ArgonautArgonautArgonautArgonaut
  • About Us
    • Business Model
    • Regulation
    • Community
    • Jason and the Argonauts
    • Disclaimer and Disclosure
    • COVID-19 Visitor Requirements
  • Corporate Finance
  • Stockbroking & Research
    • Stockbroking
    • Research
    • Best Execution Policy
    • Administration Forms
    • Open an Account
  • Special Situations
  • News
    • Latest News
    • Morning Notes
    • Latest Research
  • Contact
    • Careers
      • Advisers
      • Graduate Program
      • Internship Program

09/08/2017 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 09/08/2017 Argonaut Morning Note
    NextPrevious

    09/08/2017 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 9 August, 2017 | 0

    Market Update & Important Indicators:

    The Dow Jones Industrial Average edged lower, putting the blue-chip index's recent record streak in danger of ending. The Index shed 0.1% or 33 points to 22,085. The S&P 500 also lost ground, shedding 0.2%. Major stock indexes traded in a narrow range throughout the day, with financial shares leading advances at the start of the session before paring gains into the last hour. The day's moves extended a streak of listless trade for the stock market, which has largely drifted in recent sessions as the second-quarter earnings season has wound down. Trading volumes have fallen close to their lows of the year, while the S&P 500 has failed to post a 1% daily move in either direction since the middle of May. The U.S. gold price moved upwards overnight, jumping 0.3% to finish at 1,260.70 US$/oz.

    European stocks finished the session at a roughly two-week high, as a drop in the euro helped regional equities push past disappointing trade data from Germany and China that cast doubt on the prospects for those powerhouse economies. The Stoxx Europe 600 closed up a modest 0.2% at 382.65, but scored its strongest finish since July 26, according to FactSet data. That move came as the dollar advanced following a U.S. job-openings report that beat expectations. European stocks had a hard time gaining traction early after figures from Germany showed exports fell by 2.8% on the month in June, the first decline in exports this year. Imports also dropped, but at a faster rate of 4.5%, which meant the trade surplus widened slightly. But the Germany's DAX 30 joined other European markets in rising during the session, and ended up 0.3% at 12,292.05.

    Stock markets across Asia were mostly lower after recently hitting a series of multi-year highs, with equities in Japan under pressure from a modest decline in the dollar and lower-than-expected trade figures from China. Japan's export-heavy Nikkei Stock Average was down 0.3%, once again dropping under the 20000 mark. The dollar was last down 0.1% against the yen, adding to losses of over 5% so far this year. China's exports increased 7.2% in July from a year earlier, down from an 11.3% gain in June while imports expanded 11.0% from a year earlier, slower than June's 17.2% expansion, the General Administration of Customs said. Reaction to the trade data was muted in China, with the Shanghai Composite Index flat, the Shenzhen Composite Index up 0.2% and Hong Kong's Hang Seng up 0.4%.

    Declines from a morning selloff were maintained the rest of the day in Australian stocks, led by a further slide in Commonwealth Bank. The S&P/ASX 200 underperformed the rest of the region in falling 0.5% to 5743.8. The country's biggest bank was among the biggest index drags, falling to a two-month low after reversing Monday's rebound with a 1.1% drop. CBA will remain in focus on Wednesday as it kicks off the Big Banks' earnings season.

    The London Metal Exchange's three-month copper contract closed higher overnight, finishing up 1.03% at $6,480/t. The other base metals were mainly higher. Aluminium prices jumped again, rising 3.7% to 20,017/t as China deepened their capacity cuts. Nickel prices rose 2.2% overnight to 10,592/t, whilst zinc prices jumped 2.5% to finish at 2,918/t. The improved zinc price has largely been driven by Chinese steel prices. Lead prices also improved, jumping 0.9% to 2,362/t. Tin prices lost ground overnight, shedding 2.1% to 20,278/t.

    Recent Contacts & Presentations:

    Rift Valley Resources Ltd (RVY), Panoramic Resources Ltd (PAN), Doray Minerals Ltd (DRM), Wellard Limited (WLD), Bryah Resources Ltd (BYH), Auris Minerals Ltd (AUR), Gage Roads Brewing Co Ltd (GRB), Stavely Minerals Ltd (SVY), Orbital Corporation Ltd (OEC), 4Ds Memory Ltd (4DS), Kin Mining NL (KIN), Pharmaust Limited (PAA), Botanix Pharmaceuticals Ltd (BOT), Dimerix Ltd (DXB), Metro Mining Ltd (MMI), Paringa Resources Ltd (PNL), Independence Group NL (IGO), MZI Resources Ltd (MZI), Transerv Energy Ltd (TSV), Emmerson Resources Ltd (ERM), Antipa Minerals Ltd (AZY), Echo Resources Ltd (EAR), Sovereign Metals Ltd (SVM)

    Please read Argonaut's Important Disclaimers & disclosures

    Log in to the client area below to download the full Morning Note PDF

    Argonaut Morning Note

    Google+

    No tags.

    NextPrevious
    • About Us
      • Business Model
      • Regulation
      • Community
      • Jason and the Argonauts
      • Disclaimer and Disclosure
      • COVID-19 Visitor Requirements
    • Corporate Finance
    • Stockbroking & Research
      • Stockbroking
      • Research
      • Best Execution Policy
      • Administration Forms
      • Open an Account
    • Special Situations
    • News
      • Latest News
      • Morning Notes
      • Latest Research
    • Contact
      • Careers
        • Advisers
        • Graduate Program
        • Internship Program
    Argonaut

    Argonaut | The Natural Choice in Resources.
    © 2022 Argonaut.

    Corporate Finance
    Stockbroking & Research
    Contact Us

    Argonaut | Perth

    Level 30, Allendale Square, 77 St Georges Terrace Perth, WA, 6000 Australia

    clientservices@argonaut.com

    ABN 72 108 330 650

    Argonaut | Login

    Client Area Help
    Register for Access to Client Area
    Privacy Policy
    Financial Services Guide 
    Website Disclaimer

    Copyright 2022 | Website ⚡ by Start Digital