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Midday Market Analysis: Early StrengthEvaporates

The Aussie market is back in the red today, defying the positive leads provided by international markets overnight.

The XJO is presently 15 points (-0.4%) underwater, trading around 4280.

All but a handful of sectors are in the red, with telcos, materials and utilities the hardest hit, whilst healthcare, consumer staples and consumer discretionary stocks the best performers.

In company news, Western Area NL is up 3.3%, after lifting it production guidance for the current financial year, on the back of its underground operations exceeding expectations.

Around the region, Asian markets are mixed; the Hang Seng is down 1%, whilst the Shanghai Composite (+0.2%) and Nikkei (+0.1%) are slightly ahead.

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Morning Market Analyis: Bulls Gain Some Traction

International markets arrested the recent slide overnight, finally putting some green ink on the screen.

In Europe the FTSE advanced 14 points (+0.3%) to settle at 5544, whilst the CAC (+0.4%)and DAX (+0.7%) enjoyed stronger gains.

Stateside, the Dow Jones put on 20 points (+0.2%) to settle at 12855, whilst S&P (+0.3%) and Nasdaq (-0.1%) were mixed.

Claims for unemployment benefits declined last week to the lowest level in a month, easing concern that the US labor market is faltering.

Claims are returning to levels reached in February and March, indicating a surge last month probably reflected difficulty in adjusting the data for an Easter holiday that came earlier this year than last.

Declines in dismissals point to a brighter labor market that would help sustain consumer spending after payroll growth slowed last month.

This morning Dow futures are off around 50 points after market JP Morgan reported a $2 Billion loss on synthetic positions.

The Aussie dollar remains depressed and is currently buying US$1.0065, whilst the euro rose from a three-month low as Europe’s bailout fund confirmed that aid to Greece had been received and officials reported progress forming a government, easing concern the nation will leave the monetary union.

Oil rose for the first time in seven days as US claims for initial jobless benefits fell last week to a one-month low, adding to optimism that demand in the world’s biggest crude consumer will grow.

Crude for June delivery added 27 cents to settle at US97.08 a barrel, whilst copper (+0.6%) also gains ground but gold (-0.1%) finished weaker.

There is no major local economic data due out during today’s session but there is Chinese CPI and PPI data which could impact our market

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Morning Market Analysis: Losing Streak Continues

Red ink lit up the leaderboard yet again overnight as Greece struggled to form a government and concern grew that Spanish banks are underfunded.

In Europe the FTSE shed 25 points (-0.4%) to settle at 5530, whilst the CAC gave up 0.2% and the DAX bucked the trend, adding 0.5%.

Stateside, the Dow Jones slumped to a sixth consecutive losing session by giving up 97 points (-0.8%) to settle at 12835, whilst the S&P (-0.7%) and Nasdaq (-0.4%) were also weaker.

The Aussie dollar slumped, slipping back below the US$1.01 handle, whist the euro weakened against the US dollar for an eighth session, the longest stretch since September 2008, as Greece’s struggle to form a new government fuelled concern the nation will leave Europe’s currency union.

Commodities fell, marking the longest slump since August, as a global equity rout and an unravelling bailout of Greece increased the risk that a slowdown in the global economy will curb demand for raw materials.

Oil fell a sixth day in New York, the longest losing streak in almost two years, as U.S. crude supplies rose and Greece struggled to form a government, adding to concern that Europe’s economy is weakening.

Gold dropped to a four-month low as deepening political turmoil in Greece boosted the appeal of the dollar as a safe-haven and curbed demand for precious metals as alternative assets. Silver fell to the lowest since January.

In company news, NAB reported 1H FY12 cash earnings of $2.82 billion, a 6% rise compared to the same period in 2011.

Today’s session will bring us data in the form of employment change and the unemployment rate, at 11:30am, AEST.

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Midday Market Commentary: From Bad To Worse

The Aussie market is struggling so far today, with the XJO currently 40 points (-1%) underwater, at 4275.

The losses are widespread, with all but one sector in the red; energy, materials and industrials are the worst performers, whilst telcos are the only shining light.

In company news, Leighton is up 2.4% after announcing that it has been selected as the preferred contractor for the mining and operations at Fortescue’s Solomon iron ore project.

Around the region, Asian markets are mainly weaker; the Hang Seng is down 0.9% whilst the Nikkei is off 1.2%.

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Global markets were smashed again overnight, as concern that new Greek political leaders will back out of bailout agreement sent the nation’s benchmark index towards a 20-year low.

It wasn’t much better throughout the rest of Europe, with the FTSE 100 slumping 101 points (-1.8%) to settle at 5555, whilst the CAC (-2.8%) and DAX (-1.9%) were also sharply weaker.

Stateside, the Dow Jones shed 76 points (-0.6%) to settle at 12932, whilst the S&P (-0.4%) and Nasdaq (-0.4%) endured similar declines.

The Aussie dollar fell sharply and is now trading back below the US$1.01 handle, whilst the euro weakened for a seventh consecutive session against the US dollar as Greek politicians struggled to form a new government after elections over the weekend raised the prospect of the country withdrawing from the currency bloc.

Commodities fell, nearly erasing this year’s gains, as the struggle by Greek political leaders to form a coalition underscored growing concern that the region’s debt crisis will worsen, dimming prospects for raw-material demand.

Oil fell for a fifth day as Saudi Arabian Oil Minister Ali al-Naimi said prices should come down and the euro weakened against the dollar after election results in Greece and France.

Oil slipped to a three-month low as al-Naimi said prices are “still a little bit high” and that Saudi Arabia is storing crude.

