daytrading june 20 afternoon

Thanks Endless.

Half-time round-up:

Australian shares neared a five-week high this morning as most Asian markets welcomed overnight gains in the US ahead of tonight's Federal Reserve press conference.

At lunchtime the ASX 200 was 23 points or 06% stronger at 4146 after earlier reaching its best level since May 17. The big banks provided most of the momentum, driving the financial sector up 1.2%. Energy stocks +1.4% were also notably strong, while gold stocks, telecoms and consumer staples were the worst of a handful of sectors in retreat.

"The market is waiting for the outcome of the Fed meeting, and many expect some kind of easing steps," a senior technical analyst at Mizuho Securities in Tokyo told Reuters. "If they're disappointed, US stocks would fall, so that risk will likely keep the market here from pushing the upside too far."

Most Asian markets edged higher despite soft US futures. Japan's Nikkei rallied 0.77, Shanghai eased 0.15% and Hong Kong's Hang Seng put on 0.36%. Dow futures were recently down 18 points or more than 0.1%.

The morning's domestic economic news was mostly weak, with a rise in jobs ads overshadowed by a plunge in house starts and a soft economic outlook for the second half of the year. Job advertisements on the internet increased 3.4% last month but remained well below last year's figures. Construction of new homes slumped 12.6% during the first quarter. The WBC-MI leading index, which signals economic activity up to nine months ahead, deteriorated to +0.2% in April, compared to a long-term average of 2.6%.

Crude oil futures declined 11 cents this morning to US$83.89 a barrel. Spot gold was $1.30 stronger at US$1,620.20 an ounce. The dollar was buying $US1.0184.


A mild deterioration in risk appetite ahead of tonight's Fed meeting - oil, copper, US futures and Shanghai are all down this morning. Not by much and it's prudent to lock in profits when there's no guarantee the Fed will meet expectations tonight. A slow morning at this trading desk. Bailed out of KRM at a small loss and moved into IGR near the foot of its trading band.