Australian Equities Market

In Australia, the Performance of Services index is released. In the US, trade data is expected together with the ADP employment report and the minutes of the last Federal Reserve meeting.

OVERNIGHT MARKETS

US Equities

US sharemarkets fell again on Tuesday. Economic data was weaker-than- expected, lower oil prices weighed on energy stocks and investors continued to fret about the European economy. At the close of trade, the Dow Jones was lower by 130 points or 0.8%, after earlier being down 239 points. The S&P 500 index was down by0.9% and the Nasdaq was down by 60 points or 1.3%.

US longer-term treasuries rose sharply again on Tuesday (yields lower). Another fall in the oil price and weaker-than-expected economic data prompted buying of Treasuries, especially given further weakness in equities. US 2 year yields fell by 4 points to 0.629% while US 10 year yields fell by 9pts to 1.947%.

Major currencies were again mixed against the greenback in European and US trade on Tuesday. The Euro fell from highs near US$1.1970 to lows near US$1.1885, and was around US$1.1895 in afternoon US trade. The Aussie dollar fell from highs near US81.55c to lows around US81.00c and was trading near US81.00c in afternoon US trade. And the Japanese yen lifted from 119.38 yen per US dollar to JPY118.06 before settling near JPY118.52 in afternoon US trade.

World oil prices fell for a fourth straight day on Tuesday. Saudi Arabia has given no signs of cutting production with King Abdullah saying that the country will meet the challenge of low oil prices “with a firm will”. Saudi Arabia has also announced oil price discounts for European and US buyers. Brent crude fell by US$2.01 or 3.8% to US$51.10 a barrel while the US Nymex crude price fell by US$2.11 or 4.2% to US$47.93 a barrel.

Base metal prices were generally little-changed on the London Metal Exchange on Tuesday. The exceptions were aluminium (down 1.8%) and tin (up 1.4%). Gold rose on Tuesday as investors continued to embrace safe-haven assets. The Comex gold futures price was up by US$15.40 an ounce or 1.3% to US$1,219.40 per ounce. Iron ore rose by US30c to US$71.10 a tonne on Tuesday.

YESTERDAY’S MARKET

Local Markets Update.

This news story is reprinted from www.businessspectator.com.au

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Australian Equities Market 19 Dec

THIS MORNING (19 Dec 14)

In Australia and the US no economic data is released.

OVERNIGHT MARKETS

US Equities

US sharemarkets rallied for the second straight session on Thursday. Upbeat results from Oracle (up 8%) in the prior session continued to support technology stocks. The S&P technology sector lifted 2.2%. With just over an hour of trade left, the Dow Jones was up by 294 points or 1.7%. The S&P 500 index was up by 1.6% and the Nasdaq gained 80 points or 1.7%.

US treasuries fell on Thursday (yields higher) as traders continued to digest the commentary from the US Federal Reserve. The better economic data also supported yields. US 2 year yields rose by 2pts to 0.637% while US 10 year yields rose by 7pts to 2.211%.

Major currencies fell against the greenback in European and US trade on Thursday. The Euro eased from highs of US$1.2445 to lows near US$1.2265, and was around US$1.2285 in late US trade. The Aussie dollar rose from lows near US81.20c to around US82.00 and traded near US81.55c in late trade. And the Japanese yen traded between 118.25 yen per US dollar to JPY119.30 and was near JPY118.75 in late US trade.

World oil prices resumed its slide on Thursday a day after the short-covering rally. Traders continued to speculate on the ongoing lift in oil supply. Brent crude fell by US$1.68 or 2.7% to US$59.50 a barrel while the US Nymex crude price fell by US$2.36 or 4.2% to US$54.11 a barrel.

Base metal prices fell on the London Metal Exchange on Thursday with the exception of Nickel (up 0.2%). Tin (down 1.8%) recorded the biggest declines followed by lead (down 1.1%). Other metals lost 0.5%-0.9%. Gold rose on Thursday with Comex gold futures up by US30c an ounce or to US$1,194.80 per ounce. Iron ore rose by US10c to US$68 a tonne on Thursday.

YESTERDAY'S MARKET

Local Markets Update

This news story is reprinted from www.businessspectator.com.au

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Australian Equities Market

THIS MORNING

The second half of Wednesday's session saw buyers make some pact on the market, taking advantage of prices that were discounted over the course of the morning. The ASX 200 bottomed out late this morning when it was down by 60 points. By the end of trade this deficit had been wound in and the index ended with a loss of 23 points or 0.45%.

OVERNIGHT MARKETS

US Equities

The difference that allowed the market to turn around from session lows came down to the resource sector. At lunchtime the group was attempting to get traction and in the early afternoon this initiative succeeded, led by gains for BHP Billiton (BHP) whose shares rose to $29.39 a gain of 51 cents or 1.7 and supplemented by Rio Tinto (RIO) which ended at $56.40 a gain of 90 cents or 1.6%. While miners moved ahead, energy stocks remained by and large in the red. Santos (STO) gave up an early improvement to close $7.63 down 7 cents or 0.9%

In company news, energy infrastructure group APA Group (APA) announced the purchase of Queensland's QCLNG pipeline for $5.41 billion. APA will launch $1.839 billion capital raising to assist in the purchase of the pipeline which connects gas fields in the Surat Basin to the QCLNG project on Curtis Island near Gladstone. 

The balance of the transaction will be funded by a $US4.1 billion debt facility. Additionally APA highlighted that it was on track to full year pre-tax earnings guidance of between $1.17 billion and $1.19 billion, excluding the impact of the pipeline acquisition. Management sees the acquisition as an avenue to leverage Queensland's growing LNG sector which will become a major exporter in 2015. APA shares were in a trading halt on Wednesday as the group conducted the share placement.

YESTERDAY'S MARKET 

Local Markets Update.

This news story is reprinted from www.businessspectator.com.au

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