The Aussie market is performing well today, following the solid leads provided by European markets last night. Every sector is in the green, with IT and materials stocks leading the move higher.
In company news, NAB is trading flat after reporting a 22% slump in annual profits, with its UK business gaining dragging on the company’s results.
Elsewhere, Transpacific Industries shares have dropped 10.1% after reporting a 6% drop in first quarter earnings. In economic news, data released this morning showed a rise of 7.8% in residential building approvals in September.
Economists’ forecasts had centred on a 1% rise in approvals for September. Around the region, Asian markets are all trading higher; the Nikkei (+1%) and Hang Seng (+0.6%) are amongst the best performers.
Midday Market Analysis: Local Bulls Run is a post from: Australian Stock Report Market Pulse Blog
European markets traded solidly higher overnight due to blue-chip companies announcing positive earnings. US markets remained closed due to Hurricane Sandy.
UK’s FTSE 100 increased by 55 points (+1%) to settle at 5,850, while the DAX (+1.1%) and CAC (+1.5%) rose as well. With regards to commodities, gold strengthened due to the BoJ’s announcement of an increase in its asset purchase program.
Crude oil climbed 14 cents to $85.54 due to speculation that demand for oil will rise in the aftermath of the Hurricane Sandy. The US dollar weakened against major currencies overnight, as some risk appetite returned to European equity markets.
The euro strengthened due to reports that the Spanish economy contracted less than expected in the third quarter. The yen also strengthened due to the BoJ’s announcement regarding the asset purchase program.
Finally, the British pound strengthened as well, mainly because of increases in retail sales. In local company news, NAB has reported a 22% slump in FY12 net profit, with its UK business again dragging on the company’s results.
Today’s session will see the Australian Bureau of Statistics’ release of building approvals (11:30am, AEDT).
Morning Market Analysis: Risk Creeps Back In is a post from: Australian Stock Report Market Pulse Blog
Aussie share have climbed higher so far today, despite the negative lead provided by European markets last night. The XJO is currently 11 points (+0.2%) higher, at 4488.
Most sectors are stronger at lunch, with telcos and healthcare leading the charge. Conversely, IT and property stocks are the laggards.
In company news, Telstra is up 0.7% after announcing that the sale of its wholly owned New Zealand subsidiary, TelstraClear, to Vodafone New Zealand, will push thru after the transaction is approved by regulators.
Elsewhere, Regis Resources has climbed 1.2% after releasing a quarterly report which showed an increase in production and lower cash costs. Around the region markets are stronger; the Nikkei is up 0.3%, whilst the Hang Seng has risen 0.1%.
Midday Market Analysis: Resilient Aussie is a post from: Australian Stock Report Market Pulse Blog
European markets were weaker overnight, in the absence of trading in NY as US markets were closed due to Hurricane Sandy. In London, the UK’s FTSE 100 gave up 12 points (-0.2%) to settle at 5795, whilst the French CAC (-0.8%) and German DAX (-0.4%) suffered slightly heavier losses.
European markets were impacted by data out of Spain, which showed retail sales in the country falling an alarming 11% in September from the previous year.
Data released in the US showed consumer spending climbing more-than-forecast in September and incomes increased. In the commodity space, oil fell to a three-month low as US east coast refineries cut back operations as Hurricane Sandy neared.
Crude shed 74 cents to settle at $85.54 on the NYMEX. Crude is down 14% year-to-date. Gold was also weaker, falling for a second consecutive session as the US dollar strengthened and demand for gold as an alternative investment softened.
Bullion for December delivery finished 0.2% weaker, at US$1708.70 an ounce. The precious metal is down close to 4% this month.
Amongst currencies, the euro slipped to its lowest point against the greenback in three weeks, as increasing concerns about Europe’s new bailout strategy weighed on traders’ minds, and as data showed the debt crisis continues to hurt the region.
In company news, Beach energy released its quarterly production report, in which it showed a 2% increase in production, sales and revenue, when compared to the previous period. Today’s session will see the release of HIA new home sales data (tentative).
Morning Market Analysis: Sandy Storms Into NYC is a post from: Australian Stock Report Market Pulse Blog
The Aussie market is performing reasonably well so far today, despite the lacklustre leads provided by international markets on Friday night. The XJO is presently 20 points (+0.5%) in the green, holding around 4490.
Most sectors are in the green, with utilities leading the way, followed by energy and industrial stocks. At the other end of the scale, healthcare and financials are the weakest performers.
In company news, PanAust is up 1.7% after announcing that it is on track to meet its FY13 target production of about 64,000t copper, 135,000oz gold and 650,000oz silver.
