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

 


Modest gains following mixed leads from US

11.31 AEST, Thursday 6 December 2012

Modest gains following mixed leads from US
By Miguel Audencial (Sales Trader, CMC Markets)

The Australian share market had modest gains to start the session today with mixed leads from US economic data and the stalemate on fiscal cliff negotiations. The market is likely to swing between small gains and losses for today’s session unless the Australian employment figures, released later today, are significantly different from expectations.

The energy sector underperformed the market this morning due to weaker crude oil prices. While the materials sector is outperforming with bellwethers BHP and RIO leading the charge.

The US had two important economic data releases overnight. The ADP Non-Farm payroll figure disappointed, falling short of expectations. The ISM Non-Manufacturing figure provided a more encouraging number of 54.7, above expectations of 53.6.

Fiscal-cliff negotiations continue to drag on with politicians appearing to use the public forum to campaign their arguments rather than discussing it amongst themselves to reach a compromise. Earlier this week, President Obama used Twitter to relay his views to his followers.

Crude oil was lower overnight despite a higher than expected decrease in supplies. Inventories dropped by 2.4 million barrels, 2 million more than expected. A stronger US dollar is partly to blame for this. Another reason for the weaker price is that gasoline supplies reported a higher than predicted increase. Apprehensions about the ongoing fiscal cliff negotiations cannot be discounted.

US unemployment data is due later tonight and the widely watched US Non-Farm figure will be released on Friday.

http://www.cmcmarkets.com/


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news