Giving you all the latest in Stock Market Information as it happens
 

Month: February 2013

Morning Market Update: Unconvincing Bounce

It was another tale of two halves overnight, although this time the roles were reversed from the night before.

European markets were belted this time, whilst US markets played the role of saviour as investors weighed reports that Italy’s parliamentary election results were inconclusive against better-than-expected data from the US. Moreover, US consumer confidence beat the median analyst estimate as it climbed to 69.6 this month from 58.4 in January.

In Europe, the UK’s FTSE decreased 85 points (-1.3%) to settle at 6270 whilst Germany’s DAX slashed 176 points (-2.3%) to settle at 11399. France’s CAC declined 99 points (-2.3%) to settle at 7597.

In the US, the Dow Jones climbed 116 points (+0.8%) to settle at 13900 whilst the S&P increased 9 points (+0.6%) to settle at 1497. The Nasdaq added a further 13 points (+0.4%) to settle at 3130.

In the commodity space, oil declined to a two-month low due to speculation that supplies have increased in the past week. Crude oil for April delivery declined $0.48 to settle at $92.63 per barrel.

Gold futures for April delivery added $28.90 (+1.8%) to settle at $1,615.50 per ounce as investors sought the commodity’s safety amid uncertainty in the eurozone.

Moreover, Fed Chairman Bernanke mentioned that the Fed’s $85 billion asset repurchasing program is unlikely to negatively affect inflation or cause asset-price bubbles.

In the currency space, the Japanese yen finished lower against its counterparts due to concerns that the country’s Prime Minister will appoint Mr. Haruhiko Kuroda as the next BoJ governor.

The euro finished higher against the US dollar due to speculation that the ECB will help constrain losses in Italian and Spanish bonds. The US dollar finished higher against most of its peers for the same reasons gold advanced; investors seeking safe-havens.

In company news, Westfield has reported an 18% increase in full year net profit to $1.7 billion. The group also extended its current share buyback program for another 12 months.

Today will see the release of the construction work done data (11:30am, AEDT).

 

Morning Market Update: Unconvincing Bounce is a post from: Australian Stock Report Market Pulse Blog

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Morning Update: Market Set To Slide

International equity markets finished with mixed results overnight, amid concern over the election result in Italy. Moreover, the looming March 1 deadline for US policy makers to come to an agreement in order to prevent automatic spending cuts also weighed on investor sentiment.

In Europe, the UK’s FTSE gained 20 points (+0.3%) to settle at 6355 whilst Germany’s DAX climbed 111 points (+1.5%) to settle at 7773. France’s CAC increased 15 points (+0.4%) to settle at 3721. In the US the situation turned around dramatically, with the positive momentum from the European session quickly undone.

Stocks were dumped en masse, giving benchmark indexes their biggest losses since November, as partial election results spurred concern about prospects for a stable government in Italy and a worsening of Europe’s debt crisis.

The Dow Jones slashed 216 points (-1.6%) to settle at 13784 whilst the S&P declined 28 points (-1.8%) to settle at 1488. The Nasdaq fell 46 points (-1.4%) to settle at 3116.

In the commodity space, crude oil for April delivery declined two cents to settle at $93.11 per barrel after it was reported that China’s flash PMI fell to 50.4 in February, compared to the prior month’s 52.3 reading.

Gold for April delivery rose $13.80 (+0.9%) to settle at $1586.60 per ounce as uncertainty in the euro region boosted the commodity’s safe haven appeal.

In the currency space, the Japanese yen finished higher as investors sought the currency’s safety amid uncertainty in the eurozone and the US. The euro fell against the US dollar on the back of uncertainty in the Italian elections.

There is no major local economic data slated for release today

Morning Update: Market Set To Slide is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Update: Where To Next

International equity markets rallied on Friday night after it was reported that Germany’s investor confidence climbed to a 10-month high of 48.2 in February from 31.5 in the previous month—beating median estimates.

In Europe, the UK’s FTSE added 44 points (+0.7%) to settle at 6336 whilst Germany’s DAX climbed 78 points (+1%) to settle at 7662. France’s CAC climbed 81 points (+2.2%) to settle at 3706.

