Thanks Oscar and morning crew. Half-time round-up: A record...

Thanks Oscar and morning crew.


Half-time round-up:

A record night on Wall Street and optimism over a possible cap on crude oil production helped push Australian shares to their highest level in almost four weeks.

At 1pm EST the ASX 200 was 63 points or 1.2% ahead at 5414, the index's first peek above 5400 since October 26, before US election nerves rattled global markets. Mining and yield sectors led the rally, with metals & mining up 2.5%, energy 2.3%, utilities 2.1% and industrials 1.7%.

All four major US share indices broke into record territory overnight in unison for the first time since 1999. Crude oil hit a three-week high amid growing optimism that the OPEC cartel will agree on production curbs.

“Market players are positioning themselves for higher prices, and oil will be in the $50 to $55 range if there is a deal,” Giovanni Staunovo, analyst at UBS Group AG in Zurich told Bloomberg. “OPEC members are building a lot of expectations and taking too much exposure to let a deal fail.”

China's Shanghai Composite rose 0.41% and Hong Kong's Hang Seng 1.11%. Japan's Nikkei was flat following news of an earthquake and tsunami near Fukushima. Dow futures were recently ahead 39 points or 0.21%.

Gold futures rallied $9.90 or 0.82% this morning to US$1,219.80 an ounce. Crude oil futures held steady at US$47.48 a barrel. The dollar was buying 73.94 US cents.


Another upleg in the US overnight and a chance the XJO will take a look at 5500 in the next few days. Volumes have been falling since the US election, but today feels like it might mark a renewal of interest. Yield stocks attracting a bid, as well as miners. Trading: needed a good session after a spanking in ALK yesterday, but no easy wins yet. Speculators taken in PSC and LTR.