Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


IG Markets - Morning Prices Nov 15


Risk assets were broadly risk-off with a variety of factors resulting in investors remaining cautious. Comments by US President Barack Obama have been pinned by many as the main trigger of the sell-off. President Obama feels higher taxes for wealthy Americans will have to be part of any budget deal and this is likely to cause problems in the negotiation process with the Republicans. Economic data out of Europe and the US disappointed, while China released the list of new Communist Party Central Committee members and Japan’s Prime Minister said he would dissolve parliament. European industrial production missed estimates and dropped the most in more than three years. At the same time, US retail sales and PPI also fell short of expectations. As a result, there was plenty of uncertainty to spook market participants and trigger selling in certain assets. The list released by Beijing does not include current PBOC Governor Zhou Xiaochuan, a move which analysts feel implies he will be stepping down, and this sparked some uncertainty on China’s policies going forward. Apart from equities, the Aussie dollar and yen experienced a sharp sell-off on this news. AUD/USD dropped from 1.046 down to 1.037, while USD/JPY rallied through 79.60 to a high of 80.31.

Ahead of the open, we are calling the Aussie market down 1.1% at 4342. This leaves the local market testing support in the 4350 region. On the local economic front, we have MI inflation expectations and new motor vehicle sales data due out. However, this is unlikely to have a major bearing on price action today as investors focus on global macro-economic issues. Even further dovish FOMC minutes failed to inspire buying. Elsewhere in the region, Japan’s Nikkei will be in focus on the back of the big move in the yen.

On a stock level, we expect to see a softer start for BHP Billiton, with its ADR pointing to a 1.5% drop to $33.23. We might finally see a recovery in the energy space today after oil prices rallied on the back of Middle East tension. Energy names have struggled recently due to concerns about LNG cost blowouts. There are earnings reports for Graincorp, James Hardie and first quarter sales from Myer to look out for. Seven West Media has been upgraded by Macquarie and Deutsche Bank following its recent AGM.

Market Price at 8:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 1.0367 -0.0086 -0.82%
ASX (cash) 4342 -46 -1.05%
US DOW (cash) 12548 -240 -1.87%
US S&P (cash) 1353.8 -25.5 -1.85%
UK FTSE (cash) 5671 -89 -1.55%
German DAX (cash) 7033 -115 -1.60%
Japan 225 (cash) 8658 -7 -0.09%
Rio Tinto Plc (London) 30.25 -0.65 -2.10%
BHP Billiton Plc (London) 19.13 -0.41 -2.09%
BHP Billiton Ltd. ADR (US) (AUD) 33.23 -0.50 -1.50%
US Light Crude Oil (December) 86.61 0.73 0.85%
Gold (spot) 1724.2 -3.8 -0.22%
Aluminium (London) 1967 -12 -0.58%
Copper (London) 7621 -48 -0.63%
Nickel (London) 16163 46 0.29%
Zinc (London) 2167 14 0.64%
Iron Ore 122.4 0.10 0.08%

IG Markets provides round-the-clock CFD trading on currencies, indices and commodities. The levels quoted in this email are the latest tradeable price for each market. The net change for each market is referenced from the corresponding tradeable level at yesterday’s close of the ASX. These levels are specifically tailored for the Australian trader and take into account the 24hr nature of global markets.

www.igmarkets.com


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news