In the US, the Dow Jones climbed 120 points (+0.9%) to settle at 14001 whilst the S&P increased 13 points (+0.9%) to settle at 1516. The Nasdaq added 30 points (+1%) to settle at 3162.

In the commodity space, crude oil for April delivery climbed $0.29 to settle at $93.13 per barrel for the same reasons equity markets advanced. Gold futures for April delivery declined 0.4% to settle at $1,572.80 per ounce on the back of market optimism.

In the currency space, the Japanese yen declined against most of its peers on the back of concerns that the Prime Minister’s frontrunner as the next BoJ governor is ADB President, Mr. Haruhiko Kuroda.

The euro fell against the US dollar after the ECB mentioned that it will collect lower-than-expected early repayments from European banks. The US dollar finished higher against the yen amid speculation that Japan will implement further monetary policies.

There is major local economic data slated for release today.

Morning Market Update: Where To Next is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Update: More Pain Ahead?

International equity markets finished with major losses overnight amid as negative data from Europe raised concerns with regard to the region’s recovery.

Statistical data showed that the eurozone’s services and manufacturing output declined to 47.3 this month from 48.6 in January. In the US, jobless claims climbed 20,000 to 362,000 in the past week—higher than the median analyst estimate of 355,000.

Moreover, the Federal Reserve Bank of Philadelphia mentioned that its general economic index fell to -12.5. The UK’s FTSE slashed 104 points (-1.6%) to settle at 6292 whilst Germany’s DAX declined 145 points (-1.9%) to settle at 7584. France’s CAC fell 85 points (-2.3%) to settle at 3625.

In the US, the Dow Jones declined 47 points (-0.3%) to settle at 13881 whilst the S&P fell 10 points (-0.6%) to settle at 1502. The Nasdaq decreased 33 points (-1%) to settle at 3131.

In the commodity space, oil finished lower after it was reported that US crude inventories rose to a seven-month high as it increased by 4.14 million barrels to 376.4 million in the last week. Crude oil for April delivery declined $2.38 to settle at $92.84 per barrel.

Gold for April delivery was little changed as it climbed $0.60 to settle at $1,578.60 per ounce as negative data boosted the US dollar’s safe haven appeal.

In the currency space, the Japanese yen finished higher against most of its counterparts amid speculation that former BoJ Deputy Governor, Mr. Kazumasa Iwata, and ADB President, Mr. Haruhiko Kuroda, were leading the pack as the next BoJ Governor,

The euro fell against its peers amid concerns the ECB will maintain lower interest rates in order to help give the region’s economy a boost. The US dollar finished higher after St. Louis Federal Reserve Bank President, Mr. James Bullard, mentioned that if the US economy improves, the Fed might slow down its asset purchases.

There is no major local economic data slated for release today.

Morning Market Update: More Pain Ahead? is a post from: Australian Stock Report Market Pulse Blog

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Evening Market Update: Dog Day Afternoon

The bears didn’t let up in the afternoon, digging their claws in further and undoing more of the bulls’ recent good work. There is no other way to express it, it was a rout from pillar to post.

Every sector closed in the red with energy and materials plays by far the worst in show, their respective sectors were down 4.5% and 3.4% respectively.

There were some hard hit stocks on the day, with Aquarius Platinum (-11%) and Aquila Resources (-10.3%) having sessions they would much rather forget.

The big four banks were not spared from the carnage, with NAB (-3.7%) and CBA (-3.1%) the worst of the group. Commodity price weakness did not help the mining majors, with BHP and Rio Tinto dropping 3.8% and 3% respectively.

Iluka Resources declined 1.5% after reporting that its FY12 net profit fell 33% over the year to $363.2 million. At the other end of the spectrum, Seek enjoyed a 4.7% gains whilst Qantas was flying high, adding 2.8%.

All-in-all it was a stinker however, with the ASX 200 suffering through a 119 point (-2.3%) decline to settle at 4980.

Evening Market Update: Dog Day Afternoon is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Update: The Pullback We Had To have

International equity markets finished with major losses overnight after the release of the Federal Open Market Committee (FOMC) Minutes. FOMC policy makers had mixed views on Chairman Bernanke’s proposal to purchase bonds until the country’s labour market shows significant improvements.

