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

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news