daytrading july 24 afternoon

Thanks Suzie.

Half-time round-up:

Australian stocks declined for a third session following credit outlook downgrades for three of Europe's strongest nations but pared losses after signs of improvement in China's manufacturing output.

At lunchtime the ASX 200 was down two points or less than 0.1% at 4126 after earlier extending its three-day decline to more than 90 points. Cyclical sectors accounted for most of the losses, with industrials down 0.7%, financials 0.3% and small caps 0.3%. Utilities, energy, gold and consumer staples were the pick of the rising sectors.

Asian markets traded mixed after Moody's cut its outlook for Germany, the Netherlands and Luxembourg to negative this morning, blaming "rising uncertainty" over the EU debt crisis, and China's flash manufacturing purchasing managers' index delivered its strongest reading since February. The index improved to 49.5 this month from 48.2 in June but remained stuck below the 50-point level that separates expansion from contraction.

Japan's Nikkei eased 0.42% and Shanghai rallied 0.08% after hitting a new 2012 low in early trade. Hong Kong cancelled morning trade on the Hang Seng as Typhoon Vicente hammered the region. Dow futures were recently down six points or less than 0.1%.

Crude oil futures edged up seven cents this morning to US$88.11 a barrel. Spot gold was 30 cents firmer at US$1,576.10 an ounce. The dollar was buying $US1.0285.


Phew. China's manufacturing index didn't shoot the lights out but it was strong enough to stem the falls. Trading volumes remain well below long-term averages but the market has been throwing up a few more opportunities this week. I squeezed a few pips out of RRS and BTU this morning. MNM buy has gone nowhere. Was too slow to pick the low in BBG.