In the US, data showed that construction of new homes failed to meet expectations as it declined by 8.5% in the previous month, to 890,000. On a more positive note, US building permits increased by 1.8% to 925,000—the highest since June 2008—signalling a positive outlook for future demand.

In Europe the UK’s FTSE added 16 points (+0.3%) to settle at 6395 whilst Germany’s DAX fell a further 24 points (-0.3%) to settle at 7729. France’s CAC declined 26 points (-0.7%) to settle at 3710.

In the US the Dow Jones slashed 108 points (-0.8%) to settle at 13928 whilst the S&P declined 19 points (-1.2%) to settle at 1512. The Nasdaq fell 49 points (-1.5%) to settle at 3164.

In the commodity space, crude oil for March delivery declined by $2.20 to settle at $94.46 amid speculation that Saudi Arabia might increase its oil production.

Gold futures for April delivery declined 1.6% to settle at $1,578 per ounce due the strength in the US dollar and the resistance to Bernanke’s proposal in the minutes.

In the currency space, the Japanese yen finished lower after Prime Minister, Mr. Shinzo Abe, mentioned that there isn’t any substantial need to purchase foreign bonds.

There is no major economic data slated for release today.

Morning Market Update: The Pullback We Had To have is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Update: Mixed Results For Global Markets

International equity markets finished with mixed results overnight amid economic uncertainties and after Berkshire Hathaway Inc. and 3G Capital decided to purchase Heinz for US$23 billion.

In the US, jobless benefit claims declined by 27,000 to 341,000 in the past week, better than the median analyst forecasts of 360,000. On the other hand, concerns mounted after economic data showed that the eurozone’s GDP declined by 0.6% in 4Q compared to 3Q—and 0.9% on an annualised basis.

Moreover, Germany and France’s economy contracted 0.6% and 0.3% in 4Q respectively whilst Japan’s economy shrank 0.4% in 4Q on an annualised basis—failing to meet the expected 0.4% expansion.

In Europe, the UK’s FTSE lost 32 points (+0.5%) to settle at 6327 whilst Germany’s DAX slashed 81 points (-1.1%) to settle at 7631. France’s CAC shed 29 points (-0.8%) to settle at 3670.

In the US, the Dow Jones lost 10 points (-0.1%) to settle at 13973 whilst the S&P added a point (+0.1%) to settle at 1521. The Nasdaq climbed two points (+0.1%) to settle at 3199.

In the commodity space, oil finished higher on the back of an upbeat demand outlook after US jobless benefit claims in the past week came in better than forecast. Crude oil for March delivery added $0.30 to settle at $97.31 per barrel.

Gold fell to a six-month low due to speculation that the G-20 will reaffirm that its member nations will make a concerted effort to avert a currency war. Gold futures for April delivery declined $9.60 to settle at $1,635.50 per ounce

In the currency space, the Japanese yen finished higher against its peers after Russia’s finance minister mentioned that the G-20 should announce that it is firmly against currency manipulation.

The US dollar advanced against most of its peers on the back of uncertainties in the eurozone, as investors sought the safe-haven on the greenback.

In company news, ANZ reported a cash profit of $1.53 billion in the December quarter, up 6.2% from a year earlier. Elsewhere, Rio Tinto reported its FY12 earnings after the bell last night, revealing a 40% fall in underling profit to US$9.3 billion. The result was ahead of consensus analyst forecasts of US$9.08.

There are no major local economic data releases today.

Morning Market Update: Mixed Results For Global Markets is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Update: All Quiet Overnight

International equity markets finished with modest losses overnight as President Obama prepares his State of the Union address to tackle issues surrounding spending cuts, immigration law, and gun control.

In Europe, the region’s finance ministers met in Brussels to discuss Greece’s debt woes, the upcoming election in Italy, and the recent corruption scandal involving Spain’s Prime Minister.

The UK’s FTSE added 13 points (+0.2%) to settle at 6277 whilst Germany’s DAX declined 18 points (-0.2%) to settle at 7634. France’s CAC traded flat to settle at 3651.

Stateside, the Dow Jones decreased 22 points (-0.2%) to settle at 13971 whilst the S&P fell one point (-0.1%) to settle at 1517. The Nasdaq shed two points (-0.1%) to settle at 3192.

