Morning all
Thanks Trees et al
Local markets look set to open higher for a seventh straight session today, albeit a muted 6 points higher according to SPI futures.
The Bank of England left its key interest rate at a record low and signaled it's readying stimulus for August as the economy reels from Britain's decision to quit the European Union.
The Italian version of Brexit looms over World markets, and has the potential to really throw a spanner into the works.
Italian Banks are basically rooted, need upto 40 Billion Euros and concerns are whether this is in the form of direct cash injections or bail ins from customers where they have their savings reduced by the Bank. Lovely.
Stoxx 50 +1.3%, FTSE -0.2%, CAC +1.2%, DAX +1.4%
Financial stocks led the S&P 500 and the Dow industrials to record highs on Thursday after JPMorgan's strong quarterly results, while upbeat economic data cemented bets that the current rally on Wall Street can chug along.
JPMorgan, the biggest U.S. bank, reported a much better-than-expected rise in quarterly revenue.
The bank's shares rose 1.5 percent to $64.12, while the S&P financial index rose 0.89 percent.
Support for stocks came also in the form of strong U.S. economic data.
Filings for unemployment benefits unexpectedly held steady near a 43-year low last week, while producer prices recorded their biggest gain in a year in June.
Besides banks, cyclical sectors like materials, technology and consumer discretionary, expected to outperform in an environment of economic expansion, also posted strong gains while the only sector to post a loss was defensive utilities.
"We had a couple of good data points and on that basis the market has continued to grind higher," said Phil Orlando, chief equity market strategist at Federated Investors in New York. 1
On Wall St, Dow +0.7%, S&P 500 +0.5%, Nasdaq +0.6%
Brent crude +2.1% to $US47.21 a barrel
Iron ore -1.2% to $US58.47 per tonne
Gold prices ended the U.S. day session down on profit taking from recent gains and amid a “risk-on” day in the marketplace. The yellow metal hit a new low for the week in early U.S. trading, but then rebounded off its lows on some bargain-hunting buying interest. August Comex gold was last down $11.70 an ounce at $1,332.00. September Comex silver was last down $0.093 at $20.32 an ounce. 2
HUI - .4%
AUD Gold $1748
AUD .7633
On Today
China GDP
Have a good day
1 Reuters
2 *****
Expand
