This is the Market sentiment prior to opening, this morning Friday 27 April.
The Market didn't really take off yesterday, and EEG had an unusual drop in SP, based on uncertain factors.
With the reiforcing of the positive mood in general Markets, it will be interesting to see if EEG picks up its shortfall of yesterday.
At least the gap in the chart at 27 cents has been well and truly sealed.
Market wrap:
The ASX 200 has 4400 in its sights again this morning after US investors found the positives in a mixed night of economic news and earnings reports.
The June SPI 200 futures contract ended the night session 18 points or 0.4% stronger at 4399 as oil and metals rallied.
The S&P 500 put together its best three-day run since February, advancing 0.67% overnight to 1,400 for the first time in three weeks. The Dow gained 114 points or 0.87% and the Nasdaq 0.69%.
The rally gathered steam after housing data showed pending sales jumped 4.1% last month to a two-year high. The data helped investors ignore a third week of unexpectedly soft jobless claims and a fall in durable-goods orders. Weekly claims for unemployment benefits fell by just 1,000 to 388,000, raising concerns that the employment market is weakening again. Durable-goods orders declined 4.2% last month.
The major European markets closed mixed after a choppy session as a gauge of economic sentiment in the euro-zone delivered its weakest reading since December. Germany's DAX put on 0.53%, Britain's FTSE added 0.52% and France's CAC fell 0.13%.
TRADING THEMES TODAY
RALLY TO CONTINUE: The ASX suffered a bout of vertigo yesterday and looked a bit toppy when it reached levels last seen in October. However, a nice set of overnight leads will give the XJO a second chance to explore 4400 today. US investors were minded to focus on the positives last night because there were enough disappointments to sink the index on another day (jobless claims, durable goods, UPS, Exxon). Short term, that's a bullish sign. Another positive is that shares in Amazon have surged nearly 15% since the company reported its earnings this morning after the close of regular trade in the US.
INDUSTRIAL METALS REBOUND: April has been a soft month at the London Metals Exchange but a bullish overnight session saw most base metals reach their highest levels in more than two weeks. At the least it looks like the group is bottoming out. The next few weeks should confirm.
ECONOMIC NEWS: There's no major domestic news scheduled today. Italy auctions 10-year bonds tonight. The advance quarterly GDP report is tonight's highlight in the US. Also due: advance GDP price index, employment cost index and revised consumer sentiment and inflation expectations.
EEG Price at posting:
25.0¢ Sentiment: None Disclosure: Held
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