Australian Stock Report - Market Pulse

Morning Market Update: Bulls Keep Running

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Publish date: Fri, 08 Mar 2013, 10:07 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 equity markets finished with modest gains overnight after US data showed that jobless claims fell to a six-week low of 340,000 in the past week, better than the expected 355,000.

In Europe, the UK's FTSE rose 12 points (+0.2%) to settle at 6439 whilst Germany's DAX increased 20 points (+0.3%) to settle at 7940. France's CAC added 20 points (+0.5%) to settle at 3794.

In the US, the Dow Jones climbed 33 points (+0.2%) to settle at 14330 whilst the S&P added a further three points (+0.2%) to settle at 1544. The Nasdaq increased ten points (+0.3%) to settle at 3232.

In the commodity space, both oil and gold finished higher on the back of market optimism and after the ECB decided to keep its key interest rates at 0.75%.

Crude oil for April delivery increased $1.13 to settle at $91.56 per barrel whilst gold futures for April delivery added $0.20 to settle at $1,575.10 per ounce.

In the currency space, the Japanese yen fell to a 43-month low against the US dollar amid speculation that the BoJ will implement further monetary stimulus after governor, Mr. Masaaki Shirakawa, retires from his post.

The euro finished higher against the US dollar after ECB president, Mr. Mario Draghi, said that he is of the belief that the eurozone is on its way to a recovery.

There is no major local economic data slated for release today.

Morning Market Update: Bulls Keep Running is a post from: Australian Stock Report Market Pulse Blog

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