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20/09/2018 – Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 20/09/2018 – Argonaut Morning Note
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    20/09/2018 – Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 20 September, 2018 | 0

     Market Update & Important Indicators:

    Gains in shares of manufacturers and financial firms pushed the Dow Jones Industrial Average near a fresh record intraday as investors continued monitoring the latest updates on global trade policy. Major indexes rose a day earlier alongside commodities and other risk assets after analysts said new tariffs announced by the U.S. and China were less stringent than previously anticipated. Anxiety over an escalating U.S.-China trade conflict and uncertainty about U.S. trade relationships with Canada and the European Union have hung over global markets lately, but some investors expect compromises to eventually quell fears about a growth-hindering trade war. Despite the recently-announced tariffs, renewed faith in global economic stability could support the market heading into third-quarter earnings season, some analysts said. A pickup in other parts of the world could support multinational companies with the U.S. already growing at its quickest pace in years. The blue-chip index added 0.6%, pulling within 1% of its January record. The S&P 500 added 0.1%, while the tech-heavy Nasdaq Composite edged down 0.2%. The S&P 500 was about 0.2% off its Aug. 29 record, while the Nasdaq is about 2% from its all-time high from last month. The US gold price was up 0.5% to 1203.70 US$/oz.

    Europe shares closed higher as tit-for-tat tariff attacks between the U.S. and China turned out to be milder than some dealers expected. The Stoxx Europe 600 ended the session up 0.3%, or 1.25 points ahead at 379.98. Germany's DAX gained 0.5% and France's CAC 40 gained 0.6%.

    China was among the best performing markets in the Asia-Pacific region Wednesday, with the Shanghai Composite Index adding 1.1%. Hong Kong's Hang Seng Index gained 1.2%. Chinese and Hong Kong markets have been among the worst hit this year. The Shanghai Composite reached its lowest level since November 2014 on Monday, while the Hang Seng Index entered bear market territory earlier this month–commonly defined as a 20% drop from a recent peak. Elsewhere, Japan's Nikkei Stock Average rose 1.1% Wednesday after the Bank of Japan kept its ultra-easy monetary policy unchanged.

    Australia's stock benchmark, like New Zealand's, lagged behind other major markets in the Asia-Pacific region, where a risk-on mood prevailed despite fresh U.S.-China tariffs. The S&P/ASX 200 rose 0.5% to 6190 after falling in 11 of the previous 14 trading days. Materials stocks jumped 2.1% on the overnight gain in metals prices; BHP Billiton and Rio Tinto each climbed some 3%. Energy shares gained 0.8% and financials climbed an additional 0.7%. But utilities stocks pulled back 0.4% and REITs shed 1.1% amid the continuing rise in global bond yields. Health-care shares fell a further 0.8%.

    Base metal prices were mixed overnight on the London Metal Exchange. The largest loss was seen in lead which was down 2.8% to 2,009/t. This was followed by tin down 0.6% and aluminium down 0.5%. Zinc gained 3.9% and closed at 2,417/t. Nickel appreciated 0.9% to 12,420/t, while the 3-month copper contract firmed 0.5%.

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