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25/11/2016 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 25/11/2016 Argonaut Morning Note
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    25/11/2016 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 24 November, 2016 | 0

    Market Update & Important Indicators:

    U.S. markets were closed Thursday for the Thanksgiving holiday. Markets calmed Thursday after Wall Street climbed to record highs for a third consecutive session. The Stoxx Europe 600 edged up 0.3% Thursday, following a mixed session in Asia. The WSJ Dollar Index had gained slightly Thursday afternoon. The Dow Jones Industrial Average, the S&P 500 and the Russell 2000 all closed at record highs in light trading on Wednesday, while the dollar climbed to its highest since 2002 on expectations for stronger U.S. growth and higher interest rates. The latest leg higher followed strong U.S. economic data on Wednesday including durable goods orders, a measure of consumer sentiment and fresh hints the Federal Reserve would likely raise interest rates in December. Fed officials said a rate rise was possible "relatively soon" if coming data continued to show an improving economy, minutes from the bank's November meeting showed.

    Asian markets were broadly lower Thursday, in response to strong economic data out of the U.S. overnight that raised the odds of rate increases, dollar strengthening and more capital flight from Asia. Hong Kong's Hang Seng Index closed 0.3% lower and South Korea's Kospi fell 0.8%. Japan's Nikkei, however, gained 0.9% for the day. The data pointed to likely improved U.S. demand for goods and commodities from Asia-Pacific. But more significantly for markets, the data increased expectations for interest-rate rises in the U.S., ramping up angst about more capital flight out of emerging Asia as traders chase higher yields in the U.S. Japanese stocks benefited from the weaker yen, which boosts the competitiveness of the country's exporters. Hong Kong stocks slid as continued yuan slippage hurt offshore interest in Chinese companies listed in the city. China's central bank fixed the yuan 0.26% weaker against the U.S. dollar on Thursday. It has guided the currency weaker for most of this month amid broad dollar strengthening. Asia-Pacific government bond yields rose Thursday, tracking the movement of U.S. Treasury’s as market expectations for a December Fed rate increase stayed strong.

    Australian shares paused Thursday after a strong run so far this week, with modest gains by the major banks countered by a retreat in resources stocks. After climbing by 133 points over the last two days, the S&P/ASX 200 edged up 0.7 point to 5485.1. Financial stocks continued to push higher, but mining and energy counters pulled back from sharp gains of late as commodity prices continued to rise.

    Copper for delivery in three months was recently up 2.23% at $5,868/t on the London Metal Exchange. In the other base metals, aluminium prices fell 0.4% to $1,773/t, and nickel prices fell 0.2% to 11,533/t. Zinc rose 2.1% at $2,711/t, tin closed up 0.5% at $21,580/t, whilst lead rose 1.0% at 2,231/t.

    Recent Contacts & Presentations:

    Alchemy Resources Ltd (ALY), Acacia Coal Ltd (AJC), Minotaur Exploration Ltd (MEP), Northern Minerals Ltd (NTU), Walkabout Resources Ltd (WKT), Antipa Minerals Ltd (AZY), Noxopharm Limited (NOX), Botanix Pharmaceuticals Ltd (BOT), Emerald Resources NL (EMR), Metals of Africa Ltd (MTA), Stavely Minerals Ltd (SVY), Australis Oil & Gas Ltd (ATS), Davenport Resources Ltd (DAV), TFS Corporation Limited (TFC), Emmerson Resources Ltd (ERM), Syntonic Ltd (SYT), MZI Resources Ltd (MZI), Resolute Mining Ltd (RSG), Orthocell Ltd (OCC), Capricorn Metals Ltd (CMM), Eve Investments Ltd (EVE) , Australian Mines Ltd (AUZ), Heron Resources Ltd (HRR), St George Mining Ltd (SGQ)

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