Thanks Oscar and morning crew.
Half-time round-up:
The ASX pushed towards its first weekly gain since mid-February as strength in consumer stocks offset another weak morning for miners.
At 1pm EST the ASX 200 was 33 points or 0.6% ahead at 5774 and on course to end a two-week losing streak with a close above 5730. Highlights included gains in consumer staples +1.5%, utilities +1.2% and consumer discretionary +1.1%. Overnight weakness in key commodities dragged the gold sector down 0.8% towards a sixth straight loss. The metals & mining sector declined 0.6% and materials 0.1%.
Overnight, the S&P 500 in the US broke its losing run with a slim rise of 0.08% as energy stocks recouped some of Wednesday night's heavy losses. Crude oil futures bounced 42 cents or 0.85% this morning to US$49.70 a barrel.
"Equity markets are tired from the Trump led rally and are in need of a rest," Fat Prophets CEO Angus Geddes told Fairfax. "But I think the corrective phase in stock markets will be confined to no more than 5%, maybe 10% at an absolute stretch."
China's Shanghai Composite drifted 0.02% lower, Hong Kong's Hang Seng gained 0.23% and Japan's Nikkei 1.23%. Dow futures were recently up 51 points or 0.24%.
US gold futures fell below $1,200 an ounce this morning for the first time since early February. Gold futures were lately down $5.50 or 0.45% at US$1,197.80 an ounce. The dollar was buying 75.2 US cents.
Been a 'treading water' week, suggesting uncertainty as to where we go from here. Most commentators are suggesting a retrace, but the market thrives on trading against expectations. When the vocal majority says down, the market does the opposite. Trading: scrappy morning. Mucked about with FBR, LMG and EGH without any significant return to date.
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