Daytrading August 10 afternoon

Thanks Brit and morning regulars.


Half-time round-up:

A rebound in the big banks helped the share market shrug off soft Chinese economic data released over the weekend and rise for the first time in four sessions.

At lunchtime the ASX 200 was trading 26 points or 0.5% ahead at 5501 and on track to recoup a fraction of last week's 251-point market rout. The financials sector bounced 0.9% despite an initially tepid reaction to a quarterly update from NAB amid fears that CBA may use Wednesday's full-year results presentation as an opportunity to tap the market for funding.

ANZ fuelled sharp selling in the big banks last week after announcing a capital raising to meet tougher new rules from  the Australian Prudential Regulation Authority. CBA this morning said it had yet to decide whether to seek fresh funds.

The metals & mining sector slipped up 0.2% following weekend news that Chinese exports unexpectedly fell last month and producer prices continued to contract. The Shanghai Composite was lately up 2.33%. Hong Kong's Hang Seng dropped 0.94% and Japan's Nikkei 0.06%. Dow futures were recently up 14 points or almost 0.1%.

“Share markets are likely to remain volatile in the next few months,” Shane Oliver, global strategist at AMP Capital Investors, told Bloomberg. “Uncertainties remain regarding Chinese economic growth and a likely Fed interest-rate hike lies ahead for later this year.”

Crude oil futures cents fell another 31 cents or 0.7% this morning to US$43.56 a barrel. Spot gold was 40 cents weaker at US$1,093.40 an ounce. The dollar was buying 74.01 US cents.


Bounce time. The market is taking CBA at its word, although the wording of its statement this morning leaves plenty of wiggle room to spring a capital raising. May find out on Wednesday. Trading: low-key morning here. Took SFR for a nice swing and caught one of the dips in BUX. Left ANN alone for now - will reconsider if it gets down to the October low.