The ASX resumed the downward drift of the last week following a mostly negative session in the US and disappointing domestic business investment data.
At 1pm EST the ASX 200 was down 12 points or 0.2% at 5793 and tilting towards a possible fourth loss in five sessions. The index has drifted lower since notching a 21-month high last Thursday as investors digest a welter of corporate earnings results. This morning's winners included QAN, CWN, NEC and EHE.
I.T. was the pick of the sectors with an advance of 0.7%. Also ahead: consumer discretionary +0.6%, industrials +0.2% and financials +0.2%. The metals & mining sector was the biggest drag on the index, falling 2.2%.
The dollar fell around a fifth of a cent following news that business investment slumped 2.5% last quarter, versus expectations for a more moderate decline of 0.5%. The dollar was lately buying 76.73 US cents.
US stocks closed mixed overnight after the Federal Reserve indicated it expected to raise its key rate "fairly soon". While the Dow edged up 0.16% to claim its greatest run of record closes in 30 years, the S&P 500 eased 0.11%
China's Shanghai Composite gave up 0.12% this morning, Hong Kong's Hang Seng 0.13% and Japan's Nikkei 0.48%. Dow futures were recently dead flat.
Crude oil futures rebounded 45 cents or 0.84% this morning to US$54.04 a barrel. Gold futures were $4.90 or 0.4% stronger at US$1,238.20 an ounce.
The XJO is muddling through the earnings season without any major damage, but the reports haven't exactly lit a fire. General reaction seems to be, 'Meh'. That's pretty much how I feel about this morning's trading. Picked up a few BUL on retrace but that may take a few days to come good. Stalked plenty of others without getting an entry. Meh.
