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Month: August 2012

Morning Market Analysis: US Dollar Gained

Morning Market Analysis: US Dollar Higher

Morning Market Analysis: US Dollar Higher

Global markets were little changed once again overnight, with major indices of both sides of the pond moving no more than half a percent.

European markets pared early losses to finish the day down slightly, as comments from European Central Bank President Mario Draghi boosted hopes the ECB will act to stabilize the borrowing costs of the euro-zone’s frail economies.

In London the UK’s FTSE 100 shed 32 points (-0.5%) to settle at 5744, whilst the French CAC (-0.5%) and German DAX (-0.1%) ended down slightly.

Stateside, the Dow Jones put on four points to settle at 13107, whilst the S&P added just one point and the Nasdaq four.

US stocks finished a touch higher as investors calibrated two positive readings on the economy against hopes for more help from the Federal Reserve.

A revision to US GDP in the second quarter showed growth at 1.7% annual rate, higher than an original reading of 1.5% and in-line with economists’ expectations.

Pending home sales for July increased 2.4% in July after declining 1.4% in June. The rise exceeded the 1% gain expected by analysts and pushed the number of pending home sales to the highest since April 2010.

The US dollar gained against most major peers as the Federal Reserve said the US economy continued to expand “gradually,” damping speculation the central bank will engage in a third round of quantitative easing.

Oil fell after US crude stockpiles unexpectedly gained and Hurricane Isaac made landfall, reducing the threat to offshore platforms and rigs in the Gulf of Mexico.

Crude oil for October delivery declined 84 cents to settle at $95.49 a barrel on the NYMEX. Futures have fallen 3.4% this year.

In company news, Lend Lease has reported an FY12 net profit of $501.4 million, up 1.7% from the prior year.

Today’s session will bring us data in the form of building approvals and private capital expenditure, both slated for release at 11:30am, AEST.

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Morning Market Analysis: US Dollar Gained is a post from: Australian Stock Report Market Pulse Blog

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Evening Market Update: Little Change

Evening Market Update: Little Change

Evening Market Update: Little Change

The Australian stockmarket finished slightly lower today, after a mostly negative lead from US and European markets overnight.

Despite the market finishing in the red, a majority of sectors finished above water, with IT and telcos the best performers.

Materials stocks were the clear underperformers on the day on the back of weakness in commodity markets.

BHP and Rio Tinto declined 1% and 2.3% respectively.

Ausdrill added 0.9% after reporting an FY12 net profit of $112.2 million, a 53% increase on the prior corresponding year.

WorleyParsons was up 0.5% after posting an FY12 profit of $353.2 million, a 3% fall on the prior year’s result.

The banking majors finished mainly weaker, with NAB (-0.6%) and CBA (-0.2%) finishing lower, Westpac finishing flat and ANZ (+0.2%) the only one of the four to close higher.

The ASX 200 shed three points (-0.1%) to close at 4356.

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Evening Market Update: Little Change is a post from: Australian Stock Report Market Pulse Blog

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Midday Market Analysis: Snooze Fest Continues

Midday Market Analysis: Snooze Fest Continues

Midday Market Analysis: Snooze Fest Continues

The Aussie marker is little changed so far today, with the XJO 10 points (-0.2%) lower, at 4350.

 

Most sectors are weaker with materials, utilities and consumer discretionary stocks the weakest links.

Conversely, telcos, IT, and consumer staples are the best performers.

In company news, WorleyParsons is down 0.5% after reporting an FY12 profit of $353.2 million, a 3% fall on the prior year’s result.

Elsewhere, Transfield has dropped 6.6% following the release of its FY12 results which contained poor guidance for FY13.

Around the region, Asian markets are mixed; the Hang Seng is down 0.1% whilst the Nikkei is up 0.3%.

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Midday Market Analysis: Snooze Fest Continues is a post from: Australian Stock Report Market Pulse Blog

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Evening Market Analysis: Afternoon Jump

Evening Market Analysis: Afternoon Jump

Evening Market Analysis: Afternoon Jump

Aussie shares finished higher on the day, despite a mixed night on international markets overnight.

