Market wrap: Local traders face a flat start to the week after an uncertain end to last week on Wall Street and commodity markets.
US indexes finished mixed as investors digested weak consumer spending numbers and news that personal saving is at its highest level since 1993, confirming that cautious American consumers are not spending with their usual enthusiasm. The Nasdaq gained 0.47% and is on track for a 20% rise this quarter, its best quarterly performance in six years. The Dow lost 0.4% and the S&P 500 shed 0.15% as both finished down for a second straight week.
There were no stand-out sectors in the US, but financials were marginally stronger and resources stocks marginally weaker after a soft night on commodity markets.
Crude futures dipped back below $70 for a second week of losses. Oil lost 1.5% to end at $69.44. Gold completed its first weekly gain in a month, but was little changed from Thursday at $939. Base metals were mostly softer, with copper down 0.3% and aluminium down 1.95%, but nickel bucked the trend, hitting its highest level in nine months on a weaker US dollar and signs of revival in the steel sector.
Local futures bulls and bears battled to a draw, with the SPI closing up 1 point at 3880, suggesting minimal change at today's market open.
An interesting week ahead. Have we had the "correction we had to have" or is there more to come?
