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

 


IG Markets - Morning Thoughts


IG Markets - Morning Thoughts

With US markets closed overnight for the Thanksgiving holiday, all eyes were on Europe where EU leaders began a two-day meeting to discuss and set the Euro bloc’s next seven-year budget. As is always the case with these EU summits, this congregation of leaders is expected to be highly fractious with their divided opinions as to the fiscal course for the region. Despite the inevitable bickering and disagreement that lies ahead, European markets managed to push modestly higher overnight on growing confidence pertaining to more immediate issues – that Greece will be granted its next bailout instalment, possibly as early as next Monday. Sentiment was also boosted by a slightly better-than-expected European manufacturing PMI print (46.2 v 45.6), and a Spanish bond auction that raised more than expected at lower yields than an earlier November auction. These positive influences followed on from an expansionary HSBC Chinese PMI print released earlier in the Asian session that appeared to confirm that the Chinese economy may have bottomed and is now stabilising.

Turning to the local market, it is looking like a fairly subdued day ahead. Given that we essentially have no US leads until Tuesday, European leaders will be tied up with Greece/European budget discussions for the next few days, and the fact that it’s a Friday, we are currently looking at a flat open with the market called to unwind around yesterday’s closing mark of 4413. Today’s expected flatness comes on the back of yesterday’s strong gains, where the ASX 200 recorded a gain of 1%, buoyed by data that Chinese manufacturing (HSBC’s unofficial survey) had moved into expansionary territory for the first time in 13 months. This created a tailwind for the resources sector, which paced gains in a broadly higher market. We are unlikely to see a repeat of yesterday, with it promising to be a quiet day as investors look ahead to next week.


Market Price at 8:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 1.0385 0.0003 0.03%
ASX (cash) 4411 -2 -0.04%
US DOW (cash) 12868 22 0.17%
US S&P (cash) 1394.7 -0.1 -0.01%
UK FTSE (cash) 5791 20 0.35%
German DAX (cash) 7246 32 0.44%
Japan 225 (cash) 9419 82 0.88%
Rio Tinto Plc (London) 30.11 0.14 0.45%
BHP Billiton Plc (London) 19.41 0.11 0.56%
BHP Billiton Ltd. ADR (US) (AUD) closed - -
US Light Crude Oil (January) 87.12 -0.47 -0.54%
Gold (spot) 1729.6 -1.9 -0.11%
Aluminium (London) 1945 -13 -0.67%
Copper (London) 7722 -34 -0.44%
Nickel (London) 16579 50 0.30%
Zinc (London) 2165 -35 -1.62%
Iron Ore 118.7 -1.90 -1.58%

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.

Please contact IG Markets if you require market commentary or the latest dealing price.

www.igmarkets.com

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Facades And Parapets: $3 Million Fund To Help Make Wellington’s Buildings Safer

Wellington’s Mayor Justin Lester welcomes today’s announcement from the Government of a $3 million fund to assist Wellington building owners to secure unreinforced masonry on their buildings and says it will go a long way to keeping people safe in future earthquakes. More>>

ALSO:

Real Estate: Housing Prices Head South In Most Of NZ

Housing became more affordable for first home buyers in many parts of the country including Auckland last month, as falling prices more than offset rising mortgage interest rates. More>>

ALSO:

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:

NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news