Elsewhere, GPT Group has advanced 1.4% after reaffirmed its upgraded guidance of at least 7% earnings per security growth. Around the region, Asian markets are little changed, the Hang Seng, Shanghai Composite and Nikkei have all moved less than one-third of a percent.
Midday Market Analysis: Solid Aussie is a post from: Australian Stock Report Market Pulse Blog
US markets overcame a sluggish start to finish square on Friday night following a better-than-expected third quarter GDP reading.
There was a collective sigh of relief on Wall Street after the data revealed the world’s largest economy grew at a higher-than-expected two percent over the quarter.
The data overshadowed Apple’s weaker-than-expected third quarter profit result, reported on Thursday night and which had sparked heavy falls on Asian markets during Friday’s session.
After being down almost 70 points at one stage, the Dow closed up three points, at 13107. The gain wasn’t enough to prevent the index from recording its third consecutive weekly loss.
Among the commodities, oil added 0.7% to US$86.28, but was still down for the week amid concerns the slowing world economy will curb energy demand.
Gold slipped 0.1% to US$1712 as the GDP result improved risk appetite and diminished the likelihood of the Fed expanding its monetary easing program.
There were no major moves among the currencies, with the US dollar more or less flat against a number of its major rivals. Elsewhere, the yen is likely to come under pressure this week amid speculation the Bank of Japan is going to expand monetary stimulus.
There is no major economic data due for release today.
Morning Market Analysis:Relief On Wall Street is a post from: Australian Stock Report Market Pulse Blog
The Aussie market had a dismal day, despite the moderately positive lead provided by international markets overnight. All the sectors but telcos finished in the red; materials and IT stocks the hardest hit.
All the big four banks closed weaker, with CBA the worst performer, losing 0.8%. The mining majors weighed on the market after a mostly weaker night on commodity markets. BHP and Rio Tinto lost 1.5% and 1.8% respectively.
The ASX 200 let go of 38 points (-0.8%) to settle at 4472. The market had a horror week, dropping 2.2%.
Evening Market Analysis: Dismal Day For Market is a post from: Australian Stock Report Market Pulse Blog
US markets snapped their losing streak overnight, with investor spirits lifted by some better-than-expected economic data. Durable goods orders rebounded in September, as businesses became slightly more optimistic about the economic outlook.
There was also a big drop in weekly jobless claims, signalling a slowdown in the pace of firings. However the gains weren’t as strong as some might have expected, with investors nervously eyeing tonight’s all-important third quarter US GDP numbers.
The Dow rose 27 points (+0.2%), settling at 13104, the Nasdaq climbed 0.1% and the S&P500 advanced 0.3%. It was a mixed performance on commodity markets. Oil put on 0.4% to US$85.68 as equities rose and the durable goods data eased concerns of a slump in energy demand.
Gold gained 0.7% to US$1713, which was the most in three weeks, and came amid reports central banks were adding to their bullion reserves. In the currency space, the greenback strengthened on rumors Fitch is looking to downgrade the US credit rating.
Elsewhere, the pound was a big mover after data showed the UK economy expanded more-than-forecast in the third quarter and officially recovering from a double dip recession. There is no major economic data due out today.
Morning Market Analysis: US Snaps Losing Steak is a post from: Australian Stock Report Market Pulse Blog
The Australian markets edged higher today, after a mixed night on international markets. The sectors finished mostly higher with property stocks gaining the most ground.
Conversely, consumers discretionary and materials were the worst performing. The big four banks closed mixed with NAB and CBA both gaining 0.4% and Westpac flat.
ANZ dropped 0.9% after reporting its FY12 results and providing a gloomy outlook for FY13. The major miners advanced despite a mixed night for commodity prices. BHP and Rio Tinto added 0.2% and 0.4% respectively.
The ASX 200 put on five points (+0.1%) to settle at 4511.
Evening Market Analysis: Aussie Nudges Higher is a post from: Australian Stock Report Market Pulse Blog
The Aussie market is little changed so far today, after a mixed lead from international markets overnight. The XJO is presently up nine points (+0.2%), at 4515. Most sectors are stronger, with property, healthcare and telcos the best performers.
Conversely, materials, energy, and utilities are among the laggards. In company news, ANZ is down 0.7% despite reporting an FY12 cash profit of $6.01 billion, up 6.4% from the FY11 results.
Elsewhere, Wesfarmers has climbed 0.6% after announcing an increase in 1Q13 sales, with Coles posting a 4.9% rise on the previous corresponding quarter.
Around the region, Asian markets are stronger; the Hang Seng is up 0.2% whilst the Nikkei has risen 0.5%.
Midday Market Analysis: Aussie Flat Today is a post from: Australian Stock Report Market Pulse Blog