Thanks Brit and morning crew. Half-time round-up: Energy stocks...

Thanks Brit and morning crew.


Half-time round-up:

Energy stocks steered the ASX lower ahead of this afternoon's Reserve Bank rate decision as US equity futures tracked crude oil and most Asian markets south.

At 1pm EST the ASX 200 was 29 points or 0.6% weaker at 5015 and threatening only its second loss in eight sessions. Energy stocks took the biggest hit, falling 2.1% after crude oil dived almost 6% overnight. West Texas Intermediate crude futures eased a further 53 cents this morning to US$31.09 a barrel.

Resisting the downtrend were IT +1.7%, gold +0.7% and property trusts +0.6%. Notably weak were industrials -1.2%, telecoms -1.3% and materials -1.4%. Australian shares advanced yesterday for a third straight day despite news that Chinese factory activity declined for a sixth straight month.

“We’re in for a period of continuing caution,” Angus Gluskie, managing director at White Funds Management, told Bloomberg. “It’s a period of uncertainty. China remains the biggest concern for investors. If the Chinese situation develops more adversely, it could have greater ramifications.”

US equity futures weakened with crude and Asian markets. Dow futures were recently off 55 points or 0.34%. Hong Kong's Hang Seng was last off 0.49% and Japan's Nikkei 0.3%. China's Shanghai Composite bounced 0.83%.

Spot gold was 90 cents softer at US$1,127.10 an ounce. The dollar was buying 71.08 US cents.


Sluggish session. Has anything held its gains? Volumes seem down. Perhaps understandable when the market has put on 200 points off the low without any notable change in conditions except another stimulus shot from Japan. Trading: not enough volatility or range for my approach. Will be happy with a few subsistence trades. Ahead on BXB. Looking for a pip off GXY. Watching a few.