Thanks Tweets, lol! Good to have you back. Half-time round-up:
Local shares have advanced for the fourth day this week despite a hint of weakness in the local economy and a mixed morning for regional markets.
At lunchtime the ASX 200 was ahead 14 points or 0.3% at 4546 after setting a fresh three-and-a-half week high early in the session. The big banks were the main drag on the index, pulling the financial sector down 0.5%. Gold shares were the big winners, driving the sector up 3.7%, ahead of utilities +1.3% and industrials +1.1%.
The local services sector continued to contract last month, according to the latest AIG/CBA performance of services index. The index edged up 0.9 to 47.5 points, but remained below the 50-point level that divides expansion from contraction.
"The services sector was sluggish in August, with the gradual withdrawal of fiscal stimulus and the uncertainty surrounding the national political landscape continuing to impact on demand," the report said.
Asian markets were mixed. Japan's Nikkei gained 0.38% in morning trade, but Shanghai was off 0.1% and Hong Kong's Hang Seng near flat at -0.01%. Dow futures were recently at -12.
Crude oil futures eased 18 cents this morning to $74.78 a barrel. The spot gold price was $2.10 weaker at $1,249.20 an ounce. The Aussie dollar was buying 90.97 U.S. cents.
A bit of a damp squib of a morning here, with the market perhaps looking "toppy", short term. Tonight's U.S. action will likely determine whether we break through this resistance level or fall away once more. With a week off coming up, I was looking for short, sharp trades in volatile stocks but didn't find any. Them's the breaks. All the best to all for next week. I'll be back a week from Monday.
