Wednesday, July 17, 2013

Stocks set to follow Wall Street higher

Join the Markets Live blog from 9.30am

Aussie stocks are set to follow offshore markets higher after US Fed boss Ben Bernanke said U.S. central bank expected to start scaling back its massive bond purchase program later this year, but left open the option of changing that plan if the economic outlook shifted.

On the ASX24, the SPI futures contract was 24 points higher to 4964. The Aussie dollar was holding steady at 92.36 US cents close to yesterday's local close. It was also buying 91.96 Japanese yen, 70.38 euro cents and 60.71 British pence.

What you need to know

SPI futures are 24 points higher at 4964 The $A is steady at 92.36 In New York, the S&P500 was 0.28% higher at 1680.91 In Europe, the FTSE100 added 0.24% to 6571.93 China iron ore added $US1.40 to $US130.40 a metric tonne Gold fell 1% to settle at $US1,278.80 an ounce WTI crude oil added climbed 48 cents to $US106.48 a barrel Reuters/Jefferies CRB index lost 0.18% to 287.96

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Making news today

In economics news:

NAB business confidence for the June quarter - 11.30am RBA foreign exchange transactions for June - 11.30am

There is no major companies news scheduled for today

Analyst rating changes:

Ardent Leisure Group cut to neutral at JPMorgan Perseus cut to neutral at Macquarie Perseus cut to hold at Canaccord Leighton cut to sell at Deutsche Bank McMillan Shakespeare cut to underfperform at Credit Suisse Billabong raised to neutral from underweight at CBA APA Group cut to neutral at Macquarie ALS cut to underperform at Macquarie Resmed to outperform from neutral at Macquarie

Offshore overnight

United States

US stocks rose after Federal Reserve chairman Ben Bernanke said the Fed's policy on tapering its bond-buying program was not on a ''preset course''.

Key numbers:

Dow Jones Industrial Average added 0.11% at 15,468.67 S&P 500 added 0.28% to 1,680.91 Nasdaq Composite Index added 0.32% to 3,610.00

Europe

European shares rose as investors welcomed a new reassurance by US Federal Reserve chief Ben Bernanke that any tightening of the US easy-money tap would have to wait until economic recovery was firmly underway.

Key numbers:

London's FTSE 100 added 0.24% to 6,571.93 Frankfurt's DAX 30 added 0.65% to 8,254.72 In Paris the CAC 40 added 0.55% to 3,872.02

Asia

Asian markets were mixed as investors focus on what US Federal Reserve chief Ben Bernanke has to say about the future of the bank's stimulus scheme during a congressional hearing later in the day.

Key numbers:

Japan's Nikkei added 0.11% to 14,615.04 Hong Kong's Hang Seng added 0.28 % to 21,371.87 China's Shanghai composite lost 1% to 2,044.92

How we fared yesterday

The Australian share market has closed slightly lower as investors wait for an update on economic stimulus measures in the US from that country's top central banker.

At the close, the benchmark S&P/ASX200 index was down 4.3 points, or 0.09 per cent, at 4,981.7. The broader All Ordinaries index was down 2.1 points, or 0.04 per cent, at 4,966.5.

BusinessDay with agencies


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