The losses accelerated for the Australian sharemarket, with the All Ordinaries Index (XAO) slumping by 0.82 per cent. Despite today's weakness local shares still managed to rise by 0.3 per cent this week thanks to a 1.5 per cent surge on Thursday.
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The Australian sharemarket is losing ground for the third time this week, with almost all sectors in the red at lunch. The All Ordinaries Index (XAO) is down by 0.5 per cent, taking some of the shine off yesterday's 1.5 per cent surge. U.S. markets managed to edge higher despite the threat of further military intervention in Iraq.
US equities inched higher yet again after a strong recovery off the lows. Unemployment claims and the Philly Fed manufacturing index continued to show good signs that the US economy is in a recovery. While equities continued to eke out gains, the highlight of the session was the rally in gold. After testing a key downtrend resistance twice this week, gold was finally off to the races after breaking this downtrend. With the Fed maintaining its dovish stance and Europe ready to provide unprecedent...
US President Obama has announced that the US will send 300 military advisers to Iraq and was still keeping open the possibility of targeted air strikes against rebel forces.
The drop in demand for the key steelmaking ingredient continues that a major Australian exporter of iron ore further lowered this week its price of the commodity, while on miner went into administration.
Fresh record highs in US markets overnight helped local shares post their biggest gains of 2014. The All Ordinaries Index (XAO) rose by 1.5 per cent, finishing above 5400pts for the first time in a week and largely making up for last week's 1.1 per cent tumble. Volume was also healthy due to index option expiry today. This tends to result in a spike in market activity.
The Australian sharemarket has broken a two day losing streak, helped by fresh record highs in US markets. The All Ordinaries Index (XAO) is up 0.9 per cent, making it the best day for local shares in over two months.
The Australian share market closed lower for a second consecutive session on Wednesday, taking weekly losses so far to 0.4 per cent. The All Ordinaries Index (XAO) closed lower by 17 points or 0.3 per cent to 5363.9 points.
The Australian sharemarket has been modestly lower for the second consecutive session for most of the morning. A 1.5 per cent slump from the energy sector and weakness from the banks are holding stocks back most. The All Ordinaries Index (XAO) is now largely flat with the index off by just 0.2pts.
Equities were firmer overnight despite a mixed round of economic data. In the UK, CPI came in well below estimates while in Europe the ZEW economic sentiment readings for Germany and the region also disappointed. Perhaps the weak data prompted equities higher given investors are hoping to continue seeing stimulus in Europe and low rates in the UK. In US trade it was all about the much stronger-than-expected CPI print. The reading had the market talking that perhaps the Fed's inflation target ...
In US economic data, the consumer price index rose by 0.4% in May - the most in more than a year - while the core rate (excludes food and energy) rose by 0.3%. Economists were tipping 0.2% increases for both series. But housing starts fell by 6.5% to 1.001 million in May after rising by 13.2% in April. Economists had tipped a result near 1.034 million. And weekly chain store sales were up 3.5% on a year earlier, up from 3.3% in the previous week.
Morgan Ball, the director of BC Iron, said on Tuesday that the mood in Perth is apprehensive but pragmatic after iron ore prices dipped to its 2012 level of $89 per tonne.
Once again sellers have focussed their attention on the 5400 level for the ASX 200, and once again buyers have shown their willingness to defend the key psychological level. The lows of the session were made in the first half an hour of trade. Thereafter sellers retired for several hours and the index recovered to trade at the best levels of the day at 5417. With an afternoon largely free of event, the index retreated to end the session flat.
All of Monday's improvements have been wiped out after two hours of trade this morning. Continued iron ore weakness, geopolitical concerns in Iraq and Russia together with a downgrade for US growth estimates are some of the major drivers. The All Ordinaries Index (XAO) is down 0.15 per cent, with the mining and energy sectors the worst performers.
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The Australian sharemarket rose only modestly today, with a lack of major data or corporate events keeping investors at bay. The All Ordinaries Index (XAO) rose by 0.1 per cent, with the recently underperforming miners managing to record healthy gains after four straight weeks of losses.
Sellers have been on the front foot in early trade on Monday, the market moved quickly to the 5380 area at the start of the session, although buyers have been able to defend the level thereafter.
US markets finished the week on a positive note and largely ignored the negative sentiment from Asia and Europe. Investors even brushed off some disappointing economic readings with PPI and consumer sentiment coming in below expectations. The most significant move on Friday was perhaps Japan's sharp reversal higher after Prime Minister Shinzo Abe suggested he is looking to start cutting corporate taxes in 2015. Abe reached an agreement with lawmakers and this helped Japanese equities rally, d...
In US economic data, producer prices fell by 0.2% in May with the core measure (excludes food and energy) down by 0.1%. Economists had expected 0.1% gains for both measures. Consumer sentiment fell from 81.9 to 81.2 in June, below forecasts centred on 83.0.
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The All Ordinaries Index (XAO) fell by 0.45 per cent today, hitting a two-month low and sliding for the third day. Despite some better than expected Chinese economic news late this afternoon, the Australian sharemarket finished lower with continued unrest in Iraq pushing both oil and gold prices higher while base metals fell in unison.
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The Australian sharemarket is losing ground for the third straight day and is at a two-month low due to a renewed focus on Iraq. President Obama hasn't ruled out the possibility of military action in the troubled nation. As expected sharemarkets and commodities have been pushed lower by the uncertainty. Looking ahead, plenty of Chinese data in the dying stages of the session will be in focus at 3.30pm (AEST) this afternoon.
The near-term pullback in equities continued overnight, with investors focussing on developments in Iraq and a round of surprisingly weaker-than-expected US economic data. Tension in Iraq escalated, while US unemployment claims and retail sales came in below expectations. This gave investors an excuse to sell equities with sentiment relatively risk averse.
In US economic data, retail sales rose by 0.3% in May, short of forecasts for a 0.6% gain. But the April reading was revised up from +0.1% to +0.5%. Import and export prices rose by 0.1% in May. New claims for unemployment insurance rose by 4,000 to 317,000 in the latest week, above forecasts for a reading of near 310,000.
The ASX 200 ended lower for a second day on Thursday with sellers showing preference for the materials sectors, although most sectors ended in the red. The only sector to resist the efforts of sellers was the healthcare index which ended with a gain of 0.1%. Value today was solid with $4.3bln in shares changing hands.
The Australian sharemarket is easing for the second day, with worse than expected job statistics, global market weakness and a World Bank forecast dragging stocks lower. The All Ordinaries Index (XAO) is down 0.5 per cent, with only the utilities managing to rise slightly at lunch.
Equities unwound overnight in a move that started in European trade. Data in the US was limited and as a result investors just chose to focus on a couple of negative headlines. The World Bank lowered its global growth forecast for 2014 to 2.8% (from 3.2%) and the shock Eric Cantor loss was among some of the headlines investors focused on.
