daytrades feb 28 afternoon

Thanks Tweets. Half-time round-up:

Shares have sagged for the sixth morning in seven as a rising oil price and sabre-rattling from North Korea weighed on regional markets and US futures.

At lunchtime the ASX 200 was down 15 points or 0.3% at 4821 following falls among the big banks, Telstra and gold shares. Energy stocks and property trusts topped a handful of improving sectors this morning.

"It looks like the financials seem to be taking a few points out of the market, which is a little bit surprising after pretty good leads from the US with financials up 1.4 per cent," IG Markets strategist Ben Potter told Fairfax. "All eyes are still on what is happening in the Middle East and North Africa."

Oil and precious metals resumed last week's uptrend following threats from North Korea against neighbouring South Korea. North Korea this morning said it will fire at South Korean bases if they continue to be used to distribute "propaganda" in the north undermining the regime of Kim Jong Il.

Crude oil futures this morning rallied $1.73 or 1.8% to trade recently at $99.61 a barrel. Spot gold advanced $2.50 to $1,412.10 an ounce. The dollar was buying US $1.0133.

Japan's Nikkei fell 0.65%, Shanghai 0.37% and Hong Kong's Hang Seng 0.49%. Dow futures were recently at a mildly bearish -41.

Local economic reports this morning delivered rising inflation and business inventories, moderating home prices and sliding corporate profits. Rising food prices drove inflation higher this month to a rate of 3.6% from 3.4% last month. Business inventories rose 0.7% in the December quarter. National city home values eased a seasonally-adjusted 1.6% in January as floods in Queensland and Victoria weighed on demand. Company gross operating profits slipped 2.8% last quarter, seasonally adjusted, but rose 14.7% for the year.


Good to see North Korea adding to global tensions. Anyone else want to join in? Muammar - you're not going to let Kim Jong garner all the attention, are you? Iran? Haven't heard much from you lately? Europe? Anyone else care to admit they're skint? Plenty of reasons for the market to be shaky recently. Been a pretty poor morning's work at this trading desk. Scalped MYX off the lows and made beer money on a part-fill in PDY, but I'm on the wrong side of profit-taking in NCR and the on-going slide in that old dog IFN. Lord knows what tempted me to take that one out the kennel...