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need2know: RBA statement awaited

Local shares are poised to open higher as more data points to a strengthening of the US economy.
Nanjing Night Net

What you need2know:

• SPI futures up 27 at 5522

• AUD at 85.68 US cents, 98.53 Japanese yen, 69.17 Euro cents and 54.10 British pence

• In late trade, S&P 500 +0.2%, Dow +0.3%, Nasdaq +0.2%

• In Europe, Euro Stoxx 50 +0.3%, FTSE +0.2%, CAC +0.5%, DAX +0.7%

• Spot gold rises 0.3% to $US1143.88 an ounce

• Iron ore falls 1.4% to $US75.38 per metric tonne

• Brent oil slips 0.2% to $US82.81 per barrel

What’s on today

RBA Statement on Monetary Policy, Australian October Construction PCI, US October labour force report, US consumer credit, Germany September industrial production.

Stocks to watch

Credit Suisse has cut Origin Energy to ‘underperform’ and has a $13.50 target price, down from an earlier target price of $15.00.

UBS has a “neutral” rating on Commonwealth Bank of Australia and a target price of $80.“CBA announced unaudited Cash NPAT of ~$2.3bn in 1Q15 (to 30 Sept). This is slightly ahead of the numbers embedded in our 1H15 forecasts,” the investment bank said in a broker’s note.

The following stocks will trade ex dividend today: National Australia Bank, Australia and New Zealand Banking Group, Kingston Resources (rights issue), Austin Exploration (stock split).

Currencies

On the $A, Ray Attrill, global co-head of FX strategy at National Australia Bank, wrote: “For all the compelling fundamental reasons for the AUD fall, we can’t ignore the fact that the simple break below the recent low of around 0.8650 provided the cue for fresh bouts of selling, with almost a full cent taken off the currency following that.”

ECB chief Mario Draghi fended off complaints about his leadership style and firmed up a promise of €1 trillion to revive the struggling euro zone economy.

The rouble may have plunged 25 per cent against the US dollar so far this year, but some currency traders are betting on a further 10 per cent drop in 2015 on the grounds that the currency is still expensive once trade and inflation are factored in.

Commodities

Oil markets fell back after a one-day spike as worries about high supplies returned to haunt traders, while the dollar pressed on with its rally which weighed on commodities priced in the currency.

Aluminium advanced for the first time in three days after the latest jobless claims data bolstered positive sentiment on the US economy.

Orange-juice futures dropped 1.1 per cent extending a slump into a bear market as US demand ebbed and prospects improved for a bigger citrus crop in Florida, the world’s second-largest producer.

United States

US stocks are higher in afternoon trade in a volatile session on Thursday, with the Dow and S&P 500 hitting fresh records on an indication that the European Central Bank would take more policy action if needed to boost a struggling euro zone economy.

First-time jobless claims dropped 10,000 to a three-week low of 278,000 in the week ended November 1, the Labor Department reported. The median forecast of 50 economists surveyed by Bloomberg called for 285,000.

Labor Department figures on Friday morning in the US may show nonfarm payrolls rose 235,000 last month and that the jobless rate probably held at a six-year low.

Europe

Europe’s main stock markets ended higher after  ECB chief Mario Draghi signalled the central bank was readying further stimulus measures if needed to combat deflation and stagnation within the eurozone.

“The governing council has tasked ECB staff and the relevant Eurosystem committees with ensuring the timely preparation of further measures to be implemented, if needed,” Draghi told reporters.

Draghi’s comments followed a call by the OECD to overcome its reluctance and undertake quantitative easing given the very weak state of the eurozone economy and the risk of damaging deflation as inflation is running at just 0.4 per cent.

Qatar Investment Authority and a US investor have approached Canary Wharf-owner Songbird Estates about a possible takeover, a deal which would increase the sovereign wealth fund’s presence in London real estate.

What happened yesterday

Australian shares reversed early gains on Thursday as banks were sold down and miners sank, with Fortescue plunging dramatically after the iron ore price hit a five-year low.

The benchmark S&P/ASX 200 Index dropped 11.8 points, or 0.2 per cent, to 5506.1. The broader All Ordinaries Index dipped 13.6 points, or 0.2 per cent, to 5479.2.

This story Administrator ready to work first appeared on Nanjing Night Net.

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