Australian Stock Report - Market Pulse

Morning Market Update: Wall Street Rebounds

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Publish date: Tue, 15 Apr 2014, 09:43 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.

US markets rebounded from their recent selloff overnight, following the latest updates on the economy and corporate earnings.

American retail sales in March grew at the fastest pace since September 2012, allaying concerns about the health of the consumer-driven US economy.

Also, banking giant, Citigroup, reported better-than-expected earnings. Citi's numbers eased fears over profitability in the financial sector – fears that were magnified by JP Morgan's poor quarterly result on Friday night.

The strong growth in US retail sales fuelled further gains in oil, with added support coming from rising tensions between energy-producing Russia and its neighbour Ukraine.

Gold settled at its highest in three weeks amid fears clashes on Ukraine's eastern border will lead to a wider conflict.

Elsewhere, nickel continued its stellar run following Indonesia's decision to ban exports of unprocessed ore, which is likely to squeeze global supply of the commodity.

The US retail sales data was generally supportive of the greenback, whilst the Aussie moved past 94 US cents ahead of today's RBA meeting minutes, which may yield clues on the central bank's timetable for hiking rates.

The post Morning Market Update: Wall Street Rebounds appeared first on Market Pulse.

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