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03/11/2016 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 03/11/2016 Argonaut Morning Note
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    03/11/2016 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 2 November, 2016 | 0

    Market Update & Important Indicators:

    A decline in energy shares helped carry U.S. stocks lower, a day after jitters about the U.S. presidential election helped send the S&P 500 to a sixth consecutive session of declines. Stocks extended their losses slightly after the Federal Reserve left interest rates unchanged at the conclusion of its November meeting, as expected, and sent new hints it expects to raise rates in December. Shares of energy companies were among the biggest decliners in the S&P 500, falling 1.7% as the price of U.S. oil dropped 3.3%. The losses came after inventory data showed a much larger-than-expected rise in crude stockpiles. Tightening polls in the U.S. presidential race also continued to steer market sentiment. A Washington Post-ABC News tracking poll showed Republican candidate Donald Trump leading in the U.S. presidential race on Tuesday, sparking uncertainty after investors had broadly priced in a victory for Hillary Clinton.

    In European markets, The Stoxx Europe 600 declined 1.1% after a downbeat close on Wall Street and in Asia, building on seven straight sessions of European declines. Losses were steepest in the auto and banking sectors.

    Shares fell sharply to multi-week lows across Asia on Wednesday, as a new poll showing Republican candidate Donald Trump leading the U.S. presidential race spooked investors. Japan's Nikkei Stock Average closed down 1.8% at 17134.68 points, a two-week low. Australia's S&P/ASX 200 ended 1.2% lower at a seven-week low. Elsewhere, Hong Kong's Hang Seng Index was last down 1.3%, the Philippines' PSE index fell 1.8%, Taiwan closed 1.4% lower at a six-week low and the Shanghai Composite Index was down 0.6%. U.S. stocks broadly fell as investors pulled back from risk, which spilled over into the Asian session. In Japan, financial and exporter stocks were hit particularly hard as investors digested what a win for Mr. Trump would mean for markets, given his dislike of many existing U.S. trade agreements. Meanwhile, persistent scepticism that the Organization of the Petroleum Exporting Countries will stick to their provisional production-cutting agreement continued to weigh on oil prices, depressing the share prices of regional producers.

    Australian shares sank to a seven-week low Wednesday amid broad selling as investors reacted to a fresh poll suggesting Republican candidate Donald Trump was leading the U.S. presidential race. Losses across Asian markets tracked overnight weakness on Wall Street after an ABC News/Washington Post tracking poll showed Mr. Trump with a one-point advantage over Democrat Hillary Clinton, leading 46% to 45%. As investors retreated from risk, perceived safe-haven investments such as gold were buoyed. Falling for a second straight session, the S&P/ASX 200 dropped 61.5 points, or 1.2%, to 5229.0–its lowest finish since September 14.

    Copper for delivery in three months was down 0.3% at $4,905/t on the London Metal Exchange. In the other base metals, aluminium fell 0.6% to $1,724/t, nickel fell 0.8% to $10,279/t, zinc fell 1.7% to $2,413/t, tin fell 0.4% to $20,940/t whilst lead was down 0.8% at $2,039/t.

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