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13/07/2016 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 13/07/2016 Argonaut Morning Note
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    13/07/2016 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 12 July, 2016 | 0

    Market Update & Important Indicators

    A resurgence in riskier sectors of the stock market helped lead U.S. indexes to fresh highs Tuesday. The Dow Jones Industrial Average rose past its previous closing record of 18312.39 set May 19, 2015. The technology-heavy Nasdaq Composite Index turned positive for the year for the first time in 2016. The rally builds on the past two sessions of broad gains in the stock market, which catapulted the S&P 500 to a record high on Monday. The S&P 500 advanced again on Tuesday, putting its year-to-date gains at more than 5%. The resurgence of the Nasdaq at a time when indexes are notching new records could be an encouraging sign to analysts who had worried about the durability of a stock market rebound built mostly on relatively safe trades.

    European stocks scored a fourth consecutive win Tuesday, with investors hanging onto brighter prospects for further global stimulus efforts as the markets headed into a new earnings season. The Stoxx Europe 600 rose 1.1% to close at 336.26, ending at the highest level since June 23, the day of the U.K.'s Brexit vote. Germany's DAX 30 rose 1.3%, with shares of Deutsche Bank up 6.3%, logging a third day of gains. The shares last week hit their lowest close on record.

    Stocks in Japan were on a roll for a second-straight day, with Japan's Nikkei Stock Average up 2.5% Tuesday, extending Monday's 4% gain. The yen's continued weakening eased worries that a persistently strong currency would make Japanese exports less competitive. The positive momentum in Japanese equities came as investor confidence rose in Prime Minister Shinzo Abe's ruling coalition after the coalition on Sunday increased its control of parliament's upper house. This has tilted traders back to risk, particularly given the S&P 500's advance to a record high in the U.S. overnight. Elsewhere in the region, Korea's Kospi rose 0.1%, Hong Kong's Hang Seng Index rose 1.8% and China's Shanghai Composite Index finished 1.8% higher.

    Australian shares advanced for a fourth straight session despite losing steam late Tuesday, driven by further gains in mining stocks and a rebound in banks. The market was encouraged by overnight gains in U.S. stocks, with the S&P 500 hitting a record, as investors continued to be buoyed by a positive jobs report last Friday. But gains locally were pared as futures pointed to a weak start for markets in Europe. The S&P/ASX 200 ended 16.1 points, or 0.3%, higher at 5353.2 after being up as much as 1% earlier in the day and within reach of the year's closing high hit at the end of May. The materials index advanced 1%, continued its push higher in recent weeks, while the basket of financial stocks rose 0.4% as the major banks continued to recover from selling last week.

    Copper futures closed up in London Tuesday, supported by firmer Asian equities and oil prices as well as a weaker dollar. The London Metal Exchange's three-month copper contract closed up 2.5% at $4,869/t at the PM kerb close, having hit a six-day high earlier in the session at $4,912/t. Among the other base metals, aluminium was up 1.3% at $1,662/t, zinc was up 2.5% at $2,189/t, nickel was up 4.4% at $10,448/t, lead was up 2.7% at $1,863/t.

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