Daytrading April 14 afternoon

Thanks Brit - hope your day improved.


Half-time round-up:

Shares have retreated for a second day as 11-week lows in the big miners overshadowed a pick-up in business confidence and conditions.

At lunchtime the ASX 200 was trading seven points or 0.1% lower at 5953 with rising sectors such as energy +0.4%, industrials +0.3% and health +0.1% outweighed by declines across the rest of the boards. The metals & mining sector fell 1% as BHP hit its lowest level since January 29 and Rio Tinto since January 20. The falls came as UBS analysts became the latest to cut their outlook for iron ore, following downgrades overnight from Citigroup and S&P. UBS also cut its long-term prediction for the Australian dollar to 75c from 80c. The Aussie was lately buying 76.24 US cents.

Business sentiment and conditions picked up last month, according to the latest NAB survey. Confidence lifted three points to +3 and conditions four points to +6.

"Low interest rates are continuing to have a notable impact on the particularly sensitive sectors of the economy, like investor housing, but pass-through to the broader economy has been somewhat limited," NAB chief economist Alan Oster told Fairfax. "Business credit growth has improved in recent months and ABS data on retail sales are suggesting that consumer spending may be a little better than expected."

The Hong Kong share market turned negative following several days of sharp gains, but China extended its rally. China's Shanghai Composite was lately up 0.46%, Hong Kong's Hang Seng down 0.9% and Japan's Nikkei little changed at -0.04%. Dow futures were recently ahead 25 points or more than 0.1%.

Crude oil futures rallied 54 cents this morning to US$52.45 a barrel. Spot gold was 40 cents higher at US$1,199.70 an ounce.


Seems remarkable how long it has taken some of the "smartest guys in the room" to lower their iron ore expectations. Hello Citigroup, S&P, UBS? That horse bolted months ago. Where were you when a downgrade might have been useful to your investors? Trading: ERJ hasn't played out as tidily as hoped. Will reassess nearer the close. Got something out of AZK but rushed the profit. MIN from yesterday looking brighter as the day wears on - potential reversal?