Stormy Weather
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- Indepth analysis of ASX listed shares
- BUY, Hold and Sell Recommendations
- Ideas Lab
- Special Reports
- Alan Kohler’s Weekend Briefing
- Interviews with CEO’s & top influencers
- Money Cafe and Talking Finance
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Dark clouds hang over Asia Pacific share markets this morning after a wild and stormy night’s trading. Record inventory levels produced a further slide in oil prices, fanning the flames of a Greek inspired European share sell off. Local jobs data is unlikely to ease the pressure, and all sectors are forecast to open down this morning.
While the triggers for selling are evident, the market logic is not. Lower energy prices are a rational market positive, but mounting dismay at the lack of a Santa Claus rally has investors hitting the panic button. Fears about global growth prospects are weighing. Over the past week, strong US performances have offset weakness in Asia and Europe. An American capitulation overnight means bulls have nothing to lean on, and a rout in Asia Pacific shares is on the cards.
Expectations that 15,000 new Australian jobs were created in November would see the unemployment rate rise slightly. However, the unforgiving market mood may mean even a surprise surge in jobs will do little to calm the turmoil. Next week’s futures expiry may be the end of liquidity for the year, and institutional investors are likely to act while they can, adding to the downdraft.
For further comment from Michael McCarthy at CMC Markets please call 02 8221 2135.