Thanks Brit and morning crew.
Half-time round-up:
A bullish morning on the ASX saw the benchmark index crack 5200 for the first time in a month as resource stocks rebounded after fears of a post-Doha crash in oil proved unfounded.
At 1pm EST the ASX 200 was 57 points or 1.1% ahead at 5194 and within reach of the index's fifth advance in six sessions after earlier touching a four-week high at 5219. Leading the rally were the metals & mining sector +3.5%, energy +3.2%, materials +3% and financials +1.4%.
The benchmark index declined yesterday amid a sell-off in crude oil after major producing nations meeting in Doha failed to agree on production cuts. However, crude pared losses in overnight action.
“Markets reversed much of the post Doha price action in energy and currencies,” analysts at ANZ told
Bloomberg. “Sentiment was also supported by positive comments on the US and European outlook by [US Federal Reserve Board member William] Dudley and improved US corporate earnings.”
The consumer discretionary sector slid 0.3% after the minutes of the last Reserve Bank meeting showed the central bank is in no hurry to cut rates, despite concerns about recent appreciation in the dollar. The bank has held the cash rate at a record low 2% for ten straight meetings.
China's Shanghai Composite bounced 0.69%, Hong Kong's Hang Seng 0.77% and Japan's Nikkei 3.41%. Dow futures were recently down 26 points or 0.15%.
Crude oil futures eased 15 cents or 0.4% this morning to US$39.63 a barrel. Gold futures were $2.60 or 0.2% weaker at US$1,232.40 an ounce. The dollar was buying 77.73 US cents.
Anyone want to form a lithium joint venture? The Board and I think it will boost my languishing market value. We don't actually want to look for the stuff - just announce the venture, cash in our shares and sail off to Tahiti on our yachts. Everyone is doing it! What can possibly go wrong? Trading: clipped tickets in PIO, CAJ and JBH.
