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Month: July 2012

Morning Market Analysis: Quiet Night

Morning Market Analysis: Quiet Night

Morning Market Analysis: Quiet Night

The global bulls eventually ran out of steam overnight, as gains in Europe petered out into a flat session in the US.

In London, the UK’s FTSE 100 put on 66 points (+1.2%) to settle at 5694, whilst the French (+1.2%) and German DAX (+1.3%) enjoyed similar gains.

European markets rose with the Stoxx Europe 600 up 1.6%, as expectations of new stimulus measures there overshadowed weak economic data. Spain’s IBEX-35 index climbed 2.8%.

Business and consumer confidence in the euro zone fell in July from June, with a significant weakening evident in France and Germany, and a reading on Spain’s second-quarter gross domestic product fell 0.4% from the first quarter, its third quarterly contraction in a row.

In the UK, mortgage lending fell in June to the lowest level since December 2010.

The bullish momentum didn’t carry over to the US session however, with the Dow Jones slipping three points to settle at 13073, whilst the S&P and NASDAQ were also slightly weaker.

Despite the recent rally which saw dual triple digit gains to close out last week, last night was the ninth consecutive losing Monday for the Dow.

A reading of manufacturing activity in the Dallas region in July came in at negative 13.2, a steep drop from the previous month’s measure of 5.8.

Crude oil futures eased 0.7% to $89.49 a barrel, while gold futures edged up 0.2% to $1,621.60 a troy ounce.

The US dollar rose against the euro but fell against the yen. The yield on benchmark 10-year U.S. Treasury bonds fell to 1.503% as demand rose.

The Aussie dollar continued its recent move higher, adding 0.3% overnight. This morning the local unit is buying US$1.4980.

Today’s session will bring us data in the form of building approvals and private sector credit, 11:30am, AEST.

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Morning Market Analysis: Quiet Night is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Analysis: Slide Arrested For Now

Morning Market Analysis: Slide Arrested For Now

Morning Market Analysis: Slide Arrested For Now

Hopes for a boost to the eurozone bailout fund saw global markets arrest their slide overnight, although there was no relief rally.

In a much needed boost to sentiment, an ECB policy-maker flagged the possibility of the European Stability Mechanism (ESM) being granted a banking license, which would give it the ability to borrow money from the ECB.

A banking license, while yet to receive full backing from EU officials, would sooth concerns that the ESM does not have enough firepower to bail out Spain or Italy.

In Europe, the German DAX and French CAC both managed gains of 0.2%, whilst the FTSE slipped one point to 5498 after data revealed the UK economy contracted a sharp 0.7% in the 2Q12.

US stocks began the trading session on a positive note, but faded badly towards the close as Apple sank 4% after reporting a weaker-than-expected third quarter profit.

The Dow gave up a lead of more than 110 points to finish the session 60 points (+0.5%) stronger, at 12676. The S&P500 closed flat, and the slump in Apple shares saw the Nasdaq weaken 0.3%.

There were gains in commodity markets, with gold soaring on speculation there will be some stimulus announcement at next week’s Fed meeting. Bullion rose 1.7% to $1606 an ounce.

Oil shrugged off a surprise rise in weekly US crude stockpiles, instead adding 0.6% to $88.79 a barrel, as equities rose and the US dollar weakened.

The greenback slipped from a two-year high against the euro, with the shared currency strengthening on prospects of a banking licence being granted to the ESM.

The pound fell slightly against the US dollar, as traders bet the weak UK GDP result will spur Bank of England policy-makers to increase monetary stimulus.

The Aussie jumped 0.9% to $US1.0314, this despite yesterday’s domestic CPI reading raising the odds of another RBA rate cut. Our dollar was instead supported by the ECB banking license comments.

In company news, Wesfarmers has announced a 4.6% on-year rise in Coles 4Q12 sales. The result was achieved despite ongoing price deflation and discounting.

There is no major local economic data due out today.

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Morning Market Analysis: Slide Arrested For Now is a post from: Australian Stock Report Market Pulse Blog

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Midday Market Analysis: Aussie Struggling

Midday Market Analysis: Aussie Struggling

Midday Market Analysis: Aussie Struggling

The Aussie market is suffering through a heavy selloff so far today, with the XJO presently down 65 points (-1.5%), at 4136. The losses are widespread, with most sectors underwater. Materials, energy and IT stocks are the hardest hit, whilst consumer staples and telcos are the best of a bad bunch.

In economic news, Australian producer prices rose 0.5% in the second quarter of 2012, compared to the first quarter, Australian Bureau of Statistics data showed today.

 

The rise in the index in the second quarter was due to price rises across the agriculture, petroleum refining and manufacturing sectors, the ABS said. In company news, Intrepid Mine has plummeted 51.4% after announcing that its JV minority partner has halted operations at their Tujuh Bukit project in Indonesia. Elsewhere, Resolute Mining has dropped 5.9% after its quarterly production numbers missed expectations. Around the region, Asian markets are all weaker; the Hang Seng is down a whopping 2.5% and the Nikkei is off 1.5%.

