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12/09/2018 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 12/09/2018 Argonaut Morning Note
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    12/09/2018 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 12 September, 2018 | 0

    Market Update & Important Indicators

    The Dow Jones Industrial Average rose more than 100 points intraday, as a surge in energy stocks and Apple helped the blue-chip index overcome another flare-up in trade tensions. The Dow industrials rose 0.4%, recouping an early loss and putting the index on pace to snap a two-session losing streak. Shares of energy companies such as Exxon Mobil and Chevron benefited from a lift in oil prices, which jumped after an attack on Libya's state-run oil company raised concerns of a possible supply disruption. A humming U.S. economy has helped stave off deeper losses among shares of American companies. But markets in Europe and Asia haven't been as fortunate, as a combination of slowing growth and the specter of an all-out trade war have driven stocks down in Europe and Asia, so much so that Hong Kong's Hang Seng Index fell into bear-market territory on Tuesday. The US gold price added 0.2% to record 1,198.10 US$/oz.

    European stocks ended slightly lower, dogged by concerns about the global trade picture. The Stoxx Europe 600 fell 0.1% to end at 375.31, after a gain of 0.4% on Monday. The index fell 2.2% last week, and is down 3.6% year-to-date. Germany's DAX 30 pared early losses to end 0.1% lower at 11,970.27, while France's CAC 40 rose 0.3% to 5,283.79. The U.K.'s FTSE 100 fell 0.1% to 7,274. The euro gave up some gains in the afternoon, dipping to $1.1584 from $1.1594 late Monday in New York, while the pound also surrendered some ground, buying $1.3021 from $1.3025. European stocks tracked losses for U.S. stock futures, which fell after a report that China plans to seek permission from the World Trade Organization to impose sanctions on the U.S

    In Asia-Pacific trading, Japan's Nikkei led gains in the region as the dollar strengthened slightly against the yen and energy companies gained. Hong Kong's Hang Seng fell into bear market territory, defined as a 20% drop from a recent closing high. Shares of Sands China and Galaxy Entertainment Group, which operate casinos in Macau, were among the biggest fallers amid recent concerns about a slowdown in China and cautious comments about the outlook from Suncity, while Geely Automobile Holdings fell 4.9%. Indian shares extended losses for the second straight session as the rupee's fresh low and high crude oil prices weighed on sentiment. The S&P BSE Sensex declined 1.3% to 37,413.13, taking losses in two sessions to 2.5%. The rupee hit a new low of 72.73 against the dollar during the day's trade on fears of weakening macros. Among the major losers, Tata Steel fell 3.5%, Tata Motors declined 3% and ITC ended 2.9% lower.

    Australian stocks avoided their first nine day losing streak in a decade, riding the 2% jump in neighbouring New Zealand that was led by large caps. The S&P/ASX 200 closed up 0.6% at 6,288 with the energy sector jumping 2% and financials climbing 0.85% with Macquarie and CBA rising nearly 2%. But materials gained just 0.2% and health care fell 0.3%, continuing this month's pullback.

    Base metal prices were mainly down on the London Metal Exchange. Nickel was down 1.5% to 12,143/t. Zinc fell 3.2% to record 2,301/t. The 3-month copper contract declined 0.8% to 5,844/t, while lead retreated 3.2% to record 1,944/t. Aluminium depreciated 2.5% to 2,005/t and Tin finished 0.2% higher at 19,058/t.

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