Australian Stock Report - Market Pulse

Morning Market Analysis: August 15

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Publish date: Mon, 15 Aug 2011, 09:54 AM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.

International markets closed higher on Friday, rounding out a tumultuous week on a positive note.

In Europe the FTSE surged 3%, whilst the CAC (+4%) and DAX (+3.5%) fared even better.

Stateside, the Dow added 126 points (1.1%), whilst the S&P (+0.5%) and Nasdaq (+0.6%) enjoyed more modest gains.

Upbeat retail sales provided the catalyst for Friday night's gains in the US, overcoming a weak consumer confidence reading.

Friday night's action capped off a wild week on the Street. For the first time in the index's 115-year history it moved by 400 points or more on four separate occasions.

Oil continued its recent slide on Friday night, slipping 0.4% to settle at US$85.38 a barrel. Last week crude shed 1.7%, locking in a third straight weekly decline.

This morning the Australian and New Zealand dollars have gained ground against the yen after Japan's finance minister warned he's ready to intervene in the market to stem an advance in his' nations' currency.

In company news, UGL reported a 9.7% increase in annual profit to $158.5 million buoyed by strength in the resource sector and a steady stream of government infrastructure work.

Today's session will bring us data in the form of new motor vehicle sales, at 11:30am, AEST.

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