Midday Market Analysis: Aussie Struggling is a post from: Australian Stock Report Market Pulse Blog

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Midday Market Analysis: Flat Aussie

Midday Market Analysis: Flat Aussie

Midday Market Analysis: Flat Aussie

The Aussie market is flat so far today, with the XJO up just four points, at 4210.

 

Telcos and energy stocks are the strongest performers, whilst consumer staples and IT stocks are the weakest links.

In company news Elemental Minerals has jumped 3.7% after releasing some positive drilling results at its Kola deposit.

Elsewhere, Ten Network Holdings is up 1% after announcing that it has sold its outdoor advertising business EYE Corp to Champ Private equity for approximately $145 million.

Around the region, Asian markets are mixed; the Hang Seng is up 0.1% whilst the Shanghai Composite (-0.3%) and Nikkei (-0.3%) are weaker.

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Evening Market Analysis: Strong Finish

Evening Market Analysis: Strong Finish

Evening Market Analysis: Strong Finish

The Australian market stormed higher today, following a positive lead provided by international shares.

All the sectors finished well in the green, with energy and material stocks the standout performers.

The banking majors all gained ground; NAB put on 1.3%, whilst ANZ was up 1.2%.

The big miners advanced on back of strong commodity prices; BHP added 3.1% whilst rival Rio Tinto advanced 1.1%.

Santos climbed 5.9% after reporting that 2Q revenue rose 18% on year to $739 million.

Also in the energy space, Woodside Petroleum soared 7.6% after recording 2Q revenue of $1.43 billion, a 14% rise on previous corresponding period.

Seven West Media plummeted 10.5%, resuming from a trading halt after its recent capital raising.

The ASX 200 soared 83 points (+2%) to settle at 4207, its highest close in over two months.

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Midday Market Analysis: Aussie On Fire

Midday Market Analysis: Aussie On Fire

Midday Market Analysis: Aussie On Fire

The Aussie market is flying so far today, with the XJO presently 50 points (+1.3%) in the green, holding around 4175.

The gains are widespread, with every sector in the green; energy, consumer staples and materials stocks are the best performers.

In company news Santos has climbed 3.6% after reporting that 2Q revenue rose 18% on year to $739 million.

Also in the energy space, Woodside Petroleum has jumped 6.6% after recording a 2Q revenue of $1.43 billion, a 14% rise on previous corresponding period.

Around the region, Asian markets are all trading higher; the Hang Seng (+1.7%) and Shanghai Composite (+0.9%) are amongst the strongest performers.

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Midday Market Analysis: Aussie On Fire is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Analysis: Green On The Screen

Morning Market Analysis: Green On The Screen

Morning Market Analysis: Green On The Screen

Global markets rallied overnight with green ink lighting up leaderboards on both sides of the pond.

In Europe the UK’s FTSE 100 added 57 points (+1%) to settle at 5686, whilst the French CAC (+1.8%) and German DAX (+1.6%) were even stronger.

Stateside, the Dow Jones put on 103 points (+0.8%) to settle at 12909, whilst the S&P (+0.7%) and NASDAQ (+1.1%) enjoyed similar gains.

Investors pushed US stocks sharply higher, erasing all of July’s losses, as investors reacted to strong corporate earnings and continued hopes for central-bank intervention.

The broad market gains were supported by economic data, which showed home construction rising 6.9% last month from May to an annual rate of 760,000, better than expectations for a 5.2% monthly gain and the highest in nearly four years.

However, building permits for June fell 3.7% to an annualized level of 755,000, lower than Wall Street expectations.

The release of the Fed’s “beige book” of economic conditions around the country reported weaker manufacturing and consumer spending in June, with “modest to moderate” growth over the past month.

The US dollar weakened against currencies of commodity-exporting nations including Australia and Canada as investors sought higher-yielding assets and equities advanced.

Oil advanced for a sixth day, exceeding $90 a barrel for the first time since May, as U.S. housing starts increased more than forecast and gasoline inventories fell.

Crude for August delivery increased 65 cents, (+0.7%), to settle at $89.87 a barrel on the NYMEX.

The price ranged from $88.59 to $90.04, the highest intraday level since May 30. Prices are down 9.1% this year.

Today’s session will bring us data in the form of the NAD quarterly business confidence reading, 11:30am, AEST.
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Morning Market Analysis: Green On The Screen is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Analysis: Hopes For Stimulus Drive Bulls

Morning Market Analysis: Hopes For Stimulus Drive Bulls

Morning Market Analysis: Hopes For Stimulus Drive Bulls

It was another mixed performance for global markets, with general weakness in Europe turned around in the US session.

US stocks reversed sharp declines to rush higher as investors balanced Fed Chairman Bernanke’s dour view of the economy with the potential for additional stimulus to bolster growth down the road.

In Europe, London’s FTSE 100 shed 33 points (-0.6%) to settle at 5629, whilst the French CAC (-0.1%) and German DAX (+0.2%) were mixed.

European markets edged lower, and the Stoxx Europe 600 slipped 0.3%, turning red at the start of Mr. Bernanke’s testimony.

