Australian Stock Report - Market Pulse

Morning Market Analysis: Morning SPI

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Publish date: Tue, 21 Aug 2012, 10:13 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.

Morning Market Analysis: Morning SPI

After a collective move higher in the previous session, global markets moved collectively lower last night.

Once again however, the movements were muted due to the lack of fresh and market-moving trading cues.

European markets slipped, with the Stoxx Europe 600 slipping 0.5%, after the European Central Bank played down reports it was preparing to intervene in sovereign-debt markets.

A spokesman for the central bank said a weekend report about such plans in German news magazine Der Spiegel was “absolutely misleading.”

In London the UK's FTSE 100 gave up 28 points (-0.5%) to settle at 5824, whilst the French CAC (-0.2%) and German DAX (-0.1%) moved even less.

Stateside, the Dow Jones shed just four points to settle at 13272, whilst the S&P ended dead flat and the NASDAQ shaved off 0.01%.

After capping its sixth-straight weekly advance on Friday, putting it within striking distance of multiyear highs, the Dow ticked down for the first time in three sessions, as telecommunications and consumer-discretionary shares fell.

There were no major economic announcements in the US, part of the reason for the lack of significant movement in markets.

Crude-oil futures lost less than 0.1% to settle at $95.97 a barrel, while gold futures added 0.2% to finish at $1,620.10 an ounce.

The US dollar lost ground against the euro and the yen. The benchmark 10-year Treasury note rose 2/32 in price to yield 1.812%.

Today's session will bring us the latest monetary policy meeting minutes, at 11:30am, AEST.

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Morning Market Analysis: Morning SPI is a post from: Australian Stock Report Market Pulse Blog

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