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Month: August 2013

Morning Market Update: Syria Fears Ease

Global stocks advanced overnight as data from the U.S. showed that the economy was growing faster-than-expected and as the prospect of an imminent strike on Syria eased.

European stocks rose erasing their monthly loss, as Vodafone Group surged to an 11-year high while data showed the U.S. economy grew faster than forecast in the second quarter and a drop in jobless claims beat estimates.

The Stoxx 600 added 0.8% to 300 at the close of the trading session in London. The FTSE 100 added 53 points (+0.8%) to close trading at 6483 while the German DAX put on 37 points (+0.5%) to settle at 8195.

Across the Atlantic U.S. stocks rose, sending the S&P 500 higher for a second session, as data showed the economy expanded at a faster pace in the second quarter and concerns over Syria eased.

The S&P 500 climbed three points (+0.2%) to finish trading at 1638, paring an earlier advance of as much as 0.7%. The blue-chip Dow gained 16 points (+0.1%) to settle at 14841.

The U.S. economy grew at a 2.5% annualized rate in the second quarter compared with the initial estimate of 1.7% and economists’ median estimate of a 2.2% gain.

U.S. jobless claims in the week ended Aug. 24 dropped 6,000 to 331,000 from a revised 337,000 the week before. The median forecast of economists called for a drop to 332,000.

In commodity markets, gold retreated the most in more than two weeks as better-than-expected U.S. economic data reinforced the case for the Federal Reserve to slow stimulus measures.

Bullion futures for December delivery fell 0.4% to settle at $1,412.90 an ounce on the Comex in New York.

Crude fell from a two-year high as the outlook of an attack on Syria receded and as better-than-expected U.S. economic data raised speculation that the Federal Reserve will taper its stimulus. Crude oil for October delivery declined $1.30 to settle at $108.80 a barrel on the New York Mercantile Exchange.

In local economic news, the Reserve Bank of Australia will release its monthly Private Sector Credit report today at 11:30 am.

Morning Market Update: Syria Fears Ease is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Update: Caution Ahead

Global stocks were mixed overnight with investors cautious about the instability an attack on Syria may bring to the greater Middle East region.

European stocks dropped to the lowest level in six weeks as concern grew that the U.S. looked more likely to take military action against Syria.

This drop was driven by news that the U.S. and its allies are already working to define goals for a military strike against Syria, according to a U.S. administration official.

The Stoxx 600 Index lost 0.4% to 297.9 at the close of trading, its lowest level since July 17. In London, the FTSE 100 shed 11 points (-0.2%) to settle at 6430 while the German DAX slumped by 85 points (-1%) to close the trading session at 8158.

Across the Atlantic U.S. stocks rose, with the S&P 500 rebounding from an eight-week low, as energy shares rallied after a spike in oil prices in the previous session.

Oil climbed to a two-year high on concern that the conflict in Syria may spread and threaten oil supplies from the Middle East giving the U.S. markets a much needed spark after tumbling in the previous session.

The S&P 500 rose by four points (+0.3%) to finish trading at 1635 while the blue-chip Dow advanced by 48 points (+0.3%) to sit at 14825 at the end of trading.

In the commodity markets, gold declined from a three-month high in New York as a stronger dollar crimped demand for the precious metal as an alternative investment.

Bullion futures for December delivery fell 0.1% to settle at $1,418.80 an ounce on the Comex in New York, after touching $1,434, the highest since May 14.

Crude for October delivery rose $1.09 to $110.10 a barrel on the New York Mercantile Exchange, the highest settlement since May 3, 2011.

In local economic news, the Australian Bureau of Statistics will release its quarterly Private Capital Expenditure report today at 11:30 am.

Morning Market Update: Caution Ahead is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Update: Mixed Night

International markets were mixed overnight amid political uncertainty in Italy and calls for intervention in Syria with investors concerned that this may escalate into a war.

European stocks fell for the first time in three sessions amid political wrangling in Italy and as orders for U.S. durable goods declined more than forecast.

