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paddington bear

18,002 Posts.

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18/09/19

07:26

Post #: 40459982
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Originally posted by highlandlad ↑

Morning traders. Thanks @ttward and lounge lizards.

Overnight round-up and day ahead:

The month-long stock market revival may continue after Wall Street edged higher and crude oil fell sharply.

ASX SPI200 index futures rose nine points or 0.1 per cent to 6703, hinting at a sixth day of gains ahead of tonight's US Federal Reserve rate decision. The benchmark Australian index has muddled higher through this week's "oil shock", advancing 22 points or 0.3 per cent yesterday to a seven-week high.

US stocks were boosted by news that Saudi crude production will be back online by the end of the month - significantly sooner that some analysts anticipated. Energy Minister Prince Abdulaziz bin Salman told reporters that 50 per cent of production lost to weekend drone attacks had already been restored and the shortfall in output would be made up by drawing down on national reserves. The news sent Brent crude futures down $4.47 or 6.5 per cent to $US64.55 per barrel.

Wall Street extended gains after President Donald Trump told reporters he no longer thought it would be necessary to release US petroleum reserves to help stabilise prices. Trump also dangled the prospect of a trade deal with China "maybe soon". Officials from both countries are due to meet in Washington tomorrow to lay the groundwork for formal talks next month.

The S&P 500 kicked on to a closing gain of eight points or 0.26 per cent. The Dow put on 34 points or 0.13 per cent for its ninth gain in ten sessions. The Nasdaq added 32 points or 0.4 per cent.

Bond yields declined ahead of tonight's Fed policy announcement. The US central bank is widely expected to cut the funds rate by 25 basis points for the second time this year. Market interest is expected to focus on the so-called "dot plot", which shows where each committee member expects rates to go in the months ahead.

Mining stocks were a headwind for the local market yesterday as iron ore retreated for a third day. Overnight, BHP's US-listed stock shed 0.88 per cent and its UK-listed stock 1.62 per cent. Rio Tinto lost 0.07 per cent in the US and 1.6 per cent in the UK. The spot price for ore landed in China declined $1.25 or 1.3 per cent to $US96.50 a ton.

Gold inched to a second straight gain, but struggled to build on this week's rebound as the oil price shock started to fade. December gold settled $1.90 or 0.1 per cent ahead at $US1,513.40 an ounce, but gave up those gains in recent action.

Demand for industrial metals was dulled by strength in the US dollar and soft Chinese economic data earlier in the week. London copper slipped 0.9 per cent, aluminium 0.1 per cent, lead 2 per cent, nickel 2 percent, tin 1.7 per cent and zinc 0.7 per cent.

On currency markets, the local dollar remained in a holding pattern at 68.66 US cents.

A slow day ahead for domestic economic news, with no significant releases scheduled. The big interest for local investors is the US reaction to tonight's Fed rates announcement, due at 4am tonight Australian Eastern Standard Time. Australian jobs figures are due tomorrow.

Breakfast
Today is National Cheeseburger Day. Too early for me. I'll go the healthier option.

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Wet and cold again this morning in Sydney. I think I will pass on the breakfast options and head straight for the coffee....

My notes today:

https://hotcopper.com.au/posts/40459874/single
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