Key News Overnight:
US stocks ended higher on Wednesday with the Dow posting a record close after the United States and China signed a Phase 1 trade agreement and pledged to resolve a tariff dispute that has impacted financial markets for over a year.
Traders were also busy assessing corporate results overnight on Wall Street. The big financial stocks continued to be the focus with Goldman Sachs and Bank of America both underwhelming.
Wall Street’s positive end to its session is setting up the ASX200 for a solid start today. The market opened three points higher this morning. The move will likely see the ASX200 break through the 7000 mark, which the market fell just short of yesterday.
UK CPI data captured the lion’s share of attention. It missed estimates, coming in at 1.3% versus a 1.5% forecast. The data adds to a series of disappointing data releases out of the UK recently.
Oil prices were a major macro mover overnight. Brent and WTI Futures prices fell after weekly US Crude inventory data underwhelmed oil market bulls and cast doubt over the strength of global energy demand.
In This Issue:
GR Engineering (GNG) | US Engineering Business acquisition | BUY | Analyst | Ian Christie
Woodside Petroleum (WPL) | Q4 Report – 31 December 2019 | Not covered | No rating
Whitehaven Coal (WHC) | December Q results | Not covered | No rating
Decmil (DCG) | CTI Logistics (CLX)