The Stoxx 600 Index lost 0.1% to 304.5 at the close of trading, as two shares declined for each one that advanced.

In London, the FTSE 100 added 45 points (+0.7%) to settle at 6492 while the German DAX put on 18 points (+0.2%) to sit at 8435 at the end of trading.

There was uncertainty in Italy after members of former premier Silvio Berlusconi’s People of Liberty party threatened to topple Prime Minister Enrico Letta’s government.

At the same time, the strength of the projected pickup in U.S. growth was called into question after the Commerce Department said bookings for goods meant to last at least three years decreased 7.3%.

Across the Atlantic, U.S. stocks fell, with the S&P 500 halting two sessions of gains on concerns about U.S. involvement in Syria after Secretary of State John Kerry said that the president will hold Syria’s government accountable for using chemical weapons.

The S&P 500 declined by seven points (-0.4%) to close trading at 1657, erasing an earlier gain of as much as 0.4%. The Dow Jones lost 64 points (-0.4%) to finish at 15946.

In commodity markets, gold dropped from a two-month high as a stronger greenback reduced demand for the precious metal as an alternative investment. Bullion futures for December delivery fell 0.2% to settle at $1,393.10 an on the Comex, after jumping to $1,407, the highest since June 7.

Similarly, crude fell for the first time in three sessions as orders for U.S. durable goods dropped more than forecast in July and Libya restarted exports from a previously closed port. Oil for October delivery slid 50 cents to end at $105.92 a barrel on the New York Mercantile Exchange.

There is no major local economic news slated for release today

 

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

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Morning Market Update: Bullish Into New Week

Global stocks advanced on Friday, driven by news on economic growth in Europe amid speculation that the Fed will defer its tapering plans.

European stocks strengthened for a second session, trimming the biggest weekly decline in two months, as euro-area consumer confidence and U.K. economic growth exceeded forecasts.

The Stoxx 600 Index climbed 0.4% to 304.7 at the close of trading in London.

The FTSE 100 added 45 points (+0.7%) to settle at 6492 while the German DAX put on 19 points (+0.2%) to close trading at 8417.

These changes were driven by news that, euro-area consumer sentiment rose to the highest level in two years in August according to the European Commission. The index of household confidence increased to minus 15.6 from minus 17.4 in July.

In line with this, U.K. gross domestic product increased 0.7% in the second quarter from the previous period, when it rose 0.3%, the Office for National Statistics said in London.

Across the Atlantic, U.S. stocks rose, with the S&P 500 posting its first two-session rally in three weeks, as investors watched Federal Reserve officials for signals on stimulus cuts after data showed that home sales plunged.

The S&P 500 climbed by seven points (+0.4%) to sit at 1664 while the blue-chip Dow rose 47 points (+0.3%) to close Friday’s trading session at 15011.

Data from the Commerce Department showed that purchases of new U.S. homes plunged in July by the most in more than three years and previous months were revised down, a sign that growth in the industry may be taking a pause as mortgage rates rise.

In the commodity markets, gold jumped to a 11-week high, topping $1,400 an ounce in spot trading, as sales of new U.S. homes fell more than forecast, boosting speculation that the Federal Reserve will maintain economic stimulus.

On the Comex in New York, bullion futures for December delivery reached $1,399.90 before settling at $1,395.80, up 1.8%.

Crude climbed the most in two weeks in speculation the Federal Reserve will defer tapering stimulus measures after the release of U.S. homes purchases numbers. Oil for October delivery increased $1.39 to settle at $106.42 a barrel on the New York Mercantile Exchange.

There is no major local data slated for release during today’s session.

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

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Morning Market Update: Flat Start Ahead

US markets logged further declines on Friday night, with the Dow suffering its worst week for the year.

The blue chip index slumped 2.2% over the five sessions, its biggest weekly percentage loss since May 2012. The losses came amid weak economic data and uncertainty over the Fed’s timetable for ending stimulus.

