Thanks Endless. Half-time round-up:Shares have clawed back half...

Thanks Endless. Half-time round-up:

Shares have clawed back half of yesterday's losses despite a mid-morning wobble as TV speeches by US President Obama and Republican House Speaker John Boehner highlighted a political impasse over the US debt ceiling.

At lunchtime the ASX 200 was ahead 36 points or 0.8% at 4566, with the big banks and miners accounting for most of the gains. The index halved its gains as President Obama and Republican Boehner delivered TV addresses in the US, but quickly recovered.

President Obama called for both political parties to set aside their differences over raising the US debt ceiling and deliver a compromise solution. However, Boehner, speaking after the President, insisted the President could solve the impasse by signing off on the Republicans' two-stage plan.

US futures deteriorated following the speeches but improved as lunchtime neared. Dow futures were recently off 14 points or 0.1%. The US dollar moved sharply lower as the speeches confirmed the two political parties remain far apart on a solution to the crisis.

Asian markets were mixed. Japan's Nikkei was little changed at +0.04%, Shanghai eased 0.2% and Hong Kong's Hang Seng put on 0.72%.

Crude oil futures rallied 28 cents this morning to US $99.38 a barrel. Spot gold was 60 cents weaker at US $1,614 an ounce.


No progress on the US debt talks and no sign that either side is very interested in a compromise - yet. You can never underestimate the bad will that infuses US politics. Still, the speeches told us nothing we didn't know, so markets are pretty much back where they were beforehand. Been a regulation morning for me, buying lows and selling into recoveries - profits taken in AWE, BLT. AKI barely worth it.