Weighing on investor enthusiasm were weak data on economic expectations out of Germany and a profit warning from French telecom-equipment giant Alcatel-Lucent.

Stateside, the Dow Jones added 78 points (+0.6%) to settle at 12806, whilst the S&P (+0.7%) and NASDAQ (+0.5%) also enjoyed solid gains.

Bernanke gave few clues that the Fed would take imminent steps to support the US economy in testimony before the Senate Banking Committee.

Investors said Mr. Bernanke’s lack of specifics initially disappointed the markets.

In US economic news, consumer prices were flat in June, in line with expectations, as energy costs continued to fall.

Investors have said the Fed might be less hesitant to roll out additional stimulus measures if inflation is lower.

Industrial production picked up in June, rising slightly more than expectations, according to the Federal Reserve. Meanwhile, capacity utilization increased slightly but fell short of expectations.

Elsewhere, home builders’ confidence in July had the biggest monthly jump in nearly a decade, another sign of optimism in the housing market.

Oil rose to a seven-week high on speculation that inventories fell and as a report showed U.S. industrial production increased in June.

Crude for August delivery increased 79 cents, or 0.9 percent, to $89.22 a barrel on the NYMEX, the highest settlement since May 29. Prices have declined 9.7% this year. The five-day streak of gains is the longest since April 27.

Gold fell for a second day as Bernanke refrained from discussing steps to boost the US recovery, while insisting the central bank will act if labor markets don’t improve.

Today’s session will bring us data in the form of the Melbourne Institute leading index (10:30am, AEST).

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Morning Market Analysis: Hopes For Stimulus Drive Bulls is a post from: Australian Stock Report Market Pulse Blog

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Midday Market Analysis: Aussie Defies The leads

Midday Market Analysis: Aussie Defies The leads

Midday Market Analysis: Aussie Defies The leads

The Aussie market is faring well so far today, despite the soft leads provided by Wall Street overnight.

The XJO is presently 30 points (+0.8%) in the green, holding around 4137.

Most sectors are trading to the upside, with financials, IT, and energy stocks the best performers whilst industrials and materials are the laggards.

In company news, Fortescue is down 1.5% despite announcing it expects to maintain its annual iron ore production rate of about 60 million tons in the September quarter.

The group also said that it increased its infrastructure spending budget to US$9 billion from US $8.4 billion, largely to a jump in costs at its Solomon Hub project in Western Australia.

In economic news, the latest RBA minutes showed that the central bank kept borrowing costs unchanged this month as domestic job growth and previous interest-rate reductions helped the local economy weather global disruptions.

“With recent signs that the domestic economy had a little more momentum than had earlier been indicated, members saw no need for any further adjustment to the cash rate at this meeting.”

Around the region, Asian markets are mainly stronger; the Hang Seng (+1.5%) and Nikkei (+0.6%) are the standouts.

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Midday Market Analysis: Aussie Defies The leads is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Analysis: Firmly Neutral

Morning Market Analysis: Firmly Neutral

Morning Market Analysis: Firmly Neutral

After strong gains in the previous session, the international bulls took a breather overnight.

In Europe the FTSE 100 gave up four points to settle at 5662, whilst the French CAC and German DAX were also little changed.

Other European markets were mostly lower, with the Stoxx Europe 600 down 0.3% and Spain’s IBEX-35 index down 2.5% as investors continued to worry about the euro zone’s ability to rescue troubled sovereigns if the need arises.

In the US, the blue-chip Dow Jones slipped 50 points (-0.4%) to settle at 12727, whilst the S&P (-0.2%) and NASDASQ (-0.4%) were also weaker.

It was the seventh losing session in eight for the Dow, after retail sales unexpectedly fell in June.

Retail sales fell for the third straight month, the Commerce Department reported, bucking economists’ projections for a slight increase and marking the first three-month streak of declines since 2008.

An index on manufacturing activity in New York rose more than expected this month, though new orders in the region fell into territory indicating contraction for the first time since November 2011, according to the New York Federal Reserve Bank’s Empire State Manufacturing Survey.

US business inventories rose more than expected in May, the Commerce Department reported, as companies were left holding more goods in warehouses while shoppers trimmed spending.

The greenback dropped to the lowest in almost a month against the yen and erased gains versus the euro as retail sales unexpectedly fell, adding to bets the Fed is closer to a third round of asset purchases.

The Canadian dollar weakened against most of its major counterpart, as the nation’s 10-year bond yields declined to a record low.

Oil capped the longest winning streak since April as manufacturing in the New York region expanded in July at a faster pace than anticipated.

Oil for August delivery rose $1.33 to settle at $88.43 a barrel on the NYMEX.

The four-day advance is the longest since a six-day streak ended April 27. Prices have fallen 11% this year.

Elsewhere, copper shed 0.3% whilst bullion was also weaker, giving up 0.2% to settle at US$1592 an ounce.

Today’s session will bring us the latest monetary policy meeting minutes and new motor vehicle sales (11:30am, AEST).

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Morning Market Analysis: Firmly Neutral is a post from: Australian Stock Report Market Pulse Blog

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