Market Update & Important Indicators
Stocks were flat on Monday, although the Nasdaq Composite Index breached 4,000 intraday for the first time in 13 years. The Dow Jones Industrial Average rose 8 points to 16,073 in afternoon trade and the S&P 500 Index lost two points to 1,802. Japan's yen stretched its losses against the U.S. dollar Monday, as investors appeared to have increased bullish bets after the Federal Reserve last week indicated it may soon be ready to pull back on monetary stimulus. The A$ is currently buying US$0.916.
In Europe, stock investors welcomed the nuclear deal reached over the weekend between Iran and six world powers, pushing European shares close to five-year highs. The Stoxx Europe 600, which contains a broad range of European shares, closed 0.4% higher at 324, near to the previous Monday's closing level, the highest since May 2008. Germany's DAX surged 0.9% to a high of 9,300, London's FTSE 100 climbed 0.3% and France's CAC 40 index rose 0.6%.
Japanese stocks ended within a whisker of a fresh 2013 high Monday. The weaker yen propelled the Nikkei up another 1.5% to 15,619, less than nine points away from its prior multiyear high set on May 22. In China, however, stocks were lower. Hong Kong's Hang Seng Index nudged less than 0.1% lower to 23,684, while the Shanghai Composite was down 0.5% at 2,186 in the mainland.
Copper was little changed on the LME, although most base metals weakened overnight. Gold gained 0.6% to $1,252/oz and WTI crude dropped 0.6% to $93.92/bbl.
In This Issue
From Argonaut Hong Kong
Asia Market Commentary and News
Argonaut’s Stock Coverage & Recommendations
Recent Contacts & Presentations
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