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

The risk rally triggered by the Greek debt deal swiftly faded as market participants switched their focus to fiscal cliff concerns. European equities managed mild gains but were well off their highs as the positive sentiment from the Greek deal waned. US equities actually got off to a good start with some positive economic data supporting. Core durable goods orders and consumer confidence data came in better than expected, helping to shore up US equities early. However, comments by a US Senator suggesting there hasn’t been much progress in fiscal cliff negotiations dampened sentiment and weighed on US equities. With the Greece issue behind us for now, focus will be pinned on the fiscal cliff going into the end of the year. Risk currencies retreated from their highs in the Asian session with AUD/USD dropping back into the 1.044 support and EUR/USD was back in the low 1.29s after having traded at 1.3.

Ahead of the open, we are calling the Aussie market down 0.3% at 4442. The ASX 200 traded at a high of 4461.7 yesterday and that will be the level to watch in the near term. Yesterday we highlighted that the index will need to churn through resistance at 4432 (55-day moving average) and 4461 (the downtrend drawn from the October 18 high). The 4432 level will now be near-term support should the index extend its losses beyond our opening call. It is another fairly quiet day on the local economic front with construction work done being the only release on the calendar.

On a stock level, we expect to see a softer start for BHP Billiton, with its ADR pointing to a 1% fall to $33.87. It was a tough night for key commodities as the US dollar gained some ground and weighed. As a result we are likely to see resource names give up some of yesterday’s gains early. CSL Limited will be in focus again today after yesterday’s monster rally on the back of lifting its profit guidance for FY13. We are likely to continue hearing brokers react positively to the upgrade. Cabcharge has an annual general meeting today and it might deserve some attention after the recent surcharging standard changes by the RBA.

Market Price at 8:00am AEST Change Since Australian Market Close Percentage Change
AUD/USD 1.0442 -0.0040 -0.39%
ASX (cash) 4442 -15 -0.33%
US DOW (cash) 12883 -100 -0.77%
US S&P (cash) 1401.6 -9.0 -0.64%
UK FTSE (cash) 5791 -30 -0.51%
German DAX (cash) 7322 -35 -0.47%
Japan 225 (cash) 9357 -86 -0.91%
Rio Tinto Plc (London) 29.80 -0.14 -0.48%
BHP Billiton Plc (London) 19.44 -0.03 -0.14%
BHP Billiton Ltd. ADR (US) (AUD) 33.87 -0.33 -0.97%
US Light Crude Oil (January) 87.27 -0.76 -0.86%
Gold (spot) 1741.6 -8.4 -0.48%
Aluminium (London) 2006.5 9 0.46%
Copper (London) 7793.375 5 0.06%
Nickel (London) 16895 225 1.35%
Zinc (London) 2206.875 15 0.69%
Iron Ore 117.9 -0.30 -0.25%

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

 

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
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news