Axi | Dec 28, 2017 08:32
Originally published by AxiTrader h2 Market Summary (7.18am)/h2
Not the most exciting night in global markets. But I’ve managed to pick up a few interesting things – so have a look below.
But in terms of moves, after a mixed day on Asian bourses yesterday Europe had a similarly mixed day although most indexes weren’t too far from home. And that’s the story in the US overnight with the big three indexes less than 0.1% either side of where they finished the previous session.
And that lack of direction has left futures traders and the SPI a bit nonplussed as we head toward another day’s trade here in Australia. After a disappointing day yesterday - where the early rally faded to a flat close - SPI traders have added just 1 point overnight.
That’s despite the strength in copper and the generally solid performance in mining shares over the past 24 hours.
That strength though has buoyed the commodity bloc and the Aussie dollar is the standout of the G10 with a 0.6% gain to sit at 0.7772 this morning. The Canadian dollar and kiwi are stronger as well, although less so. Of the bigger pairs the euro is up 0.3% and its sits around 1.19 while the yen is flat at 113.27 and the pound is at 1.3393. Thin markets certainly. But the commodity bloc moves might be instructive of where things might head in 2018.
On other markets, gold is still bid and is at $1288 now this morning. So much for the lack of interest in the yellow metal. Silver and palladium are also higher – both have gained 1% over the past 24 hours. Copper has stalled a bit and is flat day on day after surging earlier while oil has dropped back after yesterday’s surge.
US 10's are now at 2.41% and the 2-10 curve is at 50.9 points!!!
On the day the API crude data at 8.30am AEDT will be interesting as will Korean and Japanese retail sales and industrial production. Overnight its fairly quiet until we get to US wholesale inventory and trade balance data, the Chicago PMI and of course the EIA inventory and production data for US energy markets.
h2 Here's What I Picked Up (with a little more detail and a few charts)/h2 h2 International ( everything is in this section till the new year)/h2
John Kehoe in the AFR which makes this very point. Kehoe quotes Eric Goldman, a former Silicon Valley lawyer turned tech policy academic, who says the pendulum has swung hard against the likes of Amazon (NASDAQ:AMZN), Facebook (NASDAQ:FB) and Google (NASDAQ:GOOGL). "For a long time the internet community was viewed as a saviour or part of the solution, whereas now they're seen as the enemy or the problem," he says.
Have a great day's trading.
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