Daytrading June 15 afternoon

Thanks Lioness and morning crew.


Half-time round-up:

The ASX hit a seven-week low this morning as it fell for a fourth session as weakness in commodities offset hints of stability in Asia.

At 1pm EST the ASX 200 was down 14 points or 0.3% at 5190 after earlier dropping as low as 5170. The metals & mining sector was hit hardest, falling 0.9% after iron ore slid 4.4% overnight, its biggest decline in three weeks. Also weak were materials -0.7%, financials -0.6% and gold -0.8%. The energy sector was up 0.5% despite a slide this morning in West Texas Intermediate of 73 cents or 1.5% to US$47.76 a barrel.

Chinese stocks rebounded from early losses fuelled by news that index-provider MSCI had rejected China's bid to be included in the company's global indices. The Shanghai Composite was lately up 0.88%, Hong Kong's Hang Seng 0.02% and Japan's Nikkei 0.72%. Dow futures were recently ahead 12 points or 0.07%.

The mood on global markets has deteriorated over the last week ahead of central bank meetings this week in the US and Japan, and next week's UK vote on remaining in the European Union.

“The MSCI decision is a disappointment and the risk-off sentiment prevails,” James Audiss, senior investment adviser at Shaw and Partners, told Bloomberg. “Fear is ruling the day with Brexit worries and the upcoming Fed commentary. There’s going to be more volatility.”

Gold futures eased 80 cents or 0.06% this morning to US$1,287.30 an ounce. The dollar was buying 73.59 US cents.


Are we there yet? Brexit has taken 200 points out of the index in a week. Slight suggestion of buying interest today. US futures mildly positive. Rebound brewing? Trading: got a couple of pips out of WGL and should have got a lot more than I did out of TLG. Also mildly ahead in VAH and EDE.