Half-time round-up:
Deteriorating U.S. futures, a weak lead from overseas and a mixed bag of profit reports dragged the Australian stock market lower this morning.
At lunchtime the ASX 200 was down 51 points or 1.16% at 4409 as the local market finally recognised falls in European and north American bourses last week. Leading the falls were financials, down 2.2% after CBA went ex-dividend, materials at -1.8% and metals & mining, down 1.8%.
NCM's 85% lift in annual profit dragged the gold sector up 0.8%. Also reporting this morning, NHF rallied nearly 10% on an improved profit outlook but ANN, BSL and IMD sold off.
Asian markets were hit hard. The Nikkei lost 2.24% and the Hang Seng 3.14%. Dow futures were recently pointing to a weak start to US trade tonight, down 61 points or 0.65%. Gold futures deteriorated, falling more than $3 to $943.10. Crude oil futures also dropped, recently trading more than 50 cents lower at $66.89.
Solid morning here. Rode IAG from the open for a quick 10 points. Caught MOL on the retrace but underestimated how hard it would bounce. Also made a point or two on bounces in VMG and UMC.
Potential overnight holds: US futures suggest caution and I probably won't add before the close. But for the bold, NCM and NHF are strongly up after reporting this morning. Also MMR/BUY should see some follow-through tomorrow if they hold gains into the close.
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