* US markets finished lower in a choppy session, as tech earnings disappointed and bond auctions in the eurozone blew out again.
* European stock markets ended lower, led by the Spanish market as bond prices soared overnight.
* Asian stock markets rallied yesterday, as traders took their cue from the positive news out of the eurozone and strong US corporate earnings, but expect a rebound today.
* Commodities prices were lower, with Gold prices trading around $US1,640, while crude-oil closed around $US102.
Australian shares are expected to ease today, after stocks overseas saw short-term profit-taking. Markets turned around to close lower overnight in Europe and in the US. We are seeing rotation in the US market from the high flying tech stocks into the beaten down mining companies, so watch for this theme to play out in our market.
The SPI Futures is trading above the key pivot level of 4250, ending down -0.1% (or -6 points) at 4,355. The key levels for our index today are 4280 to 4370. Note it is index options expiry today.
See below for ASX listed companies in the news today.
US Markets
US markets finished lower in a choppy session, as tech earnings disappointed and bond auctions in the eurozone blew out again.
All ten company groups that make up the S&P index traded lower, with Materials down -0.3%, Energy down -0.2%, Financials down -0.7%, Industrials were down -0.4%, Technology was down -0.8%, while Consumer Staples were down -0.1%.
The Dow Jones closed down -0.6% (or -83 points) at 13,032, the S&P 500 index down -0.4% (or -5 points) at 1,385, the Nasdaq ended down -0.4% (or -11 points) at 3,031 and the smaller cap Russell 2000 was down -0.9%.
European Markets
European stock markets ended lower, led by the Spanish market as bond prices soared overnight. The Stoxx Europe 600 index fell -0.7%.
In London the FTSE 100 index last closed down -0.4% (or -21 points) at 5,766, the German DAX was last down -1.0% (or -69 points) at 6,732 while in France the CAC was last down -1.6% (or -52 points) at 3,240, Spain was down -4.0% and Italy ended down -2.4%.
Asian Markets
Asian stock markets rallied yesterday, as traders took their cue from the positive news out of the eurozone and strong US corporate earnings. Across the region it was a “risk-on” day as technology, mining and banking stocks led the charge. In Japan the Nikkei Stock Average bounced 2.1%, with the exporters benefiting from a pullback in the yen.
In China the SSE Composite closed up 2.0% (or 46 points) at 2,380, while in Hong Kong the Hang Seng Index closed up 1.1% (or 218 points) at 20,780 and in Japan the Nikkei 225 Index closed up 2.1% (or 202 points) at 9,667. The South Korean KOSPI was up 1.0% for the session, while the Indian market closed up 0.2%.
Commodities
The Dollar Index was higher at 79.53 on a lower Euro, while the Australian Dollar last traded higher at 1.0345. Commodities prices traded generally lower.
For the session the benchmark crude NYMEX for April delivery was up 0.1% (or $US0.12) to settle at $US102.79. Copper prices are backing off key resistance levels as Copper for April delivery was down -0.6% (or -2 cents) at $US3.6140. April gold was down -0.6% (or -$US10.20) at $US1,640.
ASX News Today
BHP – BHP Billiton’s latest production figures have met expectations but the miner warns that the effect of strikes at its Queensland coal mines may be substantial.
BOQ – Bank of Queensland has outlined its highly anticipated turnaround plan after posting a $90.6 million first half loss.
CDU – CuDeco the copper miner has received the go-ahead from the Queensland government to build a new ship loading and storage facility in Townsville.
CSS – Clean Seas Tuna says a breakout of enteritis among Yellowtail Kingfish is causing financial concerns.
FUN – Funtastic, the toy distributor, says kids electric scooters will take Australia by storm this Christmas following runaway success in the United States.
GRR – Grange Resources shares rose after the iron ore pellet producer reported an improvement in first quarter production from its Savage River mine in Tasmania.
MCR – Mincor Resources, the nickel miner, has reported a lift in 3Q output and says it is on track to meet its full year production targets.
PRU – Perseus Mining says it is on track to deliver on its gold production targets for the June quarter.
PSA – Petsec Energy has booked a slump in first quarter revenue after US production and gas prices fell.
RIO – Rio Tinto increased production of key commodities including iron ore and coal in the March quarter, but copper output fell by 18 percent due to lower grades at its US operations, according to the mining giant’s March quarter productivity results.
WDC – Westfield Group will sell off eight shopping centres in the US for $US1.15 billion so it can pay down debt and invest in developments like the new World Trade Centre.
WHC – The friendly takeover of Nathan Tinkler’s Aston Resources by Whitehaven Coal has received final approval.
Corporate News
Ex-dividend Date
None
Market Summary
ASX – to open lower
US & UK/Europe – lower
Commodities Stock Index down -0.7%
Gold Stocks Index down -0.6%
Oil Stocks Index down -0.8%
US ADRs – Broadly Lower
By Michael Hevern
Tags: Asian Markets, ASX, ASX News, Business News, Commodities, Crude Oil, European Markets, Ex Dividend, gold price, Nasdaq, Stock Market Analysis, stockmarket, trading, US Market wrap