A majority of sectors closed above water; with healthcare and utilities the standout performers.

Materials and energy stocks were the weakest links.

Out of the big four banks all but CBA (-0.4%) enjoyed gains, with ANZ and NAB the best performers, both up 1%

The mining majors were mixed as were overnight commodity prices. BHP added 0.2% whilst rival Rio Tinto let go of 0.7%.

Aristocrat Leisure jumped 7.4% after announcing a 1H FY12 net profit $34.7 million, a 39.6% rise on the previous corresponding period.

Flight Centre was up 0.4% after announcing a FY12 profit of $200.1 million, up 43.1% on the prior year’s result.

The ASX 200 put on 16 points (+0.4%) to close at 4360.

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Evening Market Analysis: Afternoon Jump is a post from: Australian Stock Report Market Pulse Blog

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Midday Market Analysis: Lacking Conviction

Midday Market Analysis: Lacking Conviction

Midday Market Analysis: Lacking Conviction

Last night’s global session was punctuated by a lack of conviction and low volumes, with traders and investors keeping their powder dry ahead of Bernanke’s Jackson Hole address later this week.

In London, the UK’s FTSE 100 was closed, whilst the French CAC firmed 0.9% and the German DAX added 1.1%.

Stateside, the Dow Jones slipped 33 points (-0.3%) to settle at 13125, whilst the S&P was flat and the NASDAQ added 0.1%.

The euro gained against the majority of its most-traded peers as investors speculated that European leaders will make progress on measures to stem the region’s sovereign-debt crisis.

Oil fell for a third session on speculation that Tropical Storm Isaac will have limited impact on production in the Gulf of Mexico.

Oil for October delivery fell 68 cents, or 0.7%, to settle at $95.47 a barrel on the NYMEX. Oil is down 3.4% this year.

In company news, Severn Group Holdings has reported an underlying net profit of $332.4 million, up 39% on the previous year’s result, and above its own guidance for growth of between 20%-30%.

Today’s session will bring us new home sales data (tentative).

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Midday Market Analysis: Lacking Conviction is a post from: Australian Stock Report Market Pulse Blog

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Evening Market Analysis: Bullying Fade

Evening Market Analysis: Bullying FadeAussie shares started the trading week in the red, despite Friday night’s positive lead from international markets.

At home the sectors finished mostly weaker, with financial and energy stocks the biggest drags on the market. IT was the clear standout sector.

The banking majors finished mainly weaker, with ANZ (-0.3%), NAB (-0.6%) and CBA (-0.5%) all finishing lower, Westpac managed to buck the trend with a 0.1% gain.

The big miners were also mixed; BHP lost 0.2%, whilst Rio Tinto managed clawed back some of Friday’s losses, advancing 0.6%.

Sundance jumped 7.5% after accepting a lower takeover offer from Chinese suitor Hanlong Mining Investments.

Elsewhere Caltex Australia closed down 1.4% despite booking a 1H FY12 net profit of $197 million, a massive 74% increase on the prior corresponding periods.

The ASX 200 shed five points (-0.1%) to settle at 4344.

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Evening Market Analysis: Bullying Fade is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Anlaysis: Bullish Into New Week

Morning Market Anlaysis: Bullish Into New WeekGlobal markets enjoyed solid gains on Friday night on expectations the US Federal Reserve stands ready to bolster growth.

In Europe, the Stoxx Europe 600 rose just 0.1%. Even so, the benchmark snapped an 11-week winning streak.

In London the UK’s FTSE 100 closed dead flat at 5777, whilst the French CAC was also little changed. The German DAX added 0.3%.

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Stateside, the Dow Jones put on 101 points (+0.8%) to settle at 13158, whilst the S&P 500 (+0.7%) and NASDAQ (+0.5%) enjoyed similar gains.

Stocks extended gains from the middle of the session, after The Wall Street Journal reported that Fed Chairman Bernanke defended actions the central bank has taken to support the economy in a letter to U.S. Rep. Darrell Issa (R., Calif.), chairman of the House oversight committee.

Mr. Bernanke also said in the letter that there is room for more action on the part of the Fed to shore up growth.

