Thanks Oscar and morning crew.
Half-time round-up:
The share market advanced towards back-to-back gains for the first time this week following a late recovery on Wall Street overnight.
The ASX 200 rallied 35 points or 0.6% to 5978, positioning the index for a positive end to a directionless week during which the White House rattled global markets with plans to impose tariffs on select imports. Australian stocks rose this morning after President Trump hinted Australia may be exempted from the new tariffs on steel and aluminium.
Industrial stocks led the advance, rising 1.1%, followed by consumer staples 0.9%, IT 0.9% and consumer discretionary 0.9%. The gold sector declined 0.8%, energy 0.7% and metals & mining 0.5%.
US stocks rallied late in the session after the White House softened its position on tariffs. The S&P 500 pulled out of the red to a gain of 0.45%. S&P 500 futures were recently up three points or 0.11%.
“This is something that bites less than what the rhetoric was last week,” Chuck Carlson, Chief Executive Officer at Horizon Investment Services in the US, told Reuters about the revised tariff plan. “It’s a softer play on the idea than the original ‘sky was falling’ reaction last week when it sounded like it was going to be across the board, no ifs, ands or buts, and everybody was just going to get hammered.”
China's Shanghai Composite put on 0.15%, Hong Kong's Hang Seng 0.84 % and Japan's Nikkei 2.18%.
Crude oil futures improved 27 cents or 0.45% this morning to US$60.39 a barrel. Gold futures faded $3.70 or 0.28% to US$1,318 an ounce. The dollar was buying 77.78 US cents.
Trading: BD1 looked set for a pullback as soon as it failed to reach yesterday's high. A few seemed a little over-eager to buy the retrace. Worth bearing in mind that intraday retraces tend to be deeper than most expect when a share has run as hard as this one and most are in profit. I like to see a double-digit decline before dipping a toe, and even then usually start small and pyramid in. 2.5c was a safe scalp entry for a pip. Could have had two, but hey, it's Friday and afternoon runs are less likely when traders are looking to clear the books for the weekend. Good chance of another trade in this on Monday.
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- Afternoon trading March 9
Thanks Oscar and morning crew. Half-time round-up: The share...
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