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30 November -0001 12:00 AM
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Overseas Market Report

US sharemarkets were mixed on Thursday. Key indices bounced from lows after the World Health Organisation said the Novel coronavirus didn't yet constitute an international public health emergency. The Chinese city of Wuhan is in lockdown in an attempt to stop the spread of the disease. Mixed corporate earnings also weighed on US indexes. At the close of trade the Dow Jones index was down by 26 points or 0.1% after being down as much as 219 points. The S&P500 index was up 0.1% and the Nasdaq index was up by almost 19 points or 0.2% to record highs. 

Global oil prices eased by around 2% on Thursday. Investors were concerned that if the Novel coronavirus spread markedly that it would lower economic activity and demand for oil. But supporting oil prices was data showing that US crude inventories fell by 405,000 barrels in the past week. The Brent crude price fell by US$1.17 or 1.9% to US$62.04 a barrel. And the US Nymex price fell by US$1.15 or 2.0% to US$55.59 a barrel. 

Base metal prices fell by between 0.8-2.2% on the London Metal Exchange on Thursday with zinc and tin down the most while aluminium was down the least. 

The gold futures price rose by US$9.30 or 0.6% to US$1,564.60 an ounce. Spot gold was trading near US$1,562 an ounce in late US trade. Iron ore fell by US$3.35 or 3.5% to US$92.05 a tonne.

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Australian Market ReportCurrent
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Thursday 23 January - close. The local market gave back much of the gains from Wednesday’s session, where it hit record highs. The ASX 200 ended the day 44 points or 0.63% to 7088 with losses accelerating after the release of today’s December jobs data. The Aussie dollar went the other way, jumping to a high of 68.8 US cents but has now settled back to 68.6 US  The unemployment rate dipped slightly to 5.1% from 5.2% with 28,900 jobs added over the month, all in part-time roles with a slight fall in full-time roles. This surprise result lowered the markets expectations for an interest rate cut of 0.25% (25 basis points) when the RBA meets on February 4. Bloomberg is calculating a ~24% chance of a rate cut, which is down from ~57% yesterday. Losses have been rather broad based with nearly every sector weaker. The heaviest losses were among energy and industrial names. Local oil and gas producers fell sharply on the back of a 2-3% fall for global oil prices overnight on oversupply concerns and potential softening in demand. Beach Energy (BPT) was one of the worst, tumbling 6% while Woodside (WPL) fell 1.6% 

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