daytrading may 2 afternoon

Thanks Endless.

Half-time round-up:

Australian stocks struggled for traction a day after hitting a nine-month high as a first-half profit of $2.97 billion from ANZ failed to lift the financial sector.

At lunchtime the ASX 200 was unchanged at 4430 as falls among the big banks, Telstra, utilities and small caps were offset by gains across the rest of the market. The financial sector dipped 0.5% despite ANZ's record result. Utilities were hit by a 6% slump in APA Group after its largest shareholder sold its stake.

"It was a big run yesterday afternoon, so I think we have to be realistic to think that our market needs to balance itself out a little bit," Macquarie Private Wealth division director Lucinda Chan told Fairfax.

Asian markets returned from public holidays in upbeat mood after overnight gains in the US and the UK. Shanghai rallied 0.92% and Hong Kong's Hang Seng put on 0.74%. Japan's Nikkei was little changed at +0.01%. Dow futures were recently up seven points or less than 0.1%.

The final version of HSBC's Chinese manufacturing measure showed a modest improvement from the "flash" version announced last month. The purchasing managers' index ticked up from a flash reading of 49.1 to 49.3, still under the 50-point level that indicates expansion.

Crude oil futures eased 12 cents this morning to US$105.86 a barrel. Spot gold was $4 weaker at US$1,658.80 an ounce. The dollar was buying US$1.0343.


The XJO has put on 70 points in two sessions, so I guess it's due a breather. There may be a pause for a few days while people wait to see how much of the rate cut the banks pass on. Been a scratchy morning at this trading desk. Minor gain in ACB. Caught SYD near the low and looking for a bounce. Underwater on a speculator in AZH. Looks overdone.