Australian Stock Report - Market Pulse
Morning market update: 11 December
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Publish date: Thu, 11 Dec 2014, 10:27 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.
The Aussie market looks set to open lower later this morning, following Wall Street down as global stocks fell on concern over growth in China and potential political fallout in Greece.
The December SPI futures contract is down 14 points, at 5270.
Global equities fell after China said certain lower-rated bonds could no longer be used as collateral for some short-term loans, sparking a sell-off in riskier debt that spread to government notes and stocks.
Greece’s move to bring forward the process for choosing a new head of state risks triggering parliamentary elections that could put in power a party that opposes the terms of the nation’s EU bailout.
In local economic news today, the Australian Bureau of Statistics releases October housing finance data, while the Westpac/Melbourne Institute Survey of Consumer Sentiment is due out.
In equities news, Godfreys Group is scheduled to list on the ASX.
Key numbers:
– SPI futures down 14 pts at 5270
– AUD at 83.08 US cents
– Late on Wall St, S&P 500 -0.2%, Dow -0.5, Nasdaq +0.3%
– In Europe, Euro Stoxx 50 -2.6%, FTSE -2.1%, CAC -2.6%, DAX -2.2%
– pot gold up $US26.83 to $US1230.34 an ounce
– Brent oil up 18 US cents to $US66.37 per barrel
What's on today:
December consumer sentiment, US October wholesale inventories, Japan fourth-quarter business survey index.
Stocks to watch:
Energy companies and iron ore producers. Rio Tinto slid 1.2 per cent in London; BHP Billiton fell 1.6 per cent.
APA Group's shareholders were bracing for the year's second-largest equity raising on Tuesday night, in an effort to fund a $5.5 billion acquisition in Queensland.
Shaw Stockbroking has re-initiated coverage of Nick Scali with a "buy" recommendation and a 12-month price target of $3.20 a share.
The post Morning market update: 11 December appeared first on Market Pulse.
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