Daytrading April 12 afternoon

Thanks Lioness and morning crew. Get well, Jimbo, Thanks Rockstar for filling in.


Half-time round-up:

Shares rallied for the first time in three sessions as the dollar was boosted by upbeat economic data and US equity futures shrugged off an earnings disappointment from Alcoa.

At 1pm EST the ASX 200 was 26 points or 0.5% higher at 4957 with the metals & mining sector (+1.7%) and financials (+1.2%) leading the way. Consumer staples (-0.7%) and utilities (-0.5%) were the biggest drags on the index.

The index extended gains after a report showed a business confidence gauge jumped to six last month from a reading of three in February. The conditions measure rose to 12, the highest level since before the GFC. An employment measure hit a near five-year high. The dollar rose a quarter of a cent to 76.19 US cents on the expectation that the data increased the likelihood that rates will hold steady in the months ahead.

“This is an especially good result in the context of a downbeat global economic outlook,” Alan Oster, chief economist at NAB, told Bloomberg. “Low interest rates and a more competitive currency, even given recent strength, are expected to remain key drivers domestically. Consequently, our outlook for the economy remains unchanged -- and with the non-mining recovery expected to progress further, monetary policy is likely to remain on hold for an extended period.”

US futures were neutral despite a negative reaction to Alcoa's quarterly earnings update, released after the close of regular Wall Street trade this morning. S&P 500 futures were recently up half a point or 0.02%. Shares in Alcoa slumped 4.52% in after-market trade. The aluminium giant and former Dow component is the first major company to report each earnings season.

China's Shanghai Composite retreated 0.19%, Hong Kong's Hang Seng gained 0.28% and Japan's Nikkei put on 1.19%.

Crude oil futures eased 14 cents or 0.35% this morning to US$40.22 a barrel. Gold futures were $1 or 0.1% weaker at US$1,257 an ounce.


Further hints that the domestic economy is doing better than much of the world, despite the mining slump. Not sure why businesses are so chipper, but they're in the frontline and must see something less obvious to most of us. Trading: wild ride on BKL. Turned into one of those trades where you make money AND still feel terrible about yourself when you see how much higher it bounces. Shouldn't complain - got a good wage out of it. Also got something out of BAL and a TSN.