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24/09/2018 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 24/09/2018 Argonaut Morning Note
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    24/09/2018 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 24 September, 2018 | 0

    Market Update & Important Indicators

    The Dow Jones Industrial Average edged higher to cap off its biggest week of gains since mid-July. Shares of aerospace manufacturer Boeing and 3M, a maker of industrial adhesives and Post-it Notes, were among the best-performing shares in the index of 30 stocks. The Dow has risen in eight of the past nine trading sessions, with the most recent gains putting the blue-chip index up 2.2% for the week, its best weekly stretch since July 13. The slate of tariffs on $200 billion of Chinese goods President Trump recently announced are set to kick in Monday, first at 10% and then rising to 25% at the end of the year. The Dow Jones Industrial Average rose or 0.3%, while the S&P 500 was little changed. The Nasdaq Composite slipped 0.5% as technology stocks weakened later in the session. While the Dow and the S&P remain on pace to notch weekly gains, the NASDAQ ended the week down 0.3%.

    Buoyed by enthusiasm for global stocks, Europe's main bourse closed higher adding another positive session with financials and major oil companies doing the heavy lifting. The Stoxx Europe 600 closed up 0.4% at 384.29, marking its sixth positive session after Thursday's gain of 0.5% and matching the longest win streak since July. For the week, the index gained 1.7%, the best percentage gain since the week ended March 9, according to Dow Jones Market Data. Germany's DAX 30 finished 0.9% higher at 12,430.88, while France's CAC 40 added 0.8% to end at 5,494.17, also representing its best day since March 9. The U.K.'s FTSE 100 ended the week 1.7% higher, notching its best weekly gain, up 2.7%, since Feb. 16.

    Asian stocks extended their gains, capping a week where investors looked past international trade tensions and bet that a strengthening U.S. economy could keep the rally intact. Asian markets rallied across the board. Chinese equities led the way, with the Shanghai Composite closing up 2.5%, its biggest gain in six weeks. Japan's Nikkei Stock Average rose 0.8% while Hong Kong's Hang Seng finished up 1.7%. Asian markets rose, extending midweek gains despite fresh U.S. and China trade tariffs, ahead of holidays across the region the next couple of weeks. Chinese large caps popped 3%, in the process logging their best week in three years. The Philippine benchmark closed with a 3.5% rise, slashing this week's drop to 0.4%. Taiwan's main index rose 1.3%. The lone decliner was India, where the Sensex rose an early 1% after Thursday's holiday but is now down slightly.

    Australia's stock market again underperformed as broad risk-on sentiment continued to leave Sydney behind after serving as a place to take shelter in recent months. Thanks to the day's gain doubling at the close after the morning's advance faded throughout this afternoon, the S&P/ASX 200 finished up 0.5%. The index ticked up 0.5% for the week, a second-straight modest gain. Utilities and REITs lost nearly 0.5% in a rough week for yield plays. But consumer staples rose that much while materials jumped a further 1.5% and information technology climbed 2.2%.

    Base metal prices were up on the London Metal Exchange. The 3-month copper contract was up 5% whilst lead appreciated 2.2%. Gains were also observed in Nickel that was up 5% to 13,167/t and aluminium which added 2.6% to 2,064/t. Zinc finished 2.2% higher at 2,499/t.

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