The Bull

Monday 18

February, 2019 5:11 AM

CommSec Daily Report Wednesday

CommSec Daily Report Wednesday

The Australian sharemarket is having its second consecutive challenging session...

Share |

05.12.2018 01:03 PM

Latest news

The Australian sharemarket is having its second consecutive challenging session, with the ASX 200 down 1.25 per cent at lunch. The enthusiasm which hit markets on Monday has faded quickly on a number of concerns including confusion over USChina trade progress, worries about the US economic outlook and ahead of major events in coming days.

The world’s two largest economies seem to be providing conflicting versions of outcomes from last weekend’s G20 Summit. The Washington Post suggested that China has not acknowledged a 90-day deadline for reaching a trade deal and has not said it would ‘immediately’ buy significant farm goods from the US. This morning however Reuters reported that China said it would implement specific issues agreed on as quickly as possible.

The flattening yield curve (small difference between short and long-term US interest rates) also has in the past signalled a weaker American economy.

It is yet another day of widespread selling with all sectors coming under pressure this morning. Losses from the big banks, CSL and heavy falls from Telstra (TLS) seem to be doing the most damage.

TPG Telecom (TPM) is edging higher after saying it is tracking well to meet its profit goals over FY19 and reports it has avoided a potential Board spill. Coles (COL) has broken a six-day losing streak after receiving a broker upgrade this morning.

Macquarie Media (MRN) is up 9 per cent at lunch after Nine Entertainment (NEC) confirmed it has had preliminary talks to potentially acquire the company behind 2GB and 3AW. NEC – which is in the process of merging with Fairfax (FXJ) – is coming under selling pressure.

The Bank of Queensland (BOQ) is down 2.5 per cent and is underperforming its peers after the resignation of its Managing Director and CEO after six-years in the top job.

The Aussie economy has expanded at a slower than expected pace, with 3Q GDP up just 0.3 per cent (consensus 0.6 per cent). This takes the growth over the year to 2.8 per cent. The result has pushed the Australian dollar lower this morning. An update on China’s Services sector will be released at 12.45pm AEDT.

956.4m shares have changed hands so far worth $2.1bn. 251 stocks are up, 709 are down and 302 are unchanged.

The US market will remain shut tonight for the funeral of former US President George Bush Snr. The Federal Reserve chair is set to deliver a testimony to congress on the economy. An update on private sector jobs growth will also be in focus tonight. 

Published by CommSec
  • Trump to get update on China trade talks

    US duties on $US200 billion worth of Chinese imports are set to rise to 25 per cent from 10 per cent if no deal is reached by March 1 to address US demands

  • SA govt unveils Repat Hospital plan

    The South Australian government has unveiled its master plan to redevelop Adelaide's Repatriation Hospital.

  • US-China talks to boost Aussie market

    Australia's share market is tipped to open higher on Monday after optimism surrounding US and China trade talks.

  • The Week Ahead

    In Australia, the December quarter Wage Price Index release dominates the local agenda in the coming week.

  • ASX closes flat as more companies report

    The Australian sharemarket has managed to finish in positive territory as more companies reported earnings results.

  • Stocks to watch

    Stocks of interest at the close of trade on the ASX on Thursday, February 14.

  • Germany to let NATO use its cyber skills

    Germany is to join the ranks of NATO countries making its cyber warfare skills available to the alliance to help fight hacking and electronic warfare, officials said on Thursday.

  • Domain posts $156.4m loss as listings fall

    Domain's first-half loss has widened to $156.4 million after Sydney and Melbourne's stumbling property markets forced it to take a large non-cash impairment.

  • Farmer denies scaring vegans with gunshot

    A WA farmer who asked vegans to stop filming calves on his property and leave, then fired a shot into farmland, says he wasn't trying to scare them.

  • CommSec Daily Report Friday

    The local sharemarket is mostly flat so far in a choppy session of trade. The ASX 200 is marginally higher by 6 points or 0.1% to 6066 points towards lunch after trading in a narrow 18 point band...

Index: Points Change Percent


© Copyright All rights reserved.