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Month: March 2013

Morning Market Update: Mixed Results Overnight

International equity markets finished with mixed results overnight after the US senate did not approve of proposals to avert $85 billion worth of budget cuts – otherwise known as the ‘sequester’.

In Europe, equities were given a boost after ECB President, Mr. Mario Draghi, mentioned that there is no need at present to tighten monetary policies.

In the US, equities were affected towards the end of the trading session as investors prepared for the rebalancing of the indices. The UK’s FTSE climbed 35 points (+0.6%) to settle at 6361 whilst Germany’s DAX increased 66 points (+0.9%) to settle at 7742. France’s CAC rose 32 points (+0.9%) to settle at 3723.

In the US, the Dow Jones declined 21 points (-0.2%) to settle at 14055 whilst the S&P shed one point (-0.1%) to settle at 1515. The Nasdaq decreased two points (-0.1%) to settle at 3160.

In the commodity space, oil finished lower on the back of concerns the IMF will reduce its growth prospects for the US after the Senate approved the budget cuts.

Crude oil for April delivery shed $0.71 to settle at $92.05 per barrel. Gold finished lower due to market optimism after it was reported that US jobless claims in the past week totalled 344,000, lower than the median estimate of 360,000.

Gold futures for April delivery fell 1.1% to settle at $1,578.10 per ounce. In the currency space, the Japanese yen fell against the euro and the US dollar due to expectations that the next BoJ governor will be Mr. Haruhiko Kuroda.

The euro fell against the US dollar on the back of the ECB President’s comment. The US dollar finished stronger against the euro after statistical data showed that the PMI in Chicago beat analyst estimates as it increased to 56.8 in the past month from 55.6 in January.

Moreover, the US economy expanded at a 0.1% annual rate, better than the expected 0.1% contraction. Today will see the release of the commodity price data (4:30pm, AEDT).

Morning Market Update: Mixed Results Overnight is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Update: Bulls Bouncing Back

International equity markets rallied overnight amid positive data from the US, better-than-expected earnings results in Europe, and Italy’s successful sale of government debt.

In Europe, Italy’s bond yields climbed to a four-year high after it successfully sold 6.5 billion euros worth of bonds. Moreover, the European Aeronautic, Defence & Space Co reported earnings results that beat analyst expectations.

In the US, orders for durable goods excluding transportation beat analyst estimates after it increased by 1.9% in January whilst contracts to purchase previously owned homes climbed by 4.5%, higher than the median forecast of 1.9%.

In Europe, the UK’s FTSE added a further 55 points (+0.9%) to settle at 6326 whilst Germany’s DAX increased 79 points (+1%) to settle at 7676. France’s CAC added 69 points (+1.9%) to settle at 3691.

In the US, the Dow Jones increased 175 points (+1.3%) to settle at 14075 whilst the S&P climbed 19 points (+1.3%) to settle at 1516. The Nasdaq rose 33 points (+1%) to settle at 3163.

In the commodity space, crude oil for April delivery climbed $0.13 to settle at $92.76 per barrel after it was reported that crude production in the US declined by 22,000 barrels per day to 7.1 million in the past week.

Moreover, crude inventories at Cushing, Oklahoma fell by 75,000 barrels to 50.6 million barrels in last week. Gold futures for April delivery slumped $19.80 (-1.2%) to settle at $1,595.70 per ounce due to market optimism which reduced demand for the asset’s safety.

In the currency space, the Japanese yen finished lower after it was reported that Prime Minister, Mr. Shinzo Abe will submit his choice for the next BoJ governor tomorrow. The euro finished higher against the US dollar after Italy’s bond yields rose to 4.83%, lower than the expected increase of more than 5%.

In company news, Woolworths has reported a 19% increase in 1H13 net profit to $1.2 billion and upgraded its full year underlying earnings guidance.

Today will see the release of the release of the private capital expenditure data (11:30am, AEDT), the private sector credit data (11:30am, AEDT), and the HIA new home sales data (tentative).

Morning Market Update: Bulls Bouncing Back is a post from: Australian Stock Report Market Pulse Blog

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