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

 

IG Markets - Morning thoughts and opening prices


Good morning

Overnight, US markets again finished essentially flat as investors digested a marginally better-than-expected jobless claims report and waited in anticipation for upcoming central bank action.

Having enjoyed a strong rally over the past fortnight, numerous analysts and economists are now suggesting global equities could tread water over the next month or so until we get concrete evidence of central bank action from both the ECB and the Fed. Fresh policy initiatives from both central banks are the proverbial ‘elephant in the room’, with the performance of all asset classes seemingly hinging on a definitive policy response. In relation to the ECB, the market is awaiting the details surrounding the likely re-implementation of its bond purchase programme, while for the Fed it’s a case of more QE or something at the discount lending window.

The flat close on Wall Street is likely to see a relatively subdued day of trading here in Australia today. Heading into the session, the local market is up 2.1% for the week having moved beyond 4300 for the first time since mid-May. We are currently calling the market to open 11 points or 0.25% higher at 4319, with the day’s trading likely to be influenced by the odd earning reports (Crown and Good man Group among the notables) and Chinese trade balance data.

With the cyclical resources and energy names seeming to have regained some of their lost mojo this week, the Chinese data is sure to prove pivotal. While evidence of late has suggested China’s growth trajectory has slowed, investors are expecting stimulus measures to be implemented over the second-half of the year and will be closely watching to see China’s import appetite for our commodities. Similarly, the export growth rate will also be of interest to assess the impact that Europe’s slowdown is having on the Chinese economy.

MarketPrice at 6:30am AESTChange Since Australian Market ClosePercentage Change
AUD/USD1.0581-0.0011 -0.11%
ASX (cash)431911 0.26%
US DOW (cash)13174-31 -0.23%
US S&P (cash)1403.9-2.1 -0.15%
UK FTSE (cash)5848-8 -0.14%
German DAX (cash)6954-23 -0.33%
Japan 225 (cash)8954-25 -0.28%
Rio Tinto Plc (London)32.17-0.63 -1.93%
BHP Billiton Plc (London)19.860.10 0.49%
BHP Billiton Ltd. ADR (US) (AUD)32.850.05 0.15%
US Light Crude Oil (September)93.640.07 0.07%
Gold (spot)1617.0-0.1 0.00%
Aluminium (London)1900-15-0.78%
Copper (London)7534-16-0.21%
Nickel (London)15500-240-1.52%
Zinc (London)1860-10-0.53%


IG Markets provides round-the-clock CFD trading on currencies, indices and commodities. The levels quoted in this email are the latest tradeable price for each market. The net change for each market is referenced from the corresponding tradeable level at yesterday’s close of the ASX. These levels are specifically tailored for the Australian trader and take into account the 24hr nature of global markets.

Please contact IG Markets if you require market commentary or the latest dealing price.


Cameron Peacock
Market Analyst
IG Markets
www.igmarkets.com.au

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



The Download Weekly: Vodafone FibreX back in court

Vodafone and the Commerce Commission head back to court over FibreX in a week the TCF issues broadband marketing codes that should avoid similar problems in the future... More>>


NIWA: Tonga Eruption Discoveries Defy Expectations
New findings from the record-breaking Tongan volcanic eruption are “surprising and unexpected”, say scientists from New Zealand’s National Institute for Water and Atmospheric Research (NIWA)... More>>


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>

Stats: Quiet Start For Retail In 2022
The volume of retail sales was relatively unchanged in the March 2022 quarter, following a strong increase in the December 2021 quarter, Stats NZ said today... More>>



Finder: RBNZ Survey: 64% Of Experts Say Rising Inflation Will Push More Kiwis Into Debt

Soaring inflation and cost of living pressures will see many households pushed to the financial limit, according to experts... More>>



Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>