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04/08/2015 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 04/08/2015 Argonaut Morning Note
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    04/08/2015 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 3 August, 2015 | 0

    Market Update & Important Indicators

    U.S. stocks were dragged lower Monday by a continued fall in the price of oil. Oil prices have tumbled more than 50% since last summer, and Monday crude-oil futures dropped 3.8% to $45.31 a barrel. Energy companies in the S&P 500 were the biggest decliners in the index, falling 1.9%. Oil majors Chevron Corp. and Exxon Mobil Corp., which led declines in the Dow industrials Friday, continued to drag the market lower, falling 3.3% and 1.7%, respectively. The Dow declined 92 points, or 0.5%, to 17,598, while the S&P 500 dropped 0.3% to 2,098.

    Earlier on Monday, investors digested a slew of U.S. economic data. The data were mixed: consumer spending rose 0.2% in June from a month earlier, in line with expectations, the Commerce Department said, and consumer prices rose slightly in June, according to the Federal Reserve's preferred inflation gauge. But the increase in consumer spending was the smallest since February, a sign that weak wage growth may be weighing on consumers. Also, the Institute for Supply Management's manufacturing index declined, casting some doubt on the Fed raising short-term interest rates earlier than later.

    European stocks closed higher Monday, helped by earnings-driven jumps by Intertek and Heineken and shrugging off the Greek equity market's dive as it reopened. Trading in Greek stocks on the Athens Stock Exchange began again Monday after a five-week closure. The Athex Composite closed down 16.2% after falling more than 20% out of the gate. The benchmark is off 19.1% year to date. When trading was halted June 29, the benchmark had a year-to-date loss of 3.5%.

    Asian shares fell Monday, as a measure of China's factory activity hit a two-year low and investors continue to seek clarity about Beijing's role in rescuing the stock market. Earlier Monday, a gauge of China's factory-floor activity fell to a two-year low, adding to worries about the country's struggling stocks, sluggish property market and weak demand at home and abroad. The Caixin China manufacturing purchasing managers index fell to 47.8 in July, compared with 49.4 in June.

    Base metals were largely lower overnight, with spot copper declining 0.2% on the LME. There were large downward moves in crude oil, with Brent off 5.2% to $49.52/bbl and WTI down 4.1% to $45.17/bbl. Gold also declined, dipping 0.8% to $1,086/oz.

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