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04 October 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,20126,079122.000.47-0.59
S&P 5002,9112,88823.000.80-0.92
NASDAQ7,8727,78587.001.12-1.31
FTSE 100 Index7,0787,123-45.00-0.63-3.20
DAX 3011,9250-339.00-2.760.12
CAC 40 Index5,4395,42316.000.30-1.69
Nikkei 225 (Japan)21,34221,779-437.00-2.013.35
HKSE26,11026,04368.000.26-1.56
SSE Composite Index2,9052,932-27.00-0.920.66
S&P/TSX Composite Index16,36916,31158.000.36-0.49
NZ 5010,91410,82193.000.86-0.85
US Volatility (Vix)19
Overseas Market Report

US sharemarkets were again volatile but traders looked for value in the market heading into the pivotal jobs report. Economic data was softer than expected but that caused more investors to expect a rate cut at the next Federal Reserve meeting. Tech stocks did best. Shares in Microsoft rose 1.3% with Facebook up 2.7%. Shares in PepsiCo rose 3.0% in response to its latest quarterly report. After being down 335 points, the Dow Jones closed near session highs, up by 122 points or 0.5%. The S&P500 index rose by 0.8% and the Nasdaq gained 87 points or 1.1%. 

Global oil prices were little-changed on Thursday. The Brent crude price rose by just 2 cents to US$57.71 a barrel. And the US Nymex price fell by US19 cents or 0.4% to US$52.45 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Thursday. Zinc, tin and copper fell by up to 0.8% but other metals were higher by up to 1.6% with lead doing the best.

The gold futures price rose by US$5.90 an ounce or 0.4% to US$1,513.80 an ounce. The spot gold price was trading near US$1,505 an ounce in late US trade. Iron ore was unchanged at US$93.90 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent57.7157.690.020.03-0.94
Oil - West Texas crude52.3852.45-0.07-0.13-6.90
Gold Spot $/OZ1,506.001,505.001.200.08-2.97
Silver Spot $/OZ17.6017.600.000.13-10.28
Iron Ore92.1092.80-0.60-0.684.85
Thermal Coal Newcastle64.8066.20-1.50-2.19-2.56
APAC Hard Coking Coal FOB153.00152.001.000.66-1.92
Aluminium ($US/t)1,7041,68618.001.07-1.17
Copper Mar-18 ($US/lb)2.562.550.200.06-0.93
Lead ($US/t)2,1262,09234.001.637.23
Nickel ($US/t)17,77517,640135.000.77-1.38
Zinc ($US/t)2,3362,354-18.00-0.765.44
Tin ($US/t)16,45216,535-83.00-0.50-1.51
Uranium ($US/lb)25.0025.000.00-0.200.40
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,6126,753-142.00-2.10-0.67
S&P/ASX 2006,4936,640-147.00-2.21-0.92
ASX 24 Futures6,498
Australian Market Report

Thursday 3 October 2019 - close. The Australian share market has dived for a second straight day, losing $49 billion in value amid a rout of global equities. The benchmark S&P/ASX200 index dropped 146.9 points, or 2.21 per cent, to 6,493 points, while the broader All Ordinaries was down 141.6 points, or 2.1 per cent, to 6,611.7 points.

Ashanti Headlines

Nickel Gets a Supply Shock as Inventories Decline by Most Ever (Bloomberg)

  • Indonesia’s ban on nickel ore exports is sending shockwaves through the market even before it’s implemented.
  • Inventories tracked by the London Metal Exchange plunged by a record on a tonnage basis Thursday, hitting a six-year low. Nickel stockpiles plunged by 6,780 tons to 140,904 tons, the biggest decline in daily data going back to 1997.
  • Traders are scrambling for material before Indonesia bans ore exports in 2020, which looks set to upend the market’s supply and demand dynamics.
  • The prospect of an overnight collapse in exports is driving a rush for the material in all its forms - draining warehouses of the available supply.
  • It’s also causing prices to spike, and forward spreads indicate buyers on the exchange are close to facing the biggest squeeze in more than a decade.
  • Speculative positioning data from the LME suggests nickel bulls still have room to add to their holdings. 
  • Independence Group (IGO.ASX) & Cassini Resources (CZI.ASX) remain our preferred ASX listed Ni exposure.





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