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16/06/2017 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 16/06/2017 Argonaut Morning Note
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    16/06/2017 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 15 June, 2017 | 0

    Market Update & Important Indicators

    The Nasdaq Composite endured another session of declines intraday as technology stocks resumed their slide. The moves put the index, which has outperformed the S&P 500 and Dow Jones Industrial Average this year, on course to end lower for the fourth time in five trading days. U.S. stocks have hit a string of records this year, thanks in part to stronger-than-expected corporate earnings. But many investors say they remain cautious, pointing to risks including the lack of clarity about the Trump administration's agenda, elevated stock valuations and a recent patch of soft economic data. A U.S. consumer-inflation reading released Wednesday came in weaker than expected and raised fresh questions about the pace of price increases.

    European stocks finished at their lowest level in nearly two months, rattled as investors questioned the U.S. Federal Reserve's outlook for monetary policy as signs of flagging consumer demand have cropped up. The Stoxx Europe 600 fell 0.4% to end at 386.05, suffering its lowest close since April 21, according to FactSet data.

    In Asia, Hong Kong's Hang Seng Index dropped 1.2%, while the Nikkei Stock Average finished down 0.3%. Japan shares ended at 19831.82 while Singapore shares end lower, in line with global peers as markets digested the Fed's decision to raise rates. The local Straits Times Index shed 0.7% to close at 3232.09.

    Australian shares gave up a large chunk of this week's rally after the Federal Reserve said it would raise interest rates. The Fed's decision was widely anticipated, but it left many sceptical the central bank will move aggressively in the near term given the uncertain outlook for inflation. A sharp drop in Australian unemployment in May did nothing to halt the equity market's decline.  Ending near its lows of the day, the S&P/ASX 200 dropped 70.7 points, or 1.2%, to 5763.2. Australia's unemployment rate declined to a lower-than-expected seasonally adjusted 5.5% in May from 5.7% the previous month, and the number of people employed rose by 42,000 against an expected rise of 10,000.

    The London Metal Exchange's three-month copper contract closed 0.6% lower on Wednesday at $5,636/t. The other base metals finished mixed. Lead prices rose 0.8% to 2,072/t, nickel prices fell 1.0% to 8,790/t, whilst zinc prices gained 0.5% to 2,489/t. Falling for the day, aluminium prices lost 0.6% to 1,861/t, whilst tin prices jumped 1.4% to 19,623/t.

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