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

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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