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

 


IG Markets - Morning Prices Dec 24

Good morning,

Risk assets continued to drift lower on Friday with no signs of political leaders reaching a deal. Following House Speaker John Boehner’s decision to pull the pin on the Plan B vote, we have seen risk decline from the previous highs posted in anticipation of a deal. With negotiations stalling, investors are happy to sit on the sidelines and lock in recent gains. Looking at the forex markets, AUD/USD dipped below 1.04 to a low of 1.0395 while EUR/USD tested 1.316. The euro is mildly weaker this morning with some pinning this to PM Mario Monti’s decision to not run for government at the upcoming February elections. However, if there is an opportunity for him to run for a party that aligns itself with his policies then he will be available. USD/JPY remained resilient after finding support at around 83.90 and pushed back above 84 to a high of 84.4 this morning.

Ahead of the open, we are calling the Aussie market up 0.4% at 4643. This is mainly a result of US futures being down significantly in Friday’s Asian session, only to recover after the local market closed. With US futures up around half a per cent from Friday’s close, it’s not surprising for our market to be called up. Regardless, we expect a fairly quiet session with no major data releases on the calendar. It is also a shortened trading day, with the ASX closing two hours early at 2pm today. Elsewhere in the region, Japanese markets will be closed for the Emperor’s birthday while other markets are likely to be quiet ahead of the Christmas holiday.

On a stock level, we expect to see a firmer start for BHP Billiton, with its ADR pointing to a 0.8% rise to $37. Iron ore remained steady above $135 and this will help underpin some of the heavyweights. We expect to see most risk assets treading water in today’s session with investors exercising some caution on the back of fiscal cliff concerns. Gold fell yet again and this will keep the local gold plays on the back foot. Yield plays are likely to remain in favour along with some of the defensive names.

www.igmarkets.com

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news