daytrades august 16 afternoon

Thanks Endless. I won't be around tomorrow to open the morning or afternoon threads - last trip to the city for a final check on the damaged shoulder. Anyone able to start either thread, please? I'll be back in place for Thursday.

Half-time round-up: Shares eased this morning for just the second session in six following a cautious outlook from the Reserve Bank and a sell-off in Westpac after it missed profit expectations.

At 1pm the ASX 200 was off 8 points or 0.2% at 4274 as gains in property trusts +1.8%, consumer discretionary stocks +1.6% and utilities +1.2% were offset by falls in financials and materials. Westpac was the main drag on the market, falling more than 3.5% after its third-quarter profit was crimped by slowing borrowing growth.

The market fell as much as 26 points before the 11.30 am release of the minutes from the last Reserve Bank meeting confirmed that international turmoil guided the central bank's decision to leave rates unchanged. The minutes said the risks to global growth have increased.

"The case against tightening at this meeting was that the downside risks to demand had probably increased, as a result of the acute uncertainty in global financial markets," the minutes said. "This in turn could weaken the outlook for demand relative to the central forecast and, over the medium term, dampen the inflation outlook."

Asian markets were mixed this morning after Shanghai surrendered early gains. Japan's Nikkei advanced 0.33%, Shanghai eased 0.26% and Hong Kong's Hang Seng added 0.35%. Dow futures were recently down 12 points or 0.1%.

Crude oil futures retreated 28 cents this morning to US$87.39 a barrel. Spot gold was $4 weaker at US$1,764 an ounce. The dollar was buying US$1.0498.


No surprise to see the market take a well-earned rest after its recent exertions. Good chance the market will find an excuse to back-test at least some of this rally. Does anyone really think Merkel and Sarkozy have a solution to Europe's debt problem? Me neither. I've been waiting for shares to fall back into the 'buy zone' and patience was rewarded in FER and NAV this morning. Just missed ADE at 13.