Volatility Maintained
CMC Markets | Jan 18, 2018 10:29
Originally published by CMC Markets
Last night’s rebound in US markets saw a continuation of the increased volatility evident in markets over the past week. It is also likely to provide some support to the S&P/ASX 200 index in early trading. However, despite its strong close, the US S&P 500 index did not achieve new highs last night. It traded inside Tuesday’s range in what could be characterised as a volatile but overall neutral trading session.
Strong US industrial data in December lends weight to the outlook for solid and co-ordinated global growth in 2018. It is a positive for business investment and led to buying of both US stocks and the US dollar last night. However, the Aussie dollar held relatively steady against US dollar, rising against other major currencies like the euro and yen.
BHP Billiton (AX:BHP) unveiled a solid production report this morning, although there were a couple of blemishes In the form of reduced coking coal guidance and foreshadowed impairment charges for spending on conveyors at the Escondida mine in Chile. The report seems unlikely to inspire a major turnaround from recent days’ market correction.
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