Good Morning Fellow Traders, Thanks @Quantum Torus @Ravgnome and...

Good Morning Fellow Traders,

Thanks @Quantum Torus @Ravgnome and AM Loungers. Saying goodbye to October and the Quarterlies. We could be in for a decent day on the ASX - well decent in comparison to ones we've had recently.

The Australian share market has ended more than one per cent higher amid volatile trade that saw shares decline early on fears of escalating trade tensions between the US and China before recovering.

The benchmark S&P/ASX200 index closed up 76.9 points, or 1.34 per cent, at 5805.1 points on Tuesday, rising for the second straight session. The broader All Ordinaries gained 1.3 per cent.

The market turned red at the start following a media report that Washington is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month fail.

"Investors were spooked early in our session on renewed concerns on US China trade but these seemed to have passed over," CommSec market analyst James Tao said.

Markets across Asia steadied after policy makers in China announced further steps to restore confidence in local markets.

"October has been a difficult month and its a long wait to reversing the losses, but there is a bit more optimism coming back into the market," Mr Tao said.

In the local market, healthcare stocks led the recovery for a second straight session, with Mayne Pharma, Ansell and CSL all gaining more than two per cent each.

Consumer staples supplemented the gains, with A2 Milk jumping more than five per cent and supermarket giants Woolworths and Coles-owner Wesfarmers both ending more than one per cent higher.

Mining stocks staged a smart recovery with BHP, Rio Tinto and Fortescue up between 2 to 4 per cent. However, gold miners, considered safe haven assets, lost ground with Evolution and North Star down more than three per cent each.

Beaten down banking stocks continued their recovery ahead of their "earnings season" which kicks of with ANZ on Wednesday. Three of the four major banks rose around two per cent each, with NAB rising 0.6 per cent to $25.11.

Among other stocks, jewellery retailer Lovisa suffered a nearly 19 per cent slide to $6.85 after announcing same-store sales growth had been negative so far in the current financial year.

Meanwhile, the Australian dollar pared losses as investors picked up risky assets despite simmering global trade tensions. It trading at 70.93 US cents at 1630 AEDT on Tuesday, from 70.99 on Monday.

ON THE ASX:
* The S&P/ASX200 closed up 76.9 points, or 1.34 per cent, at 5805.1 points
* The All Ordinaries closed up 74.1 points, or 1.27 per cent, at 5887.9 points
* At 1630 AEDT, the SPI200 futures index was up 67 points, or 1.2 per cent, at 5756.6 points.

CURRENCY SNAPSHOT AT 1630 AEDT:
One Australian dollar buys:
* 70.93 US cents, from 70.99 US cents on Monday
* 79.93 Japanese yen, from 79.47
* 62.34 euro cents, from 62.31
* 55.38 British pence, from 55.32
* 108.26 NZ cents, from 108.48

GOLD:
The spot price of gold in Sydney at 1630 AEDT was $US 1231.20 per fine ounce, from $US1235.80 on Monday.

Major U.S. stock indexes posted modest gains on Tuesday, helped by gains for chip stocks as investors took advantage of cheaper prices following a steep recent pullback for equities.

The consumer staples sector, boosted by Coca-Cola shares, was among the leading sectors a day after a volatile session that pushed the benchmark S&P 500 close to confirming its second correction of 2018.
However, stocks ended off their session lows on Monday and clawed back further on Tuesday.

“This is a continuation of the recovery we saw yesterday,” said Hugh Johnson, chief investment officer with Hugh Johnson Advisors in Albany, New York.
“The silver lining behind the dark cloud is that it’s driven stocks to a level that’s meaningfully under-valued,” Johnson said.

The Dow Jones Industrial Average rose 175.96 points, or 0.72 percent, to 24,618.88, the S&P 500 gained 11.65 points, or 0.44 percent, to 2,652.9 and the Nasdaq Composite added 19.58 points, or 0.28 percent, to 7,069.87.
S&P 500 companies are on pace to have posted a 25.3 percent rise in third-quarter earnings with more than half of the constituents having reported, according to I/B/E/S data from Refinitiv.

But despite the big overall profit increase, some high-profile companies have issued disappointing reports. On Tuesday, General Electric shares tumbled 10.5 percent after its report in which the conglomerate drastically reduced its dividend and said it faced a deeper accounting probe.

“As earnings roll in, most of them have been OK,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.

“It’s just that some of the misses have been of the most well-known companies and it has kind of overshadowed a little bit of the better earnings of smaller companies or less iconic companies.”

U.S. President Donald Trump said he thinks there will be “a great deal” with China on trade, but warned that he has billions of dollars’ worth of new tariffs ready to go if a deal is not possible.

Advancing issues outnumbered declining ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.53-to-1 ratio favored advancers.

The S&P 500 posted 10 new 52-week highs and 25 new lows; the Nasdaq Composite recorded 14 new highs and 189 new lows.

Source: Netwealth Morning Business Roundup

A Halloween brekkie awaits - when did we become so Americanised??



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