Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.
Outlook for the day: Negative following a second day of falls in the US and declines in iron ore, crude, nickel and gold. The ASX 200 has risen for seven straight sessions, closing yesterday at a two-month high.
ASX futures: down 29 points or 0.4%
Overnight themes:
- US stocks fall for a second night as trade resumes after the Juneteenth long weekend. Commentators blame "profit taking" after the S&P 500 and Nasdaq closed last week at their highest in 14 months.
- “We’ve had a significant run. As we enter a new albeit holiday-shortened week, we’ve got to find credible reasons to continue to grind higher against the forces of negativity that still linger around potential recession" - Art Hogan, chief market strategist at B. Riley Financial.
- Stocks fall as strong housing data raises the prospect of further rate hikes and after fresh Chinese stimulus measures raise questions about the outlook for global growth.
- New housing starts log their biggest surge since 1990. The upswing suggests the housing market may be regaining traction after a rates-induced cooldown.
- China lowers loan prime rates by ten basis points, disappointing some economists who called for bigger cuts. The People's Bank cut policy rates last week.
- Iron ore retreats from a two-month high following the widely-expected China lending cuts. Oil and several base metals also decline. Navigate Commodities managing director Atilla Widnell says traders hoped for bolder moves from Chinese authorities to stimulate demand: "The latest rate decision signals that the [People's Bank of China] will be measured and targeted – highly disappointing for China and iron ore bulls."
- Ten of eleven US sectors fall. Energy and materials hit hardest. Consumer discretionary is the only gainer.
Key events today:
- Testimony from Federal Reserve Chair Powell before the House Financial Services Committee - tonight
S&P 500: down 21 points or 0.47%
Dow: down 245 points or 0.72%
Nasdaq: down 22 points or 0.16%
Dollar: down 0.92% to 67.87 US cents
Iron ore (Dalian): down 0.9% to US$112.47
Brent crude: down 19 US cents or 0.3% to US$75.90
Gold: down US$23.50 or 1.2% to US$1,947.70
NYSE Arca Gold Bugs: down 3.99%
Copper (LME): up 0.3% to US$8,566
Nickel (LME): down 2.53% to US$21,960
Global X Lithium & Battery Tech ETF: down 1.45%
BHP: down 1.28% (US); down 1.04 % (UK)
Rio Tinto: down 2.4% (US); down 1.17% (UK)
- Forums
- ASX - Day Trading
- Day trading pre-market open June 21
Day trading pre-market open June 21
-
- There are more pages in this discussion • 24 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
ACW
ACTINOGEN MEDICAL LIMITED
Steven Gourlay, CEO
Steven Gourlay
CEO
Previous Video
Next Video
SPONSORED BY The Market Online