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

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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