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Overseas Market Report

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Overseas Market Report -U.S. Markets End Higher for Sixth Straight Session

Thursday 25 May 2017 | Close

U.S. share markets extended their winning streak for a sixth day as the S&P 500 and the Nasdaq closed at record highs on Thursday.

Thursday 25 May 2017 | Close

Foreign Equities Close Change %Change
Dow Jones (US) 21083 71 0.34
S&P 500 2415 11 0.44
NASDAQ 6205 42 0.69
FTSE 100 Index 7518 3 0.04
DAX 30 12622 -21 -0.17
CAC 40 5337 -4 -0.08
Nikkei 225 (Japan) 19813 70 0.36
HKSE 25631 202 0.80
SSE Composite Index 3108 44 1.43
NZ 50 7434 13 0.17

Thursday 25 May 2017 | Close

Commodities US$ Close Change %Change
Aluminium /t 1958 16 0.81
Copper /t 5706 44 0.77
Nickel /t 9001 -57 -0.63
Gold /oz 1256 -1 -0.06
Silver /oz 17.1 -0.0 -0.17
Oil - West Texas crude /bbl 48.8 -0.1 -0.27
Lead /t 2065 17 0.81
Zinc /t 2625 0 -0.02

Thursday 25 May 2017 | Close

Currency Close Pts Change % Change
$A vs $US 0.7455 -0.0040 -0.54
$A vs GBP 0.5762 -0.0014 -0.24
$A vs YEN 83.37 -0.23 -0.28
$A vs EUR 0.6648 -0.0026 -0.39
$A vs $NZ 1.0619 -0.0020 -0.19
$US vs Euro 0.8915 0.0013 0.14
$US vs UK 0.7729 0.0024 0.31
$US vs CHF 0.9728 0.0005 0.05

U.S. share markets extended their winning streak for a sixth day as the S&P 500 and the Nasdaq closed at record highs on Thursday.

Gains were led by the consumer-discretionary, industrials, and utilities sectors, which all reached their highest levels ever.

Crude-oil prices fell following an agreement by the Organisation of the Petroleum Exporting Countries and other major producers to a nine-month extension to the current deal for production cuts.

At the closing bell, the Dow Jones, the S&P 500, and the Nasdaq were up 0.3%, 0.4%, and 0.7%, respectively.

HP (HPQ) reported solid fiscal second-quarter results that surpassed revenue estimates while non-GAAP EPS was roughly in line with expectations. The stellar top-line performance was driven by growth across all regions in the Personal Systems and THE Printing operating segments.

Best Buy (BBY) offered a rare bright spot in a disappointing first-quarter reporting season for retailers, with its top and bottom lines coming in ahead of market expectations and management guidance.

For the fourth quarter of fiscal 2017, NetApp (NTAP) reported top-line results that were above expectations. Management has successfully returned the company to revenue growth with improved profitability. Additionally, NetApp's Strategic Solutions product portfolio continued to offset weakness from headwinds related to the company's Mature Solutions portfolio.

For Australian ADRs listed on the NYSE, BHP Billiton dropped 28 cents (-0.77%) to $36.21, ResMed gained 12 cents (0.17%) to $70.05, Telstra Corporation lost 13 cents (-0.77%) to $16.74, Spark New Zealand added 9 cents (0.69%) to $13.06, and Westpac slipped 5 cents (-0.22%) to $22.91.

At 7:45 AM (AEST), the 10-year Treasury note yield was 2.26% and the 5-year yield was 1.79%.

European markets were mostly lower on Thursday.

The FTSE 100 remained flat, the French CAC 40 fell 0.1%, and Germany's DAX fell 0.2%.

Asian markets rose on Thursday.

The Hang Seng rose 0.8%, the Nikkei 225 rose 0.4%, and the Shanghai Composite added 1.4%. India's Sensex rose 1.5%.

Australian Market

Local Market Expected to Open Flat

Ahead of the local open, SPI futures were 3 points lower at 5,792.

Thursday 25 May - close. The Australian market opened in the red, dragged down by heavy sell-offs from retailers. The ASX 200 index shook off early losses before midday and finished moderately above the flat line, led by solid gains among resource stocks and a late rebound in the big four banks. There were mixed results from the sectors: materials and energy gained most significantly while healthcare was the worst performer for this session. The Australian dollar depreciated against most major currencies.

The All Ordinaries added 17.30 points to 5,828.80 while the S&P/ASX 200 rose 20.60 points to 5,789.60.

AMP Limited (AMP)

AMP provided an update on its group strategy and growth opportunities at its Investor Strategy Day, being held in Sydney. The strategy will direct investment towards higher-growth businesses in wealth management, AMP Bank and AMP Capital; leverage its strengths in overseas markets; and maintain focus on driving cost efficiency. Key elements of the strategy include: tilt investment to higher-growth, less capital-intensive businesses; release and recycle capital from lower-growth business lines to fund growth and returns; grow wealth management by broadening revenue streams via increasing contributions from advice and SMSF, while continuing to invest in product and platform development; continue focus on costs to drive operational leverage. AMP gained 1 cent to $5.18.

Annual General Meetings today (ASX 300)

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