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

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news