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08 October 2018 08:06 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,44726,627-180.00-0.682.05
S&P 5002,8862,902-16.00-0.550.48
NASDAQ7,7887,880-91.00-1.16-1.44
FTSE 100 Index7,3197,418-100.00-1.350.56
DAX 3012,11212,244-132.00-1.081.27
CAC 40 Index5,3595,411-51.00-0.952.04
Nikkei 225 (Japan)23,78423,976-192.00-0.806.62
HKSE26,57326,624-51.00-0.19-1.49
SSE Composite Index2,8212,79230.001.063.53
S&P/TSX Composite Index15,94616,007-61.00-0.38-0.90
NZ 509,2119,215-3.00-0.041.28
US Volatility (Vix)15
Overseas Market Report

US sharemarkets were lower on Friday, weighed down by rising US Treasury yields following the release of a generally solid September jobs report. The Dow Jones index fell by 325 points during the session, pulled lower by shares of Intel (-2.3%) and Caterpillar (-2.2%). The Dow Jones eventually finished down by 180 points or 0.7%. The S&P500 index was down by 0.6% and the Nasdaq index fell 91 points or 1.2%. For the week, the Nasdaq fell by 3.2%, its biggest drop since the week ended March 23. The Dow fell just 0.04% and the S&P500 fell by 1.0%.

Global oil prices were little changed on Friday. US drillers cut two oil rigs in the week to October 5, according to Baker Hughes. Brent crude fell by US42 cents or 0.5% to US$84.16 a barrel, but the US Nymex price rose by US1 cent or 0.01% to US$74.34 a barrel. Over the week, Brent crude rose by US$1.44 or 1.7% and the Nymex rose by US$1.09 or 1.5%.

Base metal prices were mixed on the London Metals Exchange on Friday. Copper (-1.9%) fell on concerns that lifting interest rates could weigh on global growth and reduce demand for the "red metal". Nickel (+1.1%) was the strongest performer. Aluminium (+3.9%) rose over the week on Brazilian supply concerns, but lead (-2.3%) and copper (-1.5%) fell by the most.

The gold futures price rose by US$4.00 an ounce or 0.3% to $1,205.60 an ounce. The spot gold price was trading near US$1,202 an ounce in late US trade. Over the week, gold rose by US$9.40 an ounce or 0.8%. Iron ore was flat at US$69.60 a tonne to be up by US10 cents or 0.1% over the week.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent83.4384.16-0.73-0.878.59
Oil - West Texas crude73.8674.34-0.48-0.659.02
Gold Spot $/OZ1,203.001,203.000.500.040.60
Silver Spot $/OZ14.6014.600.00-0.043.29
Iron Ore65.3065.000.300.385.32
Thermal Coal Newcastle113.70113.80-0.10-0.09-1.00
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)2,1282,168-41.00-1.874.52
Copper Mar-18 ($US/lb)2.772.770.800.276.41
Lead ($US/t)1,9771,987-10.00-0.49-2.71
Nickel ($US/t)12,53912,402137.001.101.47
Zinc ($US/t)2,6682,682-15.00-0.569.86
Tin ($US/t)18,97018,9700.000.000.60
Uranium ($US/lb)28.0028.000.00-0.543.38
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,2446,301-57.00-0.90-0.13
S&P/ASX 2006,1276,185-58.00-0.95-0.27
ASX 24 Futures6,116
Australian Market Report

Friday 05 October - close. Australian stocks have recovered from a morning slump to end the week on a high but a strong greenback has battered the Aussie dollar. The benchmark S&P/ASX200 index was up 9.2 points, or 0.15 per cent, to 6185.5 points on Friday, while the broader All Ordinaries index was 7.2 points, or 0.11 per cent, higher at 6301.1 points.

Ashanti Headlines

Senior pilots on standby to solve aircrew shortage 

  • Under International Civil Aviation Organisation regulations, pilots are not allowed to engage in international commercial air transport operations after the age of 60, or in multi-crew operations once they reach 65. 
  • The cut off points are increasingly in the spotlight as concern grows about the global pilot shortage
  • In the next 20 years, 790,000 additional pilots are expected to be needed, with a third of those to be based in the Asia-Pacific region
  • Already Japan has moved to increase the age limit for its domestic airline pilots to 68 to help address the shortage. Other countries and airlines impose various retirement ages on pilots, including 60 for Malaysia Airlines' pilots, 61 for Air India and 64 for Singapore Airlines. China's Civil Aviation Administration recently decided to raise the retirement age from 60 to 62 from 2021 to help ease the pilot shortage
  • Bye Aerospace is currently developing the 2-seat Sun Flyer 2 electric training aircraft and the 4-seat Sun Flyer 4 training, pilot owner and air-taxi aircraft. Bye's electric training aircraft present a number of disruptive benefits when compared with traditional training aircraft. Its significantly lower operating ($14/hr compared to $116/h competition) provides a solution to the global pilot shortage 
  • Ashanti will be roadshowing Bye starting in Hong Kong on the 5th November then visiting Singapore 6th, Sydney 7th/8th and Perth 9th. Please reach out to cw@ashanticapital.com.au should you wish to arrange a meeting.

Source: Robyn Ironside (5th October), "Senior pilots on standby to solve aircrew shortage", The Australian


Have a question? admin@ashanticapital.com.au

ERA Communications