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

 


Local Market Follows Strong US Leads With Early Gains

11.29 AEDT, Wednesday 27 February 2013

Local Market Follows Strong US Leads With Early Gains
By Niall King (Sales Trader, CMC Markets)

After starting the week on unsure footing with weak Chinese PMI data and renewed Eurozone debt concerns, the Australian Market followed the US market’s strong lead overnight easing away from the 5000 point mark with early gains made in all the major sectors.

Tensions within the market early this week have been soothed by a variety of confidence-inspiring events overnight from the US. Federal Reserve Chairman Ben Bernanke's warmly received testimony to the Senate Banking committee that the Central Bank is not planning to curb stimulus anytime soon was compounded with stronger than expected housing and consumer confidence data.

The resulting appreciation of the US dollar against its Australian counterpart, trading at its lowest levels since October, has continued in early trade with the Aussie struggling to regain the losses it made overnight.

Some relief may come in the form of positive ABS construction data for the December quarter at 11.30am if this morning's reading breaches the expected 1.5%. Although more impact on the currency is likely to come from Thursday's much anticipated Capital Expenditure data.

Web: http://www.cmcmarkets.com/

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news