Thanks @Quantum Torus@Ravgnome and AM Loungers. Interesting and varied conversation in the Lounge last night.We would have all been around to your place @Quantum Torus for a cleaning bee but we don't know where you live - phew.@RockstarJones got on the turps, @babysteps manipulated the lithium market and @mirren wants to set up a dating site company to float on the ASX. Never a dull moment.
Last thread open for me before I leave the glorious Qld weather and head down south for a week of rain and wind. I shall leave you in the capable hands of @Endless and @RockstarJones during my sabbatical. I shall try not to look at the markets.
The Australian share market has closed lower, dragged down by the materials sector following Rio Tinto's first-half earnings miss and further concerns over the trade war between the US and China.
The benchmark S&P/ASX200 index ended down 34.8 points, or 0.55 per cent, at 6,240.9 points on Thursday, while the All Ordinaries was down 34.4 points, or 0.54 per cent, to 6,327.7 points.
Commodity prices fell after US President Donald Trump proposed increasing tariffs on $US200 billion worth of Chinese imports from 10 per cent to 25 per cent in an escalation of recent trade tensions.
CMC Markets chief strategist Michael McCarthy said this, combined with Rio Tinto's half-year net profit coming in below expectations, caused the materials sector to finish Thursday down almost across the board.
"Most analysts see (trade war) as having an impact on global growth, and of course important industrial commodities like copper and oil are very sensitive to changes in that demand," Mr McCarthy said.
Rio Tinto hit a more a than three-month low, closing down $4.00, or 4.9 per cent, at $77.65, while BHP was down 3.3 per cent to $33.92.
BHP was also hit by workers at its giant Escondida copper mine in Chile voting to go on strike.
The Australian dollar fell on a combination of China worries, weaker Asian markets and pressure from the strengthening US dollar.
This is despite Australia's trade surplus rising to $1.87 billion for June, according to ABS data released on Thursday - a dramatic increase from the $725 million recorded in May.
The Federal Reserve in the US ended a two-day policy meeting and reported the strength of its economy and kept interest rates unchanged.
The Aussie was buying 73.80 US cents at 1700 AEST, down from 74.07 US cents on Wednesday.
ON THE ASX:
* The benchmark S&P/ASX 200 index closed down 34.8 points, or 0.55 per cent, at 6,240.9 points
* The broader All Ordinaries index was down 34.4 points, or 0.54 per cent, to 6,327.7 points.
* The SPI200 futures contract was down 34 points, or 0.55 per cent, to 6,192.0 points at 1630 AEST.
CURRENCY SNAPSHOT AT 1700 AEST:
One Australian dollar buys:
* 73.8 US cents, from 74.07 US cents on Wednesday
* 82.403 Japanese yen, from 83.038
* 63.44 euro cents, from 63.41
* 56.40 British pence, from 56.48
* 108.97 NZ cents, from 109.05
GOLD:
The spot price of gold in Sydney at 1700 AEST was $US1,218.17 per fine ounce, down from $US1,220.81 per fine ounce on Wednesday.
Technology stocks pushed the S&P 500 and Nasdaq higher on Thursday, driven by Apple shares as the iPhone maker became the first publicly traded U.S. company worth a trillion dollars.
Based on the latest available data, the Dow Jones Industrial Average .DJI fell 7.33 points, or 0.03 percent, to 25,326.49, the S&P 500 .SPX gained 13.91 points, or 0.49 percent, to 2,827.27 and the Nasdaq Composite .IXIC added 95.40 points, or 1.24 percent, to 7,802.69.
Source: Netwealth Morning Business Roundup
Join me in the sunshine for Poached Eggs with Spinach and Bacon on Muffins. Hydrate with juice and yes, there is coffee.
In consideration of others, PLEASE include the STOCK CODE in all your posts.
Happy trading, play nicely and make informed decisions.
