daytrades june 10 afternoon

Thanks Tweets. Half-time round-up:

Falling unemployment and strong Chinese trade data have helped Australian shares to advance for a third straight day.

At lunchtime the ASX 200 was ahead 28 points or 0.65% at 4413 after a surprise dip in local unemployment to 5.2% and a surge in Chinese exports by 48.5% from the same time last year. All sectors except health traded higher this morning, with the biggest gains coming in IT +1.8%, energy +1.6% and property trusts +1.2%.

Employment rose by a seasonally adjusted 26,900 last month, driving the unemployment rate from 5.4% in April to 5.2%. Prime Minister Kevin Rudd said the result was proof that Australia is outperforming other advanced economies.

The news boosted the Australian dollar, which strengthened against all major currencies this morning. The dollar was recently buying 0.8327 U.S. cents, a rise of 0.6%.

Chinese exports surged 48.5% last month from the same month a year earlier, according to official figures released this morning. The rise was well ahead of economists' expectations of a rise of 30.5%. The monthly trade surplus rallied to $19.5 billion from $1.7 billion in April.

The Reserve Bank of New Zealand raised the cash rate by 25 basis points to 2.75% this morning, its first change in more than a year.

Asian markets were mixed. Japan's Nikkei rallied 0.32% after its GDP growth came in higher than expected, but Shanghai slid 0.92% and Hong Kong's Hang Seng 0.27%. Dow futures were recently at -5.

Crude oil futures tracked sideways this morning, recently down 2 cents at $73.92 a barrel. The spot gold price was 30 cents stronger at $1,232.80 an ounce.


Looks like our market bought the rumour of Chinese growth and may now be selling the fact. I was slow to detect the bullish mood this morning and missed the ride. Two modest bounce trades completed in DOW but it has been a lean week. On the plus side, my WTF trade is looking healthier.