n US economic data, the ISM manufacturing index rose from 53.2 to 53.7 in March. Construction spending rose by 0.1% in February. Chain store sales rose 2.3% in the latest week compared with a year ago, down from a 3.1% gain in the prior week. And the Dallas Federal Reserve services index rose from +9.8 points to +16.5 points in March.
Mining giant BHP Billiton (ASX: BHP) is reportedly planning to set up a separate company for its aluminium, bauxite and nickel assets for the firm to focus on its core businesses.
Buyers made a push in the second half of the trading day which saw the ASX 200 pull up short of closing in positive territory. The index however was able to finish at the best levels of afternoon trade. The main buying initiative pushing the index higher in the afternoon was found in the resource sector. The bulk miners, which were painting an unconvincing picture in early trade, moved ahead with more conviction in the afternoon.
Solid gains on Wall Street overnight have been ignored by local investors on the first day of a new month and quarter. The gains in the US were driven by dovish comments made by Fed Chair Janet Yellen. Ms Yellen gave a speech on Monday defending the Fed´s policy of low interest rates and bond-buying, saying that the ´´extraordinary´´ commitment to stimulus will be needed for some time in the face of the ´´considerable´´ slack in the economy and labour market. Ms Yellen suggested that this ´´vie...
There are over 20 different countries releasing manufacturing PMI data today. The most notable will be: (in timeline order) Japan, China, France, Germany and the US.
In US economic data, the Chicago Purchasing Management Index fell from 59.8 to 55.9 in March - a seven month low. Federal Reserve Chair Yellen gave a speech on Monday strongly defending the Fed´s policy of low interest rates and bond-buying. Yellen said the ´´extraordinary´´ commitment to stimulus will be needed for some time, saying there is ´´considerable´´ slack in the economy and labour market. Yellen suggested that the ´´view is widely shared by my fellow policy-makers at the Fed´´.
The Australian share market had a strong finish to the first quarter of the calendar year, thanks to a positive offshore lead on Friday and speculation Chinese policymakers could move to prop up their slowing economy by providing stimulus, which gave a boost to the Asian region.
The Australian sharemarket is recording its best daily gain in a little over a week, helped by gains in global markets on Friday. The All Ordinaries Index (XAO) is up 0.7 per cent, with all sectors in the black. The start of a new month is always a busy time for markets and economists, with a barrage of economic readings expected to be released over the next five days.
Based on the close of the futures from Saturday, the market is currently pointing higher by around six to eight points, which would mean the ASX could register a 0.4% gain for the quarter.
In US economic data, personal income and spending both rose by 0.3% in February, in line with forecasts. And consumer sentiment rose from a preliminary reading of 79.9 to 80.0 in March, just short of forecasts tipping a result near 80.5.
As of February 2014, 2.77 million tourists have visited New Zealand in the past 12 months, logging a 7.3 per cent growth, according to Tourism New Zealand.
The industry has a lot to thank the movie series Lord of the Rings, which was mainly shot in the country because a substantial number of the visitors came to see the movie set which features the hobbit houses where Middle Earth is supposed to be located.
A better day than we had expected with the Aussie dollar at a 4 month high.
With two trading days left in Q1, window dressing is becoming an art form, with most markets experiencing some form of it.
In US economic data, the economy grew at a 2.6% annualised pace in the December quarter, up from the 2.4% prior estimate and just short of forecasts. New claims for unemployment insurance fell by 10,000 to 311,000 in the latest week, well below forecasts centred near 325,000. But the pending home sales index eased 0.8% in February. Economists had tipped a flat result.
Local stocks gained a little ground in afternoon trade and managed to finish off the day's lows, although still in the red. Following weakness on offshore markets overnight, the All Ordinaries Index (XAO) closed lower by 27.5 points or 0.5 per cent to 5359.7.
The Australian share market is trading lower on Thursday, down 0.9 per cent at lunchtime in the East following weakness on Wall Street overnight.
While yesterday's trade was dominated by the prospect of stimulus measures from the ECB and PBoC, today's trade looks like it will concentrate on a 'neutral' RBA. Although most describe the RBA as neutral, comments from Governor Glenn Stevens are taking the RBA right to the edge between neutral and hawkish.
In US economic data, durable goods rose 2.2% in February, following two months of declines. However orders for non-defence capital goods excluding aircraft (a proxy for business spending plans) unexpectedly fell 1.3% after rising 0.8% in January. The Markit ´´flash´´ services sector PMI rose from 53.3 to 55.5 in March.
With the three largest producers of iron ore in Australia targeting large increases in their output for the key steelmaking ingredient, the Bureau of Resources and Energy Economics (BREE) lowered on Wednesday its forecast for the commodity.
The Australian share market rose convincingly today, helped out by strong gains from our mining players and a positive offshore lead. The All Ordinaries Index (XAO) closed off the highs of the day, but managed to rise 36.2 points or 0.7 per cent by close to 5387.2.
The Australian share market is performing strongly at lunchtime in the East, following a rebound on European and US share markets overnight. European markets rose on Tuesday, lifted by expectations of stimulus measures from the European Central Bank, while a rebound in biotech shares helped Wall Street.
The bets are growing that further stimulus measures across Europe and China will be introduced over the coming months, as both the ECB and the PBoC look to give confidence and economic growth a further nudge.
In US economic data, the Conference Board consumer confidence measure lifted from 78.2 to 82.3 in March -a six-year high. Better weather and an improving labour market could lift confidence further. The S&P/Case-Shiller composite index of home prices in 20 metropolitan areas rose 0.8% in January. Prices rose 13.2% on a year ago. New home sales fell by 3.3% in February to an annual rate of 440,000 - the lowest level since September.
The Australian share market closed in the red today, but managed to rally off earlier lows as mining stocks lifted into positive territory and as several companies lifted their earnings guidance.
Sellers have dictated terms in early trade on the ASX on Tuesday. The unconvincing tone on Wall St in addition to underlying concerns about the state of Chinese growth have been enough to keep every ASX sector in the red.
The worst HSBC PMI print in eight months now sees growth estimates in the world's second largest economy possibly below 7%, and therefore well below the official estimates of 7.5%.
In US economic data, the ´´flash´´ purchasing managers index fell from a 4-year high of 57.1 to 55.5 in March, below forecasts for a result near 56.5. The national activity index rose from -0.39 to +0.14 in February. The composite Euro zone purchasing managers index eased from 53.3 to 53.2 in March, but the French index rose from 47.9 to 51.6. The Chinese manufacturing gauge fell from 48.5 to 48.1 in March.
The Australian share market closed slightly firmer today, despite a negative start on the back of falls on Wall Street on Friday night and weaker than expected Chinese data.
The ASX 200 has spent the early part of the session in the red on Monday. Sellers pushed the index down by as much as 37 point in early trade before the market found some traction.
Friday night saw the US snap its run of flat to negative weeks, with the S&P registering its best week in four.
