Wednesday, July 10, 2013

ASX set to slip ahead of jobs data

Join the Markets Live blog from 9.30am

Australian shares are set for a flat start after Wall Street posted mixed return on signals the US Fed may be closer to winding back its QE program, and as local investors look to a key jobs report.

On the ASX24, the SPI futures contract was 5 points higher to 4873. After rising to 92.12 US cents late yesterday after recovering from a dip on weak China trade data, the Aussie dollar slipped back to 91.22 US cents, but has since recovered all of the loss. It was recently trading at 92.15 US cents. It was also buying 91.37 Japanese yen, 70.78 euro cents and 61.10 British pence.

The Aussie dolar posted a big turnaround on comments this morning from Fed boss Beb Bernanke, who reinforced the US central bank's commitment to the QE program for the "forseeable future". The Aussie rose from 91.21 US cents at just before 7am to 92.33 US cents shortly before 8am. The outlook for the Australian sharemarket also improved, with the SPI futures contract turning a 22-point deficit into a 5-point gain.

Advertisement

The Australian Bureau of Stastistics today releases jobs data for June. A Bloomberg survey of 25 economists forecast the unemployment rate will rise from 5.5 per cent to 5.6 per cent no new jobs being added for the month. The data is due for release at 11.30am.

What you need to know

SPI futures are 5 points higher at 4873 The $A is steady at 92.15 US cents In New York, the S&P500 was flat at 1652.64 In Europe, the FTSE100 lost 0.12% to 6504.96 China iron ore added 20 US cents to $US123.90 a metric tonne Gold added 0.3% to $US1247.40 an ounce WTI crude oil added $US2.99 to $US106.52 a barrel Reuters/Jefferies CRB index added 0.91% at 286.17

Making news today

In economics news:

ABS labour force data for June - 11.30am

In companies news:

CSR annual general meeting Arrium mining and minerals chief executive Andrew Roberts speaking at Melbourne Mining Club lunch

Analyst rating changes:

TPG Telecom rated new underweight at JPMorgan CSL raised to buy from neutral at Bank of America-Merrill Lynch Roc Oil cut to neutral from overweight at JPMorgan Lend Lease raised to buy from neutral at Citi

Offshore overnight

United States

US stocks ended mixed after the minutes to the Federal Reserve's last policy meeting confirmed it is heading toward reeling in its stimulus program in the coming months.

Key numbers:

Dow Jones Industrial Average lost 0.06% to 15,291.89 S&P 500 added 0.02% to 1,652.64 Nasdaq Composite added 0.47% to 3,520.76

Europe

European stock markets fell while the euro recovered against the US dollar, as traders' focus fell on Italy after a credit rating downgrade. Weak Chinese trade data added to concerns about economic growth, traders said. They were waiting for a speech by US Federal Reserve chief Ben Bernanke and the release of minutes from the bank's last meeting, for an idea about the future of the Fed's stimulus program.

Key numbers:

London's FTSE 100 lost 0.12% to 6,504.96 Frankfurt's DAX 30 lost 0.11% to 8048.76 In Paris the CAC 40 lost 0.08% to 3,840.53

Asia

Asian markets ended mixed, with Japanese shares hit by a pick-up in the yen, while Hong Kong and Shanghai saw healthy buying despite worse-than-expected trade data out of China.

Key numbers:

Japan's Nikkei lost 0.39% to 14,416.60 China's Shanghai composite added 2.17% to 2,008.13 Hong Kong's Hang Seng added 1.07% to 20,904.56

Comodities

Energy

New York oil prices soared after US crude stockpiles tumbled more than expected last week, pointing to a pickup in demand in the world's biggest economy.

Key numbers:

New York's main contract, West Texas Intermediate for delivery in August, closed at $US106.52 a barrel after leaping $US2.99, or nearly 3.0 per cent, from Tuesday's closing level. Brent North Sea crude for August added 70 US cents, settling at $US108.51 in London trade.

Precious metals

Gold futures rose in electronic trading after the US Federal Reserve's policy meeting minutes showed about half the Fed officials believe the central bank should end its $85 billion-a-month bond-buying program by the end of this year.

Gold for August delivery, the most active contract, rose to $US1,258.30 after the minutes were released. The contract was recently up $US11.10, or 0.9 per cent, at $US1,257 an ounce on the Comex division of the New York Mercantile Exchange. Gold for August delivery, the most actively traded contract, settled up $US1.50, or 0.1 per cent, to settle at $US 1,247.40 a troy ounce.

Base metals

Copper settled higher on the London Metal Exchange, boosted by strong import data from China, which accounts for 40 per cent of global demand for the red metal.

At the PM kerb close, LME three-month copper was up 1.4 per cent at $US6,825 a metric ton. Nickel rose the most, ending the session 2.4 per cent higher at $US13,650 a ton. Aluminum, meanwhile, ended the session $US1,817 a ton, up 1.5 per cent on the day.

How we fared yesterday

Australian shares rose, pulling back from a stronger start after disappointing Chinese trade data raised fresh concerns about slowing growth in the world's second-biggest economy. The index ended in positive territory as investors raised the odds for a rate cut by the

At the close on Wednesday, the benchmark S&P/ASX200 index was 19.7 points, or 0.4 per cent, higher at 4,901.4. The broader All Ordinaries index was up 18.9 points, or 0.39 per cent, at 4,885.4.

BusinessDay with agencies


http://rss.feedsportal.com/c/34702/f/644556/s/2e7caeab/l/0L0Scanberratimes0N0Bau0Cbusiness0Cmarkets0Casx0Eset0Eto0Eslip0Eahead0Eof0Ejobs0Edata0E20A130A7110E2pr350Bhtml/story01.htm
jika diwebsite ini anda menemukan artikel dengan informasi dan konten yang salah, tidak akurat, bersifat menyesatkan, bersifat memfitnah, bersifat asusila, mengandung pornografi, bersifat diskriminasi atau rasis mohon untuk berkenan menghubungi kami di sini agar segera kami hapus.
◄ Newer Post Older Post ►
 

© KAWUNGANTEN.COM Powered by Blogger