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

 

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news