Thanks Haplo and regulars. Also CharterBoat for this morning - much appreciated.
Half-time round-up:
The share market overcame early weakness to inch higher for a third day as domestic economic data beat expectations and US futures steadily improved.
At lunchtime the ASX 200 was three points or 0.1 % ahead at 5633 with gains in energy stocks +1.3%, telecoms +0.9% and health +0.5% balancing falls in utilities -1.6%, gold -0.6% and metals & mining -0.2%.
“Shares are no longer dirt cheap but they’re not expensive either,” Shane Oliver, global strategist at AMP Capital Investors, told
Bloomberg. “The broad environment for shares remains favorable. Valuations look okay and monetary conditions are very easy.”
The market rallied ahead of this afternoon's Reserve Bank cash rate decision after monthly updates on building approvals and the national balance of payments. Building approvals rebounded during July, rising 2.5% following a 3.8% reversal in June. Economists had anticipated a rise of 1.9%, according to Fairfax.
A sharp decline in exports blew the current account deficit out to $13.7 billion last quarter from $7.8 billion over the first three months of the year. The deficit fell just shy of the expected $14 million shortfall. Exports declined 7%, while imports rose 1%.
Dow futures were recently up 16 points or 0.1%. China's Shanghai Composite was up 0.36%, Hong Kong's Hang Seng down 0.25% and Japan's Nikkei ahead 1.25%.
Crude oil futures rallied 13 cents this morning to US$95.80 a barrel. Spot gold was $6.10 weaker at US$1,282 an ounce. The dollar was buying 93.16 US cents.
Big drop in gold this morning. Not sure what that is about. Trading: hesitancy at crucial moments cost me this morning. Took a hard look at both BCT and SBB at their lows, then got distracted; by the time my attention was back they had gone. Was also left at the altar by KEY, thanks in part to CXA shenanigans. Have to have the courage of your convictions in this game. Did catch the bounce in ALL and took a reluctant profit in AXC after some crowding of the sell queue.
