Morning all
SPI futures are 4 points weaker this morning however they don't reflect the failure of OPEC to reach an agreement on future oil production levels. at the Doha meeting.
A deal was meant to rubber stamped, thus keeping oil output at January levels until October. But the little men with many wives bitched and got their panties in a wad, pointing fingers and blah blah blah. Saudi Arabia and Iran have both indicated they will ramp up oil production. A halt to the oil price rise is almost certain.
The next meeting is scheduled for June.
In New York lower oil prices pushed equities lower. Other less volatile factors also helped stocks close lower. Apple fell about 1.5% on news that they were keeping iPhone production at current (low) levels. And financial institutions – namely Goldman Sachs and Citi – reported poor performances. (Citi said its dividend was going to be falling by 27%).
Losses were held to roughly one-third of a point, though, largely on a small bit of optimism generated by a positive Empire region report on manufacturing growth.
The ASX closed higher for a fourth straight day on Friday,up 4.5% for the week. Gains in resources, buoyed by optimism around China, and financials were the key drivers.
Reserve Banks' Glenn Stevens will talk in New York tomorrow night, watchers will be alert for indications affecting interest rates and the dollar.
Gold rose .5% to $1234 on US dollar weakness and a risk off session
HUI +2%
AUD Gold $1611
AUD .7661
Have a good day
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