In the commodity space, oil finished higher after ECB council member, Jens Weidmann, said that he does not believe the euro’s value is too high at present. Crude oil for March delivery climbed $1.31 to settle at $97.03 per barrel.

Gold declined for the same reasons that affected equities and concerns that the Chinese holidays will negatively impact demand for the commodity. Gold futures for April delivery declined $17.80 (-1.1%) to settle at $1,649.10 per ounce.

In the currency space, the yen declined against the US dollar after the country’s Economy Minister, Mr. Akira Amari, said that the Japanese government should focus its efforts towards increasing the value of the country’s equities.

The euro advanced against most of its peers for the same reasons oil finished higher. The US dollar climbed higher against the yen as euro finance ministers contemplate releasing a statement to prevent a global currency war.

Today will see the release of the NAB business confidence data (11:30am, AEDT).

Morning Market Update: All Quiet Overnight is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Update: Markets Bullish Into New Week

International equity markets finished with solid gains on Friday night as US companies reported better-than-expected earnings results and after the ECB announced that it has come up with a seven-year budget plan worth about 960 billion euros.

In Europe, the ECB has decided to reduce the eurozone’s budget for the first time in 56 years on the back of concerns that the euro’s recent advance may not bode well for the region’s recovery.

In the US, the Dow Jones added 49 points (+0.4%) to settle at 13993 whilst the S&P climbed nine points (+0.6%) to settle at 1518. The Nasdaq increased 29 points (+0.9%) to settle at 3194.

In Europe, the UK’s FTSE rose 36 points (+0.6%) to settle at 6264 whilst Germany’s DAX added a further 61 points (+0.8%) to settle at 7652. France’s CAC climbed 48 points (+1.4%) to settle at 3650.

In the commodity space, oil finished lower even after it was reported that China’s exports increased 25% in the previous month. This was attributed to an increase in US crude inventories, which climbed 2.62 million barrels, to 371.7 million, in the past week. Crude oil for March delivery declined $0.11 to settle at $95.72 per barrel.

Gold futures for April delivery fell $4.40 (-0.3%) to settle at $1,666.90 per ounce as market optimism siphoned investments to more risky holdings.

In the currency space, the Japanese yen finished higher against its peers after the country’s Financial Minister, Mr. Taro Aso, mentioned that the yen’s recent decline was “unexpected”.

The euro fell against the US dollar after ECB President, Mr. Mario Draghi, said that officials will be on the lookout as to whether the currency’s recent advance might affect the region’s inflation.

The US dollar fell against the yen for the same reasons the latter currency advanced. Today will see the release of the home loans data (11:30am, AEDT).

 

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

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Morning Market Analysis: Soft Overnight

International equity markets finished with modest losses overnight after US corporate earnings results missed expectations economic data disappointed. In the US, jobless claims fell to 366,000 in the previous week but this was worse than the expected fall to 360,000.

Moreover, the country’s productivity fell to a 2% annual rate—much lower than the prior month’s 3.2%. In Europe, ECB President Mario Draghi said that the euro’s recent strength might not be beneficial for the region.

European indices responded in kind, with the FTSE shedding 67 points (-1.1%) to settle at 6228, whilst Germany’s DAX added just 10 points (+0.1%) to settle at 7591. France’s CAC fell 42 points (-1.2%) to settle at 3601.

In the US, the Dow Jones fell 42 points (-0.3%) to settle at 13944 whilst the S&P declined three points (-0.2%) to settle at 1509. The Nasdaq decreased three points (-0.1%) to settle at 3165.

In the commodity space, both oil and gold finished lower for the same reasons markets finished in the red. March delivery crude fell $0.79 to settle at $95.83 per barrel whilst gold futures for April delivery declined $7.50 to settle at $1,671.30.

In the currency space, the Japanese yen finished higher than the euro but was little changed against the US dollar for the same reasons that affected the equity markets. The euro fell against most of its peers after Draghi’s comments raised concerns in the region.

The US dollar finished higher as the disappointing data from the US and uncertainty in the eurozone increased investor demand for the safer currency. Today will see the RBA release its monetary policy statement (11:30am, AEDT).

Morning Market Analysis: Soft Overnight is a post from: Australian Stock Report Market Pulse Blog

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