Half-time round-up:
A resurgent banking sector helped the Australian stock market inch towards positive territory this morning despite a weak lead from overseas.
At lunchtime the ASX 200 was down just 5 points or 0.11% at 4894 despite losses in every sector except financials, up 0.9%. Worst hit were the metals & mining sector, down 0.8%, IT -0.9% and consumer staples -0.9%.
The big four banks were all ahead after CBA's profit upgrade late on Friday lit a fire under the sector despite fresh signs of looming interest rate rises this morning. The TD Securities-Melbourne Institute inflation gauge rose 0.3% last month for the second straight month, raising the odds of a rate rise next month.
Asian markets followed Wall Street south. Japan's Nikkei slumped 1.68%, Shanghai was down 0.29% and Hong Kong's Hang Seng 1.1%. Dow futures were a mildly bearish -11 ahead of tonight's public holiday.
Crude oil futures tumbled another 1% this morning to $77.23 a barrel. The spot gold price was 50 cents lower at $1,129.50 an ounce.
A solid start to the week here. I rarely trade the big banks but this morning was a no-brainer - took NAB but ANZ would have been more profitable. Nice bounce trades in DOM and ILU. Skinny scalp in ADO. Grabbed some ENT for a potential third up-wave this arvo or an overnight hold (no U.S. trade tonight to spoil a good set-up for tomorrow).
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Half-time round-up:A resurgent banking sector helped the...
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