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03/03/2015 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 03/03/2015 Argonaut Morning Note
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    03/03/2015 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 2 March, 2015 | 0

    Market Update & Important Indicators

    The Nasdaq has finished above 5,000 for the first time in 15 years, capping a long-running recovery in the exchange after the dot-com bubble burst spectacularly in 2000. The tech-rich Nasdaq Composite Index jumped 44.57 points (0.90 per cent) to 5,008.10 on Monday, finishing above 5,000 for only the third time in its history. Both the Dow Jones Industrial Average and the S&P 500 struck new records as well, as US markets continue a six-year bull run. The Dow rose 155.93 (0.86 per cent) to 18,288.63, while the broad-based S&P advanced 12.89 (0.61 per cent) to 2,117.39. The Nasdaq is still about 40 points below its all-time closing high of 5,048.62, on March 10, 2000.

    The British and German stock markets hit record peaks on hopes that Eurozone quantitative easing stimulus, due to be outlined later this week, will bolster economic growth. Investor sentiment was also given a shot in the arm after China cut interest rates over the weekend for the second time since November, but the rally quickly ran out of steam as oil prices dropped. London's benchmark FTSE 100 index slid 0.09 per cent to close at 6,940.64 points, having reached 6,974.26 points in morning trade, its highest intra-day level on record. Frankfurt's DAX 30 index rose 0.08 per cent to 11,410.36 points, having rallied during the session to an all-time peak at 11,455.08 points. In Paris the CAC 40 fell 0.69 per cent to 4,917.32 points. Madrid was flat and Milan shed 0.18 per cent.

    Asian markets rose after China cut interest rates for the second time since November. Shanghai added 0.79 per cent, or 25.99 points, to close at 3,336.29 and Hong Kong advanced 0.26 per cent, or 64.15 points, to 24,887.44. Tokyo climbed 0.15 per cent, or 28.94 points to end at 18,826.88, Seoul closed 0.55 per cent higher, putting on 11.01 points to 1,996.81, and Sydney gained 0.51 per cent, or 30.12 points, to 5,958.88. The People's Bank of China on Saturday cut interest rates by 25 basis points.

    In Australia, the market on Monday closed higher after a surprise cut to interest rates in China triggered a rally among mining stocks. The benchmark S&P/ASX200 index was up 30.1 points, or 0.51 per cent, at 5,958.9 points. The broader All Ordinaries index was up 27.8 points, or 0.47 per cent, at 5,926.3 points.

    The Australian market looks set to open flat after a strong day for US equities following a stream of merger announcements. At 0855 AEDT on Tuesday, the share price index futures contract was up 14 points at 5,954. In local economic news on Tuesday, the Reserve Bank of Australia holds its monthly board meeting and makes its interest rate decision. Meanwhile, the Australian Bureau of Statistics releases its balance of payments and international investment position, along with government finance statistics, both for the December quarter, and January building approval data. Also due out are the ANZ-Roy Morgan weekly consumer confidence and the Dun and Bradstreet business expectations surveys.

    Lead prices rose 1.2% on the LME, although other base metals were softer with nickel the biggest looser shedding 1.7%. Brent crude fell 4.3% to $58.87/bbl and gold lost 0.6% to $1,206/oz.

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