Australian Stock Report - Market Pulse

Morning Market Update: Bull Run Continues

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Publish date: Wed, 10 Jul 2013, 10:16 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 extended their rally overnight after the US earnings season kicked off on a positive note.

US markets banked their fourth straight session of gains after aluminium giant, Alcoa, announced quarterly profit and sales that exceeded analyst estimates. The Dow Jones added 75 points (+0.5%) to settle at 15300, the Nasdaq rose 0.7% to 3504 and the S&P500 climbed 0.5% to 1652.

The rebound on Wall Street has seen the S&P500 mostly recover the almost six percent plunge from its record high in late May.

European markets enjoyed even stronger gains, with the UK FTSE advancing 1% to 6513, the German DAX soaring 1.1% to 8058 and the French CAC jumping 0.5% to 3844.

Most commodities strengthened, with oil holding above $103 a barrel as the ongoing political turmoil in Egypt continues to fuel concerns of supply disruptions in the Middle East.

Gold (+0.9%) and silver (+0.5%) also rose as a bigger-than-expected rise in Chinese consumer prices last month boosted the metals' appeal as an inflation hedge.

In currency markets, the euro slid 0.7% to US$1.2781 amid speculation the European Central Bank will ease monetary policy further, even as the Fed looks to scale back its own easing policies.

Elsewhere, the Aussie appreciated 0.5% to US$0.9176, but could come under renewed selling pressure on the back of an IMF report suggesting China is in for a prolonged economic slowdown.

In local economic news, the Westpac Consumer Sentiment Survey is due for release at 10:30am, AEST.

 

Morning Market Update: Bull Run Continues is a post from: Australian Stock Report Market Pulse Blog

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