China's unexpected manufacturing numbers spook traders
The local bourse oscillated in mild gains ahead of HSBC Flash Manufacturing PMI numbers and trading volumes remained subdued as traders reserved their bets until after the fact.
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The local bourse oscillated in mild gains ahead of HSBC Flash Manufacturing PMI numbers and trading volumes remained subdued as traders reserved their bets until after the fact.
Lunch time served up a grim HSBC flash PMI print, returning an expected 11 month low of 49.2. This sent immediate ripples through to material stocks with the major iron ore producers under instant pressure. The Aussie dollar also felt the stress, giving up almost a third of a cent following the news.
Eyes remained fixed to giant miner BHP who continued to enjoy support as the spin off date for South 32 draws closer. The miner’s stock price shed over 1% immediately following unexpected Chinese manufacturing slow-down. This took almost 10 points off the local bourse. Despite the China-effect, BHP continues to be the heavy lifting stock for Australian shares this week.
Banking stocks spent the session floating in minor-red. CBA’s race to $100 was staggered as light profit taking came into play. The bank still currently trades on the greener side of $95 inviting many short-traders to take their positions against CBA’s race to $100.
In afternoon trading, local stocks have recovered the 13 points lost at lunch. Volumes were lower than average as traders remain cautious ahead of the outcome of Flash services and manufacturing PMI numbers due across the Eurozone overnight.
For further comment from CMC Markets please call 02 8221 2135.
