Australian stocks improved this morning but failed to build on early gains as regional markets gave a strong overnight lead from Wall Street a cautious reception.
At lunchtime the ASX 200 was ahead 9 points or 0.2% at 4594 after trading in a tight 18-point range all morning. Most sectors were higher, with the strongest rises coming in IT +1.4%, utilities +1.1% and telecoms +1.1%.
In another sign of the strength of the local economy, private capital expenditure figures released this morning were much stronger last quarter than expected. New private capital expenditure improved by a seasonally-adjusted 6.2% - twice the median market forecast for a rise of 3.1% in the quarter.
Asian markets made modest advances. Japan's Nikkei was up 0.54% and Shanghai up 0.22%. Wall Street is closed tonight for the Thanksgiving public holiday.
Crude oil futures eased 27 cents this morning to $83.82 a barrel. The spot gold price was $3.80 weaker at $1,370.60 an ounce. The dollar was buying 97.85 U.S. cents.
A slow morning despite the promising set-up. Still plenty of caution in the air. With my approach to trading, yesterday was a breeze but this morning was a struggle. Just one trade completed - quickie in MNC. Also picked up a few IAG on pullback but a part-fill and hardly worth it. Watching GNC for a reversal signal. Might watch some cricket instead, lol.