The night’s key economic news was US consumer sentiment falling more than expected in August as Americans begin to feel the pinch of rising interest rates. The Dow shed 31 points (-0.2%), closing at 15081, the S&P500 lost 0.3% to close at 1656 and the Nasdaq fell 0.1% to settle at 3603.

European markets fared a lot better after data revealed eurozone exports increased for the first time in three months, led by a rebound in Germany

There were modest gains in commodity markets, with gold and silver continuing to be supported by safe haven demand.

Gold for December delivery added 0.7% to US$1371 an ounce whilst silver for September delivery jumped 1.7% to US$23.32 an ounce. Silver enjoyed a standout week, leaping 14% for its best weekly performance in almost five years.

In currency markets, the US dollar was stronger against most other currencies as traders positioned for a likely tapering of the Fed’s stimulus program.

In company news, Amcor has reported a 46% surge in FY13 net profit to $600.6 million. It also flagged stronger earnings in FY14.On the economic front, Australian new vehicle sales data is set for release at 11:30am, AEST.

Morning Market Update: Flat Start Ahead is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Update: US Pain

US markets extended their swoon into a second session overnight, with the Dow suffering its first back to back triple digit loss since June. The blue chip index slumped 226 points (-1.5%) to 15112. The Nasdaq slid 1.7% to 3606 and the S&P500 dropped 1.5% 1661.

The sell-off was sparked by a raft of disappointing economic data. Manufacturing activity in the Philadelphia and New York regions grew less than expected this month, overshadowing another fall in weekly jobless claims.

Whilst the macroeconomic data disappointed, the numbers weren’t bad enough to alter expectations about the Fed’s stimulus plans.

Investors still anticipate the Fed will begin tapering its monthly bond purchases next month, sending US Treasury yields soaring to 2011 highs and effectively increasing financing costs for US borrowers.

The news wasn’t much better in Europe, with the UK FTSE tumbling 1.6%, the German DAX letting go of 0.7% and the French CAC declining 0.5%.

Gold and silver were the big movers in commodity markets, finding strength from investors looking for a safe haven alternative to equities. Gold for December delivery soared 2.1% to US$1361 an ounce whilst September silver futures flew 5.2% to US$22.93 an ounce.

Oil also managed a small gain as the deadly outbreak of violence in Egypt heightened concerns of supply disruptions in the Middle East. Front month oil futures rose 0.5% to US$107.33 a barrel.

The weak US data saw the greenback sustain widespread losses against its main counterparts, shedding at least half a percent versus the euro and yen.

In company news, ANZ has reported an 11% rise in 3Q13 cash profit to $4.8 billion. The bank also warned of a further fall in its net interest margin by the end of its fiscal year.

Morning Market Update: US Pain is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Update: Bulls Extend Gains

Global stocks continued their recent rally overnight, with news from both sides of the Atlantic pointing to a resurgent global economy.

European stocks gained for a fourth session, extending a 10-week high, as companies posted better-than-estimated earnings and German investor confidence climbed.

The Stoxx 600 Index climbed 0.6% to 307.8 at the close of trading, the highest level since May 28. In London, the FTSE 100 added 38 points (+0.6%) to settle at 6612 while the German DAX put on 57 points (+0.7%) to close trading at 8416.

The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations, which aims to predict economic developments six months in advance, rose to 42 from 36.3 in July beating economists’ expectation of 39.9.

Across the Atlantic, U.S. stocks also advanced with the S&P 500 trimming morning losses for a ninth consecutive session, as data on retail sales reinforced signals the economy is expanding moderately.

The S&P 500 rose by five points (+0.3) to finish trading at 1694 while the Dow Jones added 31 points (+0.2%) to close the trading session at 15451.

A U.S. Commerce Department report showed that U.S. retail sales climbed 0.2% in July, following a 0.6% gain in June that was larger than previously reported.

In the commodity markets, crude oil advanced for a third session after U.S. retail sales gained and German investor confidence topped forecasts. Crude for September delivery rose 72 cents to settle at $106.83 a barrel on the New York Mercantile Exchange.

