Tuesday, July 16, 2013

Aussie stocks set for tepid start

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Australian shares are set to ease in opening trade after a soft night on world markets as investors awaited an appearance by Federal Reserve boss Ben Bernanke at a congressional hearing.

On the ASX24, the SPI futures contract was 7 points lower to 4940. The Aussie dollar is sharply higher. It was recently buying 92.6 US cents, up from 91.88 late yesterday and a low on Monday of 90.33 US cents. The Aussie was also buying 91.7 yen, 70.3 euro cents and 61.1 British pence.

The gains in the local currency came after the RBA released minutes of its July policy meeting yesterday, which offered few clues about further interest rate cuts, and as the US dollar slipped on expectations that Ben Bernanke will reiterate previous remarks that US monetary policy will remain accommodative.

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What you need to know

SPI futures are 7 points lower at 4940
The $A is higher at 92.6 US cents
In New York, the S&P500 was lost 0.37% to 1676.26 In Europe, the FTSE100 lost 0.45% to 6556.35 China iron ore gained $US2.10 to $US129 a metric tonne Gold added 0.7% to $US1290.56 an ounce WTI crude oil lost 52 US cents to $US105.80 a barrel Reuters/Jefferies CRB index added 0.59% to 288.48

Making news today

In economics news:

Westpac leading index for May - 10.30am

In company news:

BHP reports June quarter results

Analyst rating changes:

Billabong raised to neutral at JPMorgan Billabong raised to hold at Deutsche Bank Perseus cut to sector perform at RBC Capital SMS Management cut to buy at BBY Ltd Iluka raised to neutral at Credit Suisse Treasury Wine Estates raised to outperform at Macquarie Aurizon upgraded to overweight at Morgan Stanley Ansell cut to sell at Citi Origin cut to neutral at Citi AGL cut to neutral at UBS

How we fared yesterday

Australian shares have closed slightly higher, boosted by gains from resource companies on the back of record production results from mining heavyweight Rio Tinto.

At the close on Tuesday, the benchmark S&P/ASX200 index was up 4.9 points, or 0.1 per cent, at 4,986.0. The broader All Ordinaries index was up 3.0 points, or 0.06 per cent, at 4,968.0.

BusinessDay with agencies


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