Morning Notes

03/08/2015 Argonaut Morning Note

Weakness in petroleum-linked equities have weighed on US stocks following poor earnings from ExxonMobil and Chevron and a drop in oil prices. The Dow Jones Industrial Average fell 55.52 points (0.31 per cent) to 17,690.46. The broad-based S&P 500 dropped 4.71 (0.22 per cent) to 2,103.92, while the tech-rich Nasdaq Composite Index slipped 0.50 (0.01 per cent) to 5,128.28. Dow component ExxonMobil shed 4.6 per cent after reporting net income fell by 52.3 per cent year-over-year to $US4.2 billion ($A5.8 billion) in the second quarter. Chevron lost 4.9 per cent as it reported about a 90 per cent drop in profits to just $US571 million.

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31/07/2015 Argonaut Morning Note

Global stock markets were mixed Thursday as investors focused on the latest batch of corporate earnings and digested a weaker-than-expected reading for second-quarter U.S. gross domestic product. U.S. stocks were dragged lower after the Commerce Department said Thursday that U.S. economic output in the second quarter expanded at an annual rate of 2.3%. Economists surveyed by The Wall Street Journal had expected the rate of growth to be 2.7%. However, both the Dow and the S&P 500 finished the days trading relatively flat.

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30/07/2015 Argonaut Morning Note

Stocks remained higher Wednesday after the Federal Reserve's latest policy statement flagged a nagging concern about low inflation, which could give officials a reason to delay raising rates. The Fed decided to leave its benchmark interest rate near zero, as expected, and the policy statement didn't send a clear signal about the timing of the first increase in rates. The Dow and S&P both rose 0.7% to 17,751 and 2,109 respectively.

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29/07/2015 Argonaut Morning Note

Global stocks bounced back Tuesday, as a relatively muted decline in Chinese shares allowed investors to focus on upbeat corporate earnings and the Federal Reserve's monetary-policy meeting. Tuesday's gains in the U.S. and Europe afforded traders a break from a global selloff that had dragged the Dow Jones Industrial Average to its lowest level in nearly six months. Investors are now looking ahead to Wednesday's statement from the Federal Reserve after a two-day meeting that began Tuesday, seeking clues on the timing of an interest-rate increase that some expect as early as September. U.S. home price growth continued, according to the S&P/Case-Shiller Home Price Index. The index covering the nation rose 4.4% in the 12 months ended in May, slightly higher than the 4.3% April increase.

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28/07/2015 Argonaut Morning Note

A sharp slump in Chinese markets piled further pressure on stocks Monday, after patchy economic data and corporate earnings spurred declines last week. China stocks suffered their sharpest drop in eight years amid concerns the government is pulling back on measures to prop up to the market. Markets slipped in the U.S. The Dow Jones Industrial Average fell 128 points, or 0.7%, to 17,441 in afternoon trading while the S&P 500 index shed 0.6% after Friday's 1.1% fall. On Monday morning, investors received readings on U.S. durable goods orders in June, which rose 3.4%, compared with analysts' estimates of a 2.7% rise. The Dallas Fed said its reading on manufacturing activity stood at -4.6 in July, denoting contracting activity.

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