Thanks @Quantum Torus, @Ravgnome and AM Loungers. No football news but will be some tomorrow
Wonder if there will be another nice runner or two for us today.
The Australian share market has closed higher for a third straight trading session, buoyed by mining and financial stocks.
The benchmark S&P/ASX 200 index closed up 13.7 points, or 0.22 per cent at 6,286 points on Monday at a fresh 10 1/2-year high, while the All Ordinaries index gained 10.7 points, or 0.17 per cent, at 6,366.4 points.
Patersons Securities economist Tony Farnham says the local market has shrugged off tariff concerns despite a great deal of uncertainty remaining.
"It's almost like a world of fantasy or make believe," he said.
The first round of US tariffs on $US34 billion of Chinese imports took effect on Friday, which saw a reciprocal move by the Chinese.
The materials sector was the top performer locally, in part because of a weaker US dollar, Mr Farnham said.
Resource heavyweight BHP Billiton also benefited from unconfirmed reports US oil giant BP is in the lead to acquire its US onshore shale oil and gas assets for more than $US10 billion.
BHP jumped 2.1 per cent to $71.00, Rio Tinto rose 1.4 per cent to $80.91 and Iluka Resources added 2.1 per cent to $11.49.
The local heavyweight financials sector also performed strongly ahead of earnings results from major US banks, including Citigroup, JPMorgan and Wells Fargo on Friday, Mr Farnham said.
Investment bank Macquarie Group rose 0.5 per cent to $123.63, financial services firm Perpetual gained one per cent to $43.89 and Commonwealth Bank added 0.6 per cent to $76.10.
Meanwhile, the Australian dollar rose as the greenback came under pressure after weaker-than-expected US wages growth on Friday.
The Australian dollar was trading at 74.60 US cents at 1700 AEST on Monday, up from 74.09 US cents on Friday.
ON THE ASX:
* The benchmark S&P/ASX 200 was up 13.7 points, or 0.2 per cent, at 6,286.
* The broader All Ordinaries index was up 10.7 points, or 0.17 per cent, at 6,366.4 points
* The SPI200 futures contract was up 16 points, or 0.26 per cent, at 6,240 points at 1630 AEST
CURRENCY SNAPSHOT AT 1700 AEST:
One Australian dollar buys:
* 74.60 US cents, from 74.09 US cents on Friday
* 82.431 Japanese yen, from 81.957 yen
* 63.42 euro cents, from 63.21 euro cents
* 56.06 British pence, from 55.96 pence
* 109.09 NZ cents, from 108.71 cents
GOLD:
The spot price of gold in Sydney at 1700 AEST was $US1,260.20 per fine ounce, up from $US1,256.49 per fine ounce on Friday.
U.S. stocks rose on Monday, giving the Dow and S&P 500 their biggest gains in more than a month, as bank shares jumped ahead of earnings reports later this week.
Industrial, energy and consumer discretionary shares also rose sharply, while S&P utilities and telecommunications - among the market’s recent outperformers - led percentage declines.
The S&P banks index climbed 2.7 percent, registering its biggest daily percentage gain since March 26. The S&P 500 financial index rose 2.3 percent, leading gains among sectors.
JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc are scheduled to report results on Friday, kicking off the second-quarter earnings season in earnest.
“We’re on the eve of what’s going to be a dynamite earnings season,” for the S&P 500 overall, said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
A stronger economy and plans for more buybacks also are helping bank shares, he said.
Investors may also be shifting their focus for now away from trade tensions between the United States and China. The two countries slapped tit-for-tat tariffs on $34 billion of each other’s goods on Friday.
“The angst going into last Friday was pretty significant, and now, with the realization that we’re here and the world hasn’t come to an end,... the money is falling in,” Hellwig said.
Helping to boost the Dow, Caterpillar Inc rose 4.1 percent. The S&P industrial sector jumped 1.8 percent. Caterpillar and other industrials have been among hardest hit by recent trade worries.
The Dow Jones Industrial Average rose 320.11 points, or 1.31 percent, to 24,776.59, the S&P 500 gained 24.35 points, or 0.88 percent, to 2,784.17 and the Nasdaq Composite added 67.81 points, or 0.88 percent, to 7,756.20.
A Bank of America Merrill Lynch research report showed earnings per share for S&P 500 companies for 2018 was revised higher amid better-than-expected first-quarter results, higher oil prices and stronger-than-expected U.S. economic growth.
U.S. analysts’ estimates for S&P 500 second-quarter profit growth have risen slightly since April, putting the latest forecast at around 21 percent, according to Thomson Reuters data.
Twitter Inc sank after the Washington Post reported that the social media company suspended more than 70 million fake accounts in May and June, which analysts said could be negative for user growth, but it pared losses after its CFO tweeted that most accounts Twitter removes are not included in reported metrics. The stock ended down 5.4 percent.
Advancing issues outnumbered declining ones on the NYSE by a 1.77-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored advancers.
The S&P 500 posted 21 new 52-week highs and no new lows; the Nasdaq Composite recorded 142 new highs and 30 new lows.
Source: Netwealth Morning Business Roundup
A breakfast to boost your immune system at this time of year. Oats with Assorted Fruit and Nuts accompanied by a Green and Orange Smoothie.
In consideration of others, PLEASE include the STOCK CODE in all your posts.
Happy trading, play nicely and make informed decisions.
