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

Thanks Brit and morning crew.


Half-time round-up:

Australian shares edged to an eight-week high at the end of a strong week as traders awaited a US jobs report tonight and China' annual economic outlook statement.

At 1pm EST the ASX 200 was 12 points or 0.2% at 5093 and within reach of a fifth straight advance. At this morning's peak the benchmark index had put on 225 points or more than 4% in five sessions.

Resource stocks again provided much of the momentum, with the gold sector up 2.6%, metals & mining 1.8%, materials 1.3% and financials 1%. Traditional defensives fell back, including property trusts -1.9%, health 1.1% and utilities 1%.

“It would not surprise me to see traders finish the week on a cautious note ahead of China’s National People’s Congress this weekend and the US jobs data tonight,” Ric Spooner, chief market analyst at CMC Markets, told Bloomberg. “The question of where China’s authorities stand on balance between short-term economic stimulus and longer-term structural reform is a key issue for world markets.”

Asian markets were mixed. China's Shanghai Composite declined 0.69%, Hong Kong's Hang Seng advanced 0.33% and Japan's Nikkei fell 0.34%. Dow futures were recently one points or 0.01% ahead.

Crude oil futures improved 11 cents this morning to US$34.73 a barrel. Spot gold was 20 cents softer at US$1,258 an ounce. The dollar was buying 73.54 US cents.


Market is looking a lot brighter at the end of this week than where it started. Eight-week high and a 'higher high' to confirm the 'higher low' at the start of the week/end of the last. Chance for a run up to 5300? Dollar strength appears to be helping. Trading: traded MSB twice from around the same level. Also taken positions in CTX (again - lost yesterday), MTS and DMP. Purely DTs - fishing for temporary bounces. None look likely yet.