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

 


Australian investors influenced by China’s manufacturing

09.36 AEDT, Friday 25 January 2013

Australian investors more influenced by China’s manufacturing than Apple resultstralian

By Ric Spooner (Chief Market Analyst, CMC Markets)

The Australian market is likely to maintain a firm tone today. Apple’s disappointing sales results were the main negative factor for US indices overnight but this is unlikely to worry local investors too much. Broader economic statistics released over the last 24 hours, including China’s PMI and US jobless claims did nothing to disturb the consensus view of an improving, although moderate economic growth outlook.

To some extent, reports of disappointing iPhone sales are a barometer of international consumer caution. However, iphone sales also potentially reflect Apple’s competitive position within the sector and some saturation as the smart phone market approaches maturity.

Microsoft’s results, released after the market closed will provide investors with some comfort that demand in the overall IT sector is in reasonable shape. The strong performance of Apple and the tech sector which has a low weighting in the Australian index was one of the factors behind the local market’s underperformance throughout much of 2012. In the current circumstances the lack of major tech stocks may help our market outperform.

While investors are likely to continue chasing yield, we may see some book squaring from short term traders later in the day. Traders are often more inclined to square positions prior to a long weekend rather than stay in the market for two US and European trading sessions before the local market re- opens.
ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news