Market consolidates
There was nothing in overnight market news likely to change the outlook for Australian investors this morning. This suggests that while the market may open on a firm note, the most likely scenario for today's trading is another day of consolidation.
Skipping
Insights to the thinking of the US Federal Reserve boards and a collapse in oil prices left investors in a cautiously optimistic mood overnight. The latest episode of the Greek soap opera was shot in Moscow, but European stock weakness turned to US strength. Lighter than average share market volumes around the globe point to a lack of conviction at current market levels.
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Top fund managers: PM Capital Global Companies Fund
This week we profile a fund with over 30 per cent financial stocks but not a single share in Australian banks.
Collected Wisdom
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Modest respite for commodities to steady market nerves
Some modest respite on the commodity front looks likely to produce a relatively steady open on the stock market this morning. Sellers may be a little cautious given solid gains in the oil price last night plus a small move in the right direction for the spot iron ore price.
Skipping Over the Bear Trap
In a data driven week some investors will be grateful that Australian shares didn't trade Monday. Friday night's weak US payrolls data roiled share sentiment, but a stronger than expected US ISM read overnight has local traders looking at a positive re-start after the Easter break. The one pillar of strength in an uncertain growth world crumbled on Friday. US jobs numbers finally succumbed to weakness in other US data.
Commodities to the Rescue
Despite screaming headlines in various Australian business dailies, commodity prices rallied overnight. Oil jumped more than $2 per barrel, and gold slammed through the U$1200 mark, rising $21 in the session. These dramatic lifts should see Australian resource shares on the front foot today. Futures markets are indicating a lift of around 0.5% at the open, but positive momentum could see further gains.
Easter stock hunt
The final day of trading ahead of the Easter long weekend started with mixed leads offshore. Traders looked to finalise their positions ahead of the four day break but volumes were skinny. Banks switched back into gear as yield play sat front of mind, led convincingly by CBA. This kept the market swinging between double-digit green for the entire session.
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New share recommendations presentation, special Easter readings and our holiday plan.
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