These latest developments continue the theme of the stock market getting tossed around by the Fed.

The session’s only major economic report was mixed. Orders for durable goods in July rose more than expected, amid a surge in demand for aircraft and autos.

After stripping out volatile transportation goods, orders fell, missing expectations.

Crude-oil futures fell 0.1% to settle at $96.15 a barrel, which helped to end a three-week winning streak, whilst bold added less than 0.1% to finish at $1,669.80 an ounce.

The US dollar gained against the euro and yen. The yield on 10-year Treasury bonds rose slightly to 1.678%, as demand fell.

In company news, Billabong has reported an FY12 net loss of $275.6 million, a massive swing from the $119.1 million net profit it made in FY11.

There is no major local data due out for today’s session.

Morning Market Anlaysis: Bullish Into New Week is a post from: Australian Stock Report Market Pulse Blog

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Evening Market Analysis: Another Quiet Day

The Australian sharemarket edged lower today.

The sectors closed mostly weaker with telcos and energy bearing the brunt of the selling. Health care and IT stocks held up reasonably well.

BHP and Rio Tinto fell 0.3% and 0.6% respectively, despite BHP reporting a slightly better-than-expected full-year underlying profit.

The big four banks finished mixed on the day; CBA (-0.8%) and NAB (-0.4%) ended lower, ANZ was flat, and Westpac (+0.1%) closed in positive territory.

Suncorp finished 0.7% higher after reporting an FY12 net profit of $724 million, up 60% from the prior year.

Seek jumped 6.4% after reporting a net profit of $131.7 million, a 34.8% increase on the prior year.

The ASX 200 shed eight points (-0.2%) to close at 4376.

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Evening Market Analysis: Another Quiet Day is a post from: Australian Stock Report Market Pulse Blog

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Evening Market Analysis: Flat Aussie

Evening Market Analysis: Flat Aussie

Evening Market Analysis: Flat Aussie

The Aussie market is little changed so far today, with the XJO currently five points (-0.1%) weaker, at 4380.

Most sectors are weaker with energy, utilities and materials plays the poorest performers.

Conversely, healthcare, consumer staples and IT stocks are the sectors holding the market up.

In company news Suncorp is up 3.2% after reporting an FY12 net profit of $724 million, up 60% from the prior year.

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Elsewhere Coca-Cola Amatil has climbed 1% after posting a 1H FY12 profit of $247.2 million, a 60.9% increase on last year’s result.

Around the region, Asian markets are mainly weaker; the Hang Seng and Nikkei are down 0.9% each.

Evening Market Analysis: Flat Aussie is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Analysis: Mixed Night

Global markets were mixed overnight, with gains in Europe unable to be sustained into the US session.

European markets gained ground, with the Stoxx Europe 600 up 0.4%, after a well-received Spanish bill auction.

In London the FTSE 100 put on 33 points (+0.6%) to settle at 5858, whilst the French CAC (+0.9%) and German DAX (+0.8%) also enjoyed solid gains.

Stateside, the Dow Jones slumped 68 points (-0.5%) to settle at 13204, whilst the S&P gave up 0.4% and the NASDAQ lost 0.3%.

The Dow finished with its biggest decline in almost three weeks, falling for the second session in a row after knocking on the door of multiyear highs.

Investors will be watching the Federal Reserve closely in the coming days for signs that the central bank could act again to firm up economic growth.

On Wednesday night Australian time, the Fed’s policy-making committee will release the minutes from its most recent meeting.

Morning Market Analysis: Mixed Night

Morning Market Analysis: Mixed Night

Next week, Wall Street will turn its attention to the annual economic policy symposium hosted by the Federal Reserve Bank of Kansas City in Jackson Hole, where Fed Chairman Bernanke announced a second round of bond-buying in 2010.

Crude-oil futures rose for the fifth time in six sessions, adding 0.7% to settle at $97.10 a barrel. Gold futures gained 1.2% to $1,639.90 a troy ounce. The US dollar fell against the euro and the yen.

In company news, Seek has reported a net profit of $131.7 million a 34.8% increase on the prior year.

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

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

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