Morning Notes

08/01/2019 - Argonaut Morning Note

Market Update: 

Stocks in the US rose for a second day, with the Dow up 98 points (+0.4%) and the S&P 500 up 18 points (+0.7%); The US expressed optimism a trade deal with China can be reached; talks have a March 1st deadline; The partial government shut-down in the US drags on, and Trump will be addressing the Nation on Tuesday night; Oil closed higher for a sixth day on optimism a global supply glut will be avoided; Gold inched up 0.3% to US$1,288/oz, and the A$ is buying US71.5c; The head of the World Bank, Jim Yong Kim, will be stepping down early and be replaced by 2IC Kristalina Georgieva; The US ISM non-manufacturing PMI fell to 57.6 (expected 59.0) in December from 60.7 in November; The AIG Australian PMI fell 1.8 points to 49.5 in December, signalling the first mild contraction in manufacturing in 26 months.

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