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27/06/2018 Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 27/06/2018 Argonaut Morning Note
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    27/06/2018 Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 26 June, 2018 | 0

    Market Update & Important Indicators:

    U.S. stocks rose intraday, a day after some of their worst declines in months. The Nasdaq Composite rose 0.8%. The Dow Jones gained or 0.1% to 24283. The S&P 500 added 0.2%. Trade concerns have rattled markets recently, dragging down major indexes on Monday. The Trump administration has been laying the groundwork to prevent Chinese firms from gaining access to advanced U.S. technology, restricting both investment from and exports to China. Chinese President Xi Jinping recently remarked that his country would "punch back" against trade restrictions, further spooking investors already fearful of the prospect of a full-blown global trade war. White House adviser Peter Navarro tried to calm investors amid a selloff Monday, saying on CNBC that investment restrictions were aimed at China and not other countries. Analysts said that these comments helped assuage some fears of an all-out trade war. The US gold price fell 0.5% to 1258.60 US$/oz.

    European stocks mostly finished a little higher, slightly recovering after a selloff inspired by trade-war fears a day earlier left the Stoxx 600 index at its lowest level in more than two months. The Stoxx Europe 600 index rose less than 0.1% to close at 377.25, stabilizing after a 2% slump on Monday, its worst one-day percentage decline since March 2, according to FactSet data. Monday's close of 377.17 also marked the index's lowest end to a trading day since April 11. The U.K.'s FTSE 100 index added 0.4% to finish at 7,538, while Germany's DAX 30 index shed 0.3% to end at 12,234.34. France's CAC 40 index dipped less than 0.1% to close at 5,281.29

    In Asia, Chinese stocks were mixed, with the Shanghai Composite Index closing down 0.5%, at a fresh two-year low and now in a bear market, and the Shenzhen A Share climbing 0.6%. Elsewhere, the Japanese Nikkei Stock Average closed flat. While stocks exposed to the Chinese economy and the global technology sector were broadly weaker –Taiwan's Taiex slipped 0.4%, for example — other exchanges in the region were mixed. Stocks in the U.S. on Monday pared some of their sharp early-day losses after White House trade adviser Peter Navarro told CNBC there were no immediate plans to slap investment restrictions on China or other countries. Indian shares, meanwhile, were little changed as investors bided time to see how the tense global trade situation unfolds. The S&P BSE Sensex ended flat at 35,490.04.

    Australian shares were lower throughout the day, helped by some big banks and consumer-staples companies amid weakness in commodities stocks. Falling modestly for a third-straight day after hitting a 10-year high last week, the S&P/ASX 200 shed 0.2% to 6197.6 as selling again swept the region in the morning before easing as the day progressed. CBA rebounded 0.9% after Monday's slump on news it will spin off its wealth-management operations. After overnight falls in metals and crude prices, BHP and Rio Tinto lost 1% and 1.8%, respectively.

    Base metal prices were mainly down overnight on the London Metal Exchange. The 3-month copper contract decreased 0.5% to 6,716/t whilst tin finished down at 20,180/t. The price of aluminium gained 0.2% to 2,165/t and nickel gained 0.4% to 14,705/t. Zinc fell by 0.9% to 2,887/t. The lead price decreased 0.5% to 2,402/t.

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