Thanks Oscar and morning crew.
Half-time round-up:
A share market rally from three-week lows stalled this morning as news of a slowdown in Chinese industrial output hit resource stocks
At 1pm EST the ASX 200 was six points or 0.1% lower at 5831 after earlier hitting 5806, the index's weakest reading since April 20. A promising recovery faltered following the midday release of economic data showing Chinese growth stuttered last month. Industrial production increased by a lower-than-expected 6.5% on the same month last year, compared to growth of 7.6% the previous month. Economists had expected growth to ease to 7%. April retail sales and fixed asset investments were also weaker than anticipated. Read more here.
The Chinese miss helped drag the metals & mining sector down 0.6% and materials 0.4%, offsetting gains in telecoms +0.9%, financials +0.2% and utilities +0.3%. The dollar also pared gains, lately trading at 74 US cents.
China's Shanghai Composite took the data in its stride, last up 0.2%. Hong Kong's Hang Seng added 0.46%, while Japan's Nikkei dipped 0.21%. Dow futures were recently up 32 points or 0.15%.
Crude oil futures began the week with a modest rise of 57 cents or 1.19% to US$48.41 a barrel. Gold futures edged up $2 or 0.16% to US$1,229.70 an ounce.
Unusually large miss by the Chinese economic data nipped the ASX reversal in the bud. China still showing good growth, but the recent run is softening. Trading: caught the bounce in ICG for a good start. Also took AHY, but no easy money there yet.
- Forums
- ASX - Day Trading
- Day Trading May 15 afternoon
Day Trading May 15 afternoon
-
- There are more pages in this discussion • 92 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
AHK
ARK MINES LIMITED
Ben Emery, Executive Director
Ben Emery
Executive Director
SPONSORED BY The Market Online