Market focus turns to Capital expenditure data and Woolworths AGM
With a steady lead from US markets heading into Thanksgiving, the early mood on the local stock exchange is likely depend on whether or not the selling of banks and other yield stocks continues as it has over the past couple of trading sessions.
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With a steady lead from US markets heading into Thanksgiving, the early mood on the local stock exchange is likely depend on whether or not the selling of banks and other yield stocks continues as it has over the past couple of trading sessions.
While commodity prices were relatively steady overnight, investors were given no particular reason to feel more positive about the outlook. Against that background the fact that BHP’S ADR finished lower in New York may test nerves today as the stock looks set to break recent support.
Recent volatility in Woolworths’ share price will increase market sensitivity to today’ AGM. Investors are on the alert for the possibility that new Chairman, Gordon Cairns will use his first AGM as an opportunity to begin the process of restoring investor confidence in the company’s strategy.
The Aussie Dollar has been well supported over the past week and today’s private capital expenditure may provide some insight into whether this buyer faith has been justified. Markets will be looking for recent signs of improvement in confidence and business conditions to be translated into an upward revision for investment intentions outside the mining sector.
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