On the other hand, gold fell for the first time in a week as signs of gains in the U.S. economy boosted speculation that the Federal Reserve will scale back monetary stimulus, while the greenback’s rally eroded the appeal of the metal. Bullion futures for December delivery fell 1% to settle at $1,320.50 an ounce on the Comex in New York.

In local economic news, the Australian Bureau of Statistics will release its quarterly Wage Price Index today at 11:30 am.

Morning Market Update: Bulls Extend Gains is a post from: Australian Stock Report Market Pulse Blog

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Morning Market Update: Mixed Leads Overnight

Global stocks showed mixed movement overnight as data from Japan dampened investor confidence and continued speculation on signs of the Fed easing its stimulus.

 

European stocks closed little changed at a 10-week high as a rally in mining companies offset slower-than-forecast economic growth in Japan. The Stoxx 600 Index increased less than 0.1% to 306.1 at the close of trading, having earlier risen as much as 0.2% then declined by as much as 0.6%.

In London, the FTSE 100 dropped nine points (-0.1%) to settle at 6574 while the German DAX put on 21 points (+0.3%) to close trading at 8359.

U.S. stocks fell, giving the S&P 500 its fifth drop in six sessions. The S&P 500 shed two points (-0.1%) to sit at 1689, now 1.2% off its record high. The blue-chip Dow Jones declined by six points to finish trading at 15420.

In the commodity markets, gold futures rose capping the longest rally in four weeks, as demand surged in China, the world’s second-biggest consumer of the metal last year. Silver jumped to a seven-week high.

Bullion futures for December delivery rose 1.7% to settle at $1,334.20 an ounce on the Comex in New York.

Crude oil rose with as North Sea production was curtailed and Libya shut its biggest oil export terminal. Oil for September delivery gained 14 cents to settle at $106.11 a barrel on the New York Mercantile Exchange.

In local news, the National Australia Bank will release its monthly NAB Business Confidence due to be report today at 11:30 am.

 

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

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Morning Market Update: Soft Start Ahead

Global stocks showed mixed movement on Friday night as investors weighed the impact of data from China amid concerns over the timeline the Fed will ease its stimulus program.

European stocks advanced to their highest level since May as mining companies rallied after a report showed Chinese industrial production increased at a faster-than-expected pace, outweighing concern that the Federal Reserve will reduce the pace of its bond-purchase program.

A report from the Chinese National Bureau of Statistics showed that industrial output rose 9.7% in July from a year earlier, beating the 8.9 percent median forecast by economists.

The Stoxx 600 Index rose by 0.6% to 305.9 for the week. The gauge has rallied 11% since June 24. In London, the FTSE 100 added 54 points (+0.8%) to settle at 6583 while the German DAX put on 20 points (+0.2%) to finish trading at 8338.

Across the Atlantic, U.S. stocks fell giving the S&P500 its biggest weekly loss since June, as investors pulled money from exchange-traded funds and weighed growing signs the Federal Reserve will cut stimulus as early as next month.

The S&P 500 fell by six points (-0.4%) to close at 1691 while the Dow Jones dropped 73 points (-0.5%) to sit at 15426. The blue chip gauge lost 1.5% in the past five trading days, halting a string of six weekly advances.

In the commodity markets, gold rose for the third straight day on speculation that demand will increase amid signs of a pickup in China’s economy, the world’s second-biggest consumer of the metal. Silver advanced to a two-week high.

Bullion futures for December delivery rose 0.2% to settle at US$1312.20 an ounce on the Comex in New York.

Crude oil climbed for the first time in six days as industrial production increased in China, the second-biggest oil-consuming country. Crude for September delivery advanced $2.57 to settle at US$105.97 a barrel on the New York Mercantile Exchange.

There is no major local economic news expected during today’s session.

 

Morning Market Update: Soft Start Ahead is a post from: Australian Stock Report Market Pulse Blog

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