Thanks Oscar and morning crew. Well done to our newest thread-launcher, Buffett. Seamless transition.
Half-time round-up:
The ASX declined for a second day as the big banks remained under pressure and soft US futures reflected disappointment at an after-market update from market colossus Apple.
At 1pm EST the ASX 200 was 41 points or 0.7% weaker at 5910 as a poorly-received interim report from ANZ yesterday continued to weigh on sentiment. The financials sector eased 1.1%, telecoms 1.3% following a profit warning from VOC and materials 1.2%. Traditional defensive havens attracted buyers: gold stocks rose 0.4%, health 0.5% and utilities 0.1%.
The ASX 200 hit a two-year high on Monday, but fell back yesterday.
"After inching into new high ground for the year on Monday, the ASX 200 has lacked the momentum to break clearly through resistance," CMC Markets chief market analyst Ric Spooner told Fairfax. "Markets are looking for a catalyst to trigger a change in investor outlook to reignite the uptrend."
US futures retreated with Apple shares in after-market trade after the iPhone maker announced weaker revenue and phone sales than the market anticipated. Apple shares were lately down 1.84%. Nasdaq futures were off 0.26% and S&P 500 futures 0.08%.
In Asia, China's Shanghai Composite dipped 0.15%. Markets in Hong Kong and Japan were closed for public holidays.
Crude oil futures rebounded 38 cents or 0.8% this morning to US$48.08 a barrel. Gold futures were flat at US$1,257 an ounce. The dollar was buying 75.22 US cents.
Big end of the market under pressure again, with some analysts calling a short-term top in the banks. Also a profit warning from VOC and a big stick taken to the likes of GEM, ORA and PGH. The market is likely anticipating the possibility of a weak night ahead in the US following this morning's Apple update, released after the close of regular trade, although US futures indicate mild concern, rather than panic. Trading: got onto GEM and ORA in the opening plunges, then struggled to find out what was going on as CommSec had one of its periodic technical hiccups. Got both away for a profit when they bounced, but it was like trying to land a plane in thick fog with half the instrument panel on the blink.