Crude for June delivery fell 93 cents, or 0.9 percent, to settle at $97.01 a barrel on the New York Mercantile Exchange. The price has fallen 8.6 percent in a five-day losing streak, the longest since Feb. 2.

Elsewhere, copper lost 1% and gold slumped 2.1%, settling at US$1608 an ounce.

There is no major local data due out during today’s session.

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Morning Market Analysis: The Ship Is Stedied For Now

After huge losses in the previous session, international markets steadied overnight.

The FTSE was closed for a public holiday but the DAX (+0.1%) closed slightly higher whilst the French CAC (+1.7%) rallied strongly.

Speculation that European austerity measures will be curbed grew after Hollande’s victory made him the first Socialist to take the helm of Europe’s second-biggest economy in 17 years.

The Greek parliament will have three new anti-bailout parties represented.

Stateside, the Dow Jones gave up 30 points (-0.2%) to settle at 13009, but the broader S&P (+0.1%) and Nasdaq (+0.1%) closed in the green.

Banks were the best performers, after billionaire investor Warren Buffett said American lenders are in “fine shape.”

The Aussie dollar firmed and is now trading back above the US$1.02 handle, whilst the euro weakened to a more than three-month low.

Oil fell to a three-month low as the euro weakened against the dollar after European elections stoked speculation that austerity efforts will be derailed.

Crude gave up 0.6% to settle a US$97.90 a barrel, whilst copper (-0.6%) and gold (-0.4%) were also weaker.

Today’s session will bring us data in the form of the trade balance, slated for release at 11:30am, AEDT.

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Evening Market Analysis: Soft Day, Solid Week

Aussie shares finished underwater today, after soft leads from international markets overnight.

In economic news, the RBA released its quarterly monetary policy statement in which it cut its underlying inflation forecast by 0.25%, to 2% for the year to the end of June.

The central bank also cut its GDP growth forecasts by 0.75%, to 2.75% over the same period.

The RBA said that weaker global conditions hit exports and restricted wage growth keeps prices in check.

The sectors closed mostly in red; IT, telcos and consumer staples were the only exceptions.

The banking majors weighed on the market; ANZ was the clear underperformer of the group, dropping 0.9%.

The big miners finished in the red after commodity prices were hit hard overnight; BHP declined 0.6% whilst Rio Tinto let go of 1.1%.

Qantas slipped 1.2% despite releasing a strategy update in which it said that it will reduce capital expenditure in 2012/13 by a further $400 million.

The ASX 200 shed 33 points (-0.8%) to close at 4396.

In spite of today’s losses the market was up 0.8% for the week.

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Midday Market Commentary: Aussie Lower

The Aussie market is underwater so far today with the local bulls running with the bearish leads provided by international markets overnight.

The XJO is currently holding around 4400, 30 points (-0.6%) underwater.

The losses are fairly widespread, with most sectors in the red; energy, industrials and materials are the hardest hit, whilst defensive IT, telcos and consumer staples are the best performers.

Around the region, Asian markets are weaker; the Hang Seng is down 0.8% whilst the Shanghai Composite is 0.2% weaker.

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Morning Market Commentary: Tale Of Two Halves

It was a tale of two halves overnight, with successful French and Spanish bond auctions sending European markets sharply higher, only to be scuttled later by soft US service sector data.

The British and German markets had been up circa 1% after the Spanish bond auction reached its upper limit and borrowing costs in France fell, but they both ultimately finished well off their highs.

The FTSE managed to cling onto an eight point (+0.2%) gain, settling at 5767, whilst the DAX (-0.2%) and CAC (-0.1%) didn’t

fare so well.

The economic outlook in the euro area is subject to downside risks as the sovereign-debt crisis damps momentum, Draghi said at a press conference, adding that policy makers didn’t discuss cutting the ECB’s benchmark interest rate below its current record low of 1%.

Stateside, the Dow shed 62 points (-0.5%) to settle at 13207, whilst the S&P (-0.8%) and Nasdaq (-1.2%) suffered even heavier falls.

US stocks extended losses as the Institute for Supply Management’s non-manufacturing index fell to a four-month low of 53.5,

compared with the median economist estimate of 55.3.

The Aussie dollar slipped below the 1.03 handle overnight and is currently buying US$1.026, whilst Canada’s dollar declined for a second consecutive session against the greenback as weaker-than-forecast US economic data pointed to diminished demand from the nation’s biggest export market.

Oil tumbled the most this year as European Central Bank President Mario Draghi said the euro area’s economic outlook has become “more uncertain”, whilst gold and copper also lost ground.

Crude shed 2.5%, to settle at US$102.58 a barrel, whilst gold shed 1% to US$1640 an ounce.

In company news, Qantas has released a strategy update in which it said that it will reduce capital expenditure in 2012/13 by a further $400 million.

Today’s session will being us the RBA monetary policy statement, at 11:30am, AEST.

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The Aussie market is slightly underwater after the morning session, with the XJO off 0.1% to 4430.

IT, utilities and energy are the weakest sectors, whilst property trusts, consumer discretionary and consumer staples are the strongest.

In company news, Tabcorp is up 1.4% after announcing that its 3Q revenue was $724 million, up 2.7% on previous corresponding period.

Midday Market Analysis: Hanging Around

Elsewhere, Asciano has climbed 0.9% after revealing that coal volumes from its Pacific National Coal division climbed 2.6% to 27.3 million metric tons on year.

Around the region, Asian markets are predominantly weaker; the Hang Seng (-0.6%) and Shanghai Composite (-0.2%) are weaker, whilst the Nikkei is up 0.3%.

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