Many thanks, morning-maestro Tweets. Half-time round-up:
Stocks meandered higher for a fourth session this morning despite a weak showing from most resource-sensitive sectors.
At lunchtime the ASX 200 was up 8 points or 0.17% at 4870 on gains in defensive sectors, industrial stocks +0.7%, energy +0.5% and IT +0.8%. The traditional twin drivers of the local market, mining and financials, were both unchanged after a low-volatility and generally directionless morning.
Economic news was slim but analysts warned of pressures on consumers as petrol hit a 16-month high and a report showed household finances creaking after several interest rate rises and soaring house prices.
Unleaded petrol has climbed 16 cents a litre to $1.38 since the end of February, according to a Fairfax report, and is expected to push higher after a price war between retailers ends.
CommSec analyst Savanth Sebastian told Fairfax: "There was a price war for a month and now... companies that were selling petrol below cost are now starting to inflate those margins to stay profitable."
Meanwhile, the Melbourne Institute's household financial conditions index fell 16.6% to 28.8 index points in the March quarter.
"The Reserve Bank is now in a difficult position," the Melbourne Institute's Ada Claus said in a statement this morning. "Rises in house prices and associated rises in consumer debt seem to warrant a swift tightening in monetary policy but if the tightening is too fast it may choke-off business investment that is only now starting to recover. This means that if the RBA gets policy wrong, Australia may experience a W-shaped recovery."
Asian markets were mostly higher. Japan's Nikkei rallied 0.74%, Shanghai 0.12% and Hong Kong's Hang Seng 0.14%. Dow futures were recently at +2.
Oil and gold both retreated this morning as the U.S. dollar index continued to rise. Crude oil futures dropped 9 cents to $81.91 a barrel. The spot gold price was $2.40 weaker at $1,123.70 an ounce.
Glad I made the weekly budget by Tuesday because pickings have been slim since then. These aimless, low-volatility sessions are killing me. Just one trade this morning - IPL off the low for beer money. Hope others are faring better.
