, along with a raft of politically sensitive cuts, in areas such as healthcare and food assistance programs, with the aim of chopping government spending by $US3.6 trillion and balancing the budget over the next decade.
- The Dow Jones Industrial Average rose 0.21 per cent to 20,937.91
- The S&P 500 gained 0.18 per cent to 2,398.42
- The Nasdaq Composite added 0.08 per cent to 6,138.71.
- Gold prices declined from a three-week high, showing little reaction to news that at least 22 people were killed and 59 injured by a suspected suicide bomber in Manchester, England.
- Gold for June delivery settled down 0.5% to $1,255.50 a troy ounce on the Comex division of the New York Mercantile Exchange.
- The WSJ Dollar Index was recently up 0.3% at 88.90. Gold is priced in U.S. dollars and becomes more expensive to other currency holders when the dollar strengthens.
- In base metals, copper futures for July delivery settled near flat at $2,5960 a pound in New York.
- IRON ORE: $61.90 -0.04 ( May contract )
Oil prices rose to fresh one-month highs, extending a winning streak to five sessions on optimism that the coming OPEC meeting will result in more production cuts.
Gains on the day were the 11th in 13 sessions, one of several recent, lengthy rallies largely tied to the Organization of the Petroleum Exporting Countries. Falling stockpiles this month in the U.S. have some convinced that cuts from the group of global exporters are impacting supply, and U.S. crude prices are up 13% since they hit a six-month low May 4.
Light, sweet crude for July settled up 34 cents, or 0.7%, at $51.47 a barrel on the New York Mercantile Exchange.
Brent gained 28 cents, or 0.5%, to $54.15 a barrel on ICE Futures Europe.
- The U.S. dollar edged higher intraday but remained near an almost seven-month low, weighed down by anemic economic data and political uncertainty in the U.S.
- The Wall Street Journal Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently up 0.2% at 88.81, a day after hitting its lowest level since early November.
- The measure is down around 4.4% for the year.
The Australian dollar has fallen back against its US counterpart which has lifted against a basket of major currencies ahead of the release of the Federal Reserve’s policy meeting minutes.
At 7.00 AEST on Wednesday, the Australian dollar was worth 74.78 US cents, down from 74.94 US cents on Tuesday.
European stock markets edge higher as Nokia shares jumped more than 6 per cent to their highest in more than a year, joined by a rise in banking stocks.
The pan-European STOXX 600 index ended up 0.2 per cent, gaining pace after a sluggish opening as banking stocks headed higher.
Germany’s DAX was up 0.3 per cent while eurozone blue chips gained 0.5 per cent.
European tech firms were standout performers, with the sector up 1.4 per cent after shares in Nokia jumped 6.4 per cent to their highest since February 2016 following the settlement of a patent dispute with Apple .
Positive economic data also supported sentiment, with PMI surveys for May showing businesses across the euro zone kept up April’s impressive growth rate.
British shares fell slightly as losses among miners more than offset stronger banks, while solid earnings results among mid-cap companies drove the FTSE 250 to a fresh all-time high.
The FTSE 100 index of Britain’s largest companies ended down 0.15 per cent, reversing earlier gains but still near last Tuesday’s record level of 7,533.70 points, while the FTSE 250 added 0.04 per cent to reach 19,920.12 points.
- MSCI’s broadest index of Asia-Pacific shares outside Japan gave up gains after hitting its highest level since June 2015 to trade 0.2 per cent lower. Japan’s Nikkei closed down 0.3 per cent.
- Hong Kong’s benchmark index inched up to a fresh 22-month high on Tuesday, buoyed by strong money flows from mainland China.
- The Hang Seng index ended 0.05 per cent higher, at 25,403.15 points, while the China Enterprises Index gained 0.2 per cent, to 10,395.28 points.
- The strength in Wall Street on Monday provided some relief after a flurry of US political controversies rattled markets.
- Hong Kong stocks also continued to benefit from Chinese money inflows via two cross-border investment schemes.
- Shanghai stocks fell for a second day on Tuesday, with gains in financials only partially soothing lingering concerns over policy tightening steps.
- The Shanghai Composite Index, which shed 0.5 per cent on Monday, lost 0.45 per cent to 3,061.95 points.
- The blue-chip CSI300 index rose 0.38 per cent, to 3,424.19 points.
- The S&P/NZX 50 Index fell 0.3 per cent to 7384.70.
Important News Events For Today
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