Morning Notes

18/08/2015 Argonaut Morning Note

U.S. stocks rose, rebounding from early losses spurred by a weak reading on the manufacturing sector. The Dow Jones Industrial Average gained 68 points, or 0.4%, to 17,545, springing back from a loss of as much as 136 points shortly after the opening bell. The S&P 500 rose 0.5%. Major indexes started the session lower following an unusually weak reading on the New York state manufacturing sector. The data showed business conditions weakening in August to their lowest level since the financial crisis in 2009. With the bulk of second-quarter earnings reports in the rearview mirror, companies in the S&P 500 are on track to report a quarterly decline in profits of 0.8%, according to FactSet, with 465 companies reporting.

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17/08/2015 Argonaut Morning Note

Wall Street stocks have risen, closing the week on a high note following solid US data on wholesale prices and industrial production. US industrial production increased by a greater-than-expected 0.6 per cent in July, while producer prices rose 0.2 per cent, according to government data. Michael James, managing director of equity trading at Wedbush Securities, said US stocks had been in a holding pattern amid mixed signs on the global economy. Friday's US data was a "positive," he added.

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14/08/2015 Argonaut Morning Note

U.S. stocks were little changed, as investors focused on U.S. growth after two days of concerns about China. China's unexpected move to weaken its currency, which signaled Beijing's increasing worries about slow growth, weighed on markets earlier this week. The Dow gained just 0.03% to 17,408 and the S&P 500 fell 0.13% to 2,083.

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13/08/2015 Argonaut Morning Note

U.S. stocks staged an afternoon rally to recover from a second day of losses following China's currency devaluation, though global indexes were broadly lower and investors remained unsettled over the implications of the sudden shift in the second-largest world economy. While growth concerns in China have been present for months, they were brought to the forefront Tuesday after China devalued its tightly controlled currency, causing its biggest one-day loss in two decades. China's devaluation might also complicate the Federal Reserve's decision about when to start raising interest rates for the first time in nearly a decade. That uncertainty pushed the U.S. dollar lower versus the euro and the yen.

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12/08/2015 Argonaut Morning Note

China's devaluation of its currency jolted U.S. stocks Tuesday. The Dow Jones Industrial Average erased the previous session's gains. The Nasdaq Composite and S&P 500 also fell. Shares of miner Freeport McMoRan lost 13.3% to $10.10, while Alcoa shares dropped 6.2%, trading at $9.46. Caterpillar fell 3.2% to $77.61. Shares of Apple dropped 5.2% to $113.44. China is a major market for Apple products. Shares of companies that export to China, including luxury-goods firms, car makers and mining companies, came under the most intense pressure.

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