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

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news