Thanks Oscar and morning crew. Half-time round-up: The share...

Thanks Oscar and morning crew.


Half-time round-up:

The share market headed towards its first winning week in a month and a half as the big banks benefitted from loose monetary policy.

At 1pm EST the ASX 200 was 32 points or 0.6% ahead at 5407 and on track to secure a gain for this week of more than 100 points after four days of solid rises. Weakness in resource stocks this morning was offset by lifts in health +1.1%, financials +0.8% and telecoms +0.8%.

This week's rally came as central banks in the US and Japan signalled that interest rates there will remain low for some time to come.

"A Fed rate hike looks likely in December but that's months away and is not standing in the way of the market's glass half-full stance at this stage," CMC chief market analyst Ric Spooner told Fairfax. "Perhaps more importantly the latest Fed meeting gave investors' confidence that the pace of US rate increases is likely to be very slow next year as well. This potentially leaves the Goldilocks environment for stock markets in place for some time to come."

“The markets will breathe a sigh of relief now that you’ve seen Japan and the US come out,” Wayne Wilbanks, chief investment officer at Wilbanks Smith & Thomas Asset Management in the US, told Bloomberg. “It’s clearer sailing and we’ll see a little less volatility going forward.”
  
A morning of minimal moves on Asian markets saw China's Shanghai Composite edge down 0.19%, Hong Kong's Hang Seng gain 0.03% and Japan's Nikkei decline 0.12%. Dow futures were recently off three points or 0.02%.

Crude oil futures backed off 53 cents or 1.14% this morning to US$45.79 a barrel. Gold futures were $5.30 or 0.39% softer at US$1,339.0 an ounce. The dollar was buying 76.34 US cents.


Up, up and away. The XJO has some momentum at last and looks interested in a peek at 5500 if sentiment remains positive. Feels like there's life back in the spec sector, as well. Only one trade for me today, but a good 'un - GGG is a heck of a trading stock if you pick the wave. Got the first bounce.