Thanks Oscar and morning crew.
Half-time round-up:
A positive lead from US equity futures helped drive the ASX towards a possible eighth straight advance as experts dismissed the long-term impact on financial markets of a failed coup in Turkey.
At 1pm EST the ASX 200 was 26 points or 0.5% ahead at 5456 as the post-Brexit recovery on world markets continued. Consumer discretionary was the best of the sectors, rising 1.2%, followed by energy +1%, staples +0.9% and health 0.7%. The metals & mining sector eased 0.5%, materials 0.2% and gold 0.1%.
Local traders took confidence from signs that weekend events in Ankara will have little effect on trade this week. Dow futures were recently up 34 points or 0.18%. Gold futures briefly rallied more than $4 on a move towards defensive assets, and were lately up $2.70 or 0.2% at US$1,330.10 an ounce.
“Geopolitical risk has reared its head again,” Shane Oliver, head of investment strategy at AMP Capital Investors, told
Bloomberg. “But it’s at least the fourth coup in Turkey since 1960 and I suspect no lasting impact on global markets.”
China's Shanghai Composite shed 0.52% while Hong Kong's Hang Seng improved 0.05%. Japan's Nikkei was closed for a public holiday.
Crude oil futures edged up two cents or 0.04% this morning to US$45.97 a barrel. The dollar was buying 75.94 US cents.
No obvious pressure on risk assets this morning from the Turkish putsch, so up we go. Eight-session win streaks don't come along that often - enjoy. Trading: I find it easier to buy in gloom and have had to practise patience lately. Added loads of new names to the watchlist for the inevitable pullback. Took something out of SEA and SCI this morning.
