Rises in consumer confidence and home lending helped Australian shares pare losses this morning after a weak lead from Wall St.
Consumer confidence hit a 19-month high after jumping 9.3% last month. "At 109.4, optimists decisively out-number pessimists for the first time since December 2007," said Westpac chief economist Bill Evans, quoted in the SMH. The number of home loans taken out in May, seasonally adjusted, increased 2.2%, the eighth straight month of gains.
At lunchtime, the ASX 200 was down 35 points or 0.9% at 3731 after touching a morning low of 3709. Telecoms were 1.7% higher, consumer staples were off 0.5% and financials 0.3%.
In Asia, the Nikkei fell 1.82% in morning trade and the Hang Seng was down 1.23%. Dow futures were recently at -18. Oil was a few cents lower at $62.25. Gold futures continued to be choppy, recently off $1.30 at $923.10.
Been a better morning here, thanks to the opening run in AIX (defensive, opened near support) and healthy bounce trades in CGF (good support this week in the low 2s) and MIG (oversold at 1.21). Set a DOW buy order for the open which turned out to be too generous but the bots are working the sp back to profitable territory. Also took a first nibble at PGS at 9.1 on retrace. Hoping to hold for a few days if it turns. Took a bath on the last of a parcel of PLA from yesterday.
Some nasty falls today - hope you've all dodged the worst of the carnage.
