Monday: 25th June 2018

OPENING CALL: The Australian market looks to open higher with SPI Futures up 13 points.

The Australian share market looks set to open around a fifth of a per cent higher following strong gains on global markets and the Dow’s snapping of an eight-session fall.

The Dow Jones Industrial Average has broken an eight-session losing streak as it and the S&P 500 enjoyed a boost from energy stocks, but losses in the technology space kept the Nasdaq in check.

Overnight Summary


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Each Market In Focus

Australian Market

The Australian share market looks set to open around a fifth of a per cent higher following strong gains on global markets and the Dow’s snapping of an eight-session fall.
At 0700 AEST on Monday, the share price futures index was up 13 points, or 0.21 per cent, at 6,180.
In economic news on Monday, federal treasurer Scott Morrison is scheduled to give the opening address at the CEDA State of the Nation function in Canberra.
In equities news, Metcash is slated to post full-year results.
The Australian market on Friday closed hovering around a decade-high despite a slight retreat after a week of strong gains.
The benchmark S&P/ASX200 index closed down 6.9 points, or 0.11 per cent, at 6,225.2 points on Friday, bringing its weekly gain to more than two per cent, while the broader All Ordinaries slipped 10.8 points, or 0.17 per cent, to 6,322.1 points.

US Markets

The Dow Jones Industrial Average has broken an eight-session losing streak as it and the S&P 500 enjoyed a boost from energy stocks, but losses in the technology space kept the Nasdaq in check.
The energy sector was the biggest gainer of the benchmark S&P 500 index, rising 2.2 per cent, while the technology sector was the weakest with a 0.4 per cent drop.
Oil prices rose sharply after OPEC agreed to only a modest increase in output, well below some of the figures that had been discussed ahead of the meeting.
The Dow Jones Industrial Average rose 118.98 points, or 0.49 per cent, to 24,580.68, the S&P 500 gained 5.08 points, or 0.18 per cent, to 2,754.84 and the Nasdaq Composite dropped 20.14 points, or 0.26 per cent, to 7,692.82.

Commodities

The spot price of gold in Sydney at 0700 AEST was $US1,269.46 per fine ounce, from $US1,266.78 per fine ounce on Friday.
IRON ORE: $64.57 +0.59(July contract)

Oil Futures

Oil prices rallied Friday as the global oil cartel agreed to increase production by less than some had expected, soothing fears of an imminent wave of supply.

Forex

The dollar fell against the euro Friday, as investors reacted to economic data in the eurozone.
The euro was recently up 0.5%, at $1.1659. The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently down 0.3%, at 87.82.
Business activity in the eurozone picked up in June for the first month in five — a sign that the region’s economy may be shaking off a sluggish start to the year. Uneven data in region has weighed on the euro, which is down around 3% this year against the dollar.

The Australian dollar is back on the ascendancy after its US counterpart weakens, pressured by a rebound in commodity-linked currencies.
At 0635 AEST on Monday, the Australian dollar was worth 74.39 US cents, up from 79.04 US cents on Friday.

European Markets

Britain’s top share index rebounded on Friday to post a weekly gain as oil majors got a boost from an OPEC deal to modestly raise output, helping to soothe fears over a trade war and the revived prospect of an interest rate hike in August.
The FTSE 100 ended the day up 1.7 per cent, to 7,682.27, a rise which allowed it to finish on a weekly gain of 0.6 per cent and avoid a fifth straight week of losses.
Heavyweights BP and Royal Dutch Shell rose 3 per cent and 3.3 per cent respectively as oil prices jumped more than 4 per cent after major producers agreed to modest crude output increases to compensate for losses in production at a time of rising global demand.
The rise in oil prices might however only give a temporary respite to investors.
Better-than-expected euro zone economic data and energy stocks galvanised by an OPEC agreement on a modest increase in oil production helped drive a bounce in European shares at the end of a tumultuous week marred by trade war worries.

Asian Markets

Around Asia, MSCI’s Asia ex-Japan stock index was firmer by 0.41 per cent while Japan’s Nikkei index closed down 0.8 per cent, at 22,516.83.
Hong Kong’s benchmark stock index ended slightly higher on Friday, but posted its biggest weekly loss in three months amid escalating trade tensions between Beijing and Washington.
The Hang Seng index rose 0.2 per cent to 29,338.70, while the China Enterprises Index lost 0.2 per cent to 11,339.87 points.
For the week, the Hang Seng lost 3.2 per cent, its worse weekly performance since late March.
For the week, SSEC tumbled 4.4 per cent, while CSI300 slid 3.8 per cent, both logging their worst week since early February.
The S&P/NZX 50 closed just shy of the 9,000 mark, up 0.01 per cent at 8,999.37.

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