Online Stockmarket Trading Update

*  US stock markets finished flat on Friday and have traded sideways over the week.
*  European stock markets edged higher on Friday, managing to end higher for the week.
*  Asian stock markets ended last week lower on Friday, but higher for the week.
*  Commodities prices were mixed, with Gold prices trading around $US1,642, while crude-oil closed around $US104. 

Australian shares are expected to have modest gains today, after stocks were mixed overseas.  Markets edged higher from their open and closed modestly higher for the week in the European markets and in the US.

The SPI Futures is trading above the key pivot level of 4250, ending up 0.2% (or 7 points) at 4,375. The key levels for our index this week are 4250 to 4440. 

See below for ASX listed companies in the news today.
 

US Markets

US stock markets finished flat on Friday and have traded sideways over the week, as traders weighed concerns over the eurozone debt crisis and data showing slowing economic data, against better-than-expected corporate earnings news.

The Dow Jones Industrials Index had its first higher weekly close in a month, after Microsoft and GE delivered better-than-expected results.  In the broader markets the S&P500 and the Nasdaq snapped 2-week losing streaks, with the Nasdaq clinging on to its 3000 level.  The US earnings season picks up this week.

The ten company groups that make up the S&P index traded mixed, with Materials down -0.1%, Energy down -0.2%, Financials down -0.5%, Industrials sector up 0.9%, Technology down -0.4%, while Consumer Staples were up 0.9%.

The Dow Jones closed up 0.5% (or 65 points) at 13,029, the S&P 500 index up 0.1% (or 2 points) at 1,377, the Nasdaq ended down -0.2% (or  -7 points) at 3,007 and the smaller cap Russell 2000 was up 0.6%.

European Markets

European stock markets edged higher on Friday, managing to end higher for the week. The Stoxx Europe 600 index closed up 0.5% and was up 1.7%, its first higher close in 5 weeks.

Across the region banks rallied after a surprise rise in a German business-climate index, energy stocks came under selling pressure after BP fell -1.2% as the US Department of Justice said late that an independent claims audit found the oil group owes an additional $64 million in payments related to the Deepwater Horizon oil spill in April 2010.  Mining stocks rose on the back of higher commodity prices. 

For the week Germany was up 2.5% and in London the FTSE closed up 2.1%. While in France the market ended up 0.2%, as French President Nicolas Sarkozy came second behind Francois Hollande in the first round of the presidential election.

In Friday’s session the FTSE 100 index closed up 0.5% (or 27 points) at  5,772, the German DAX was last up 1.2% (or 79 points) at 6,650 while in France the CAC was last up 0.5% (or 14 points)  at 3,188, Spain was up 1.9% and Italy ended up 0.8%.

Asian Markets

Asian stock markets ended last week lower mostly on lower Friday, but higher for the week.

Asian key markets are holding at or above their 50 day moving averages, with the Hong Kong market outperforming. The Chinese market has bounced strongly in recent weeks, as traders anticipate that the Chinese government will lean towards monetary easing in the near-term.

The main news of last week centred around the Chinese economic growth GDP data which slowed more-than-expected to 8.1% in the first quarter from the year-earlier period (below the 8.4% expected).  In China the Shanghai market rose to a one-month high, boosted by expectations of further policy easing and outperforming in the region after a senior government economist said Chinese economic growth may rebound in the third quarter of this year and that there is room to adjust the Chinese macroeconomic policy. The Financial sector strengthened on the  back of this news.

In China the SSE Composite last closed up 1.2% (or 28 points) at at 2,406, while in Hong Kong the Hang Seng Index last closed up 0.1% (or 15 points) at 21,010 and in Japan the Nikkei 225 Index was closed down -0.3% (or -32  points) at 9,561. The South Korean KOSPI was down -1.3% for the session, while the Indian market closed down -0.7%.

Commodities

Â
The Dollar Index was lower at 79.26 on a lower Euro, while the Australian Dollar last traded higher at 1.0362. Commodities prices traded generally flat.

For the session the benchmark crude NYMEX for April delivery was up 1.1% (or $US1.16) settling at $US103.88.  Copper prices are backing off a key resistance level as Copper for April delivery was down -0.3% (or 1.3 cents) at $US3.6835. April gold was up 0.1% (or $US1.50) at $US1,642. 

ASX News Today

BKN – Bradken, the mining equipment maker, has cut its full year profit guidance due to increased costs and lower sales in its rail division. Full year EBITDA was previously expected to grow by between 25 and 30 percent but were now expected to come in 10 percent higher at between $210 million and $220 million.

BLD – Boral the building materials producer, has cut its full year profit guidance by $22 million due to the impact of heavy rain and weak housing activity on its operations.

IIN – iiNet the internet service provider has welcomed a High Court decision to dismiss an appeal by the world’s largest film and television companies, saying it proves it never supported unauthorised downloading.

IPL – Incitec Pivot the fertiliser and explosives maker, has a new chairman – the former chairman of PriceWaterhouseCoopers (PWC) Paul Brasher.

LEI – Leighton Holdings subsidiary Thiess will undertake site preparation work at the Chevron-operated Wheatstone gas project in WA after winning a $450 million contract.

SYD – Airport traffic rises as Melbourne Airport had a 36 percent rise in the number of passengers with Chinese passports in March, while Sydney Airport had a 24 percent rise in Chinese passengers, while Aussie passenger numbers improved by 16 in March.

TLS – Communications Minister Stephen Conroy says the federal government’s decision to create the national broadband network (NBN) was taken to ensure Australia’s telecommunications system was “future-proofed” for up to 50 years.

WOW – Woolworths the food and liquor retailer has lifted its third quarter sales by 3.8 per cent, but says uncertainty caused by the carbon tax and interest rates makes it cautious about the coming months.

Corporate News

CPT Global Limited (CGO)

Market Summary 

ASX – to open higher
US & UK/Europe – higher

Commodities Stock Index up 0.1%
Gold Stocks Index down -1.1%
Oil Stocks Index  down -0.1% 

US ADRs – Broadly Mixed 

BHP up 0.6%, RIO down -0.9%; AWC down -1.6%
ANZ  up 1.5% & NAB up 0.7%
NEM down -1.2%, JHX up 3.2%, NWS up 0.5%

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

This entry was posted on Monday, April 23rd, 2012 at 9:37 am and is filed under ASX Company News, Morning Wrap, Stock Market Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.