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17/07/2018 – Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 17/07/2018 – Argonaut Morning Note
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    17/07/2018 – Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 16 July, 2018 | 0

    Market Update & Important Indicators:

    U.S. stocks waffled between small gains and losses Monday as shares of energy companies fell alongside a decline oil prices and as investors looked ahead to a busy week of corporate earnings results. The Dow Jones Industrial Average rose 45 points, or about 0.2%, to 25064. The S&P 500 fell less than 0.1% and the Nasdaq Composite dropped 0.2%. Investors appear so far to have largely shrugged off trade concerns, and U.S. stocks have been supported by strong U.S. economic data and positive earnings expectations. In the S&P 500, 60 companies are on tap to report this week, including Netflix after the closing bell. Before the market opened Monday, Bank of America-the second-largest U.S. bank by assets-reported second-quarter earnings that beat expectations, sending shares up 3.8%. The results helped buoy financial stocks, which were the best performers in the broad S&P 500 on Monday, up 1.6%. Energy stocks, meanwhile, were by far the weakest of the S&P 500's 11 sectors, falling 1.4%, on lower oil prices. The US gold price lost 0.1% to finish at 1240 US$/oz.

    The Stoxx Europe 600 index ended down 0.3% at 384.1, dragged down by falls in heavyweight oil and mining stocks. Oil prices fell sharply and data overnight showing a fall in Chinese GDP weighed on metals prices. The U.K.'s FTSE 100 index, where oil and mining stocks have a high weighting, underperformed sharply, closing down 0.8%. Germany's DAX index outperformed, closing up 0.2%, as Deutsche Bank jumped 7.3% after the company said its profit would beat forecasts. France's CAC 40 closed down 0.4%, Italy's FTSE MIB down 0.3% and Spain's Ibex 35 down 0.2%.

    Asian stocks have reacted negatively to trade disputes, with major indexes down so far this year. Shanghai stocks have shed nearly 15% since January, and economists estimate trade conflicts could cut 0.2 to 0.5 percentage point off China's GDP in the coming year. The Shanghai Composite Index was down 0.6%, following its largest one-week percentage gain since June 2016. Hong Kong's Hang Seng was flat and South Korea's Kospi was down 0.4%. The Tokyo market was closed for a public holiday. 

    Australian stocks faded as the day went on, finishing near session lows after having risen in five of the prior seven days. The S&P/ASX 200 eased 0.4% to 6241.5 as health care slid 1.9% following two days of strong gains that were led by CSL; it fell 2.9%. The market also saw a second day of declines in the heavily weighted big banks amid concerns about rising funding costs. Resources stocks were a decliner as well today, though consumer and telecom stocks rose. 

    Base metal prices were largely down on the London Metal Exchange. Tin lost 1.5% to 19,560/t, while lead fell 1.3% to 2,156/t. Nickel retreated 2.2% to close at 13,572/t, as the 3-month copper contract declined 0.8% to 6,165/t. The biggest fall was seen in zinc that lost 3.6%. Aluminium gained 1.9% to end at 2,107/t.

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