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Overseas Market Report

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Overseas Market Report - International Markets Roundup

Thursday 15 March 2018 | Close

NEW YORK [Morningstar with AAP]: The Dow Jones Industrial Average has had a strong surge as industrial stocks gained after the White House trade adviser sought to play down chances of a trade war due to protectionist policies.

Thursday 15 March 2018 | Close

Foreign Equities Close Change %Change
Dow Jones (US) 24874 116 0.47
S&P 500 2747 -2 -0.08
NASDAQ 7482 -15 -0.20
FTSE 100 Index 7140 7 0.10
DAX 30 12346 108 0.88
CAC 40 5267 34 0.65
Nikkei 225 (Japan) 21804 27 0.12
HKSE 31541 106 0.34
SSE Composite Index 3291 0 -0.01
NZ 50 8433 35 0.41

Thursday 15 March 2018 | Close

Commodities US$ Close Change %Change
Aluminium /t 2063 -5 -0.27
Copper /t 6888 -65 -0.94
Nickel /t 13576 -203 -1.48
Gold /oz 1316 -4 -0.28
Silver /oz 16.3 -0.1 -0.84
Oil - West Texas crude /bbl 61.2 0.2 0.38
Lead /t 2414 8 0.31
Zinc /t 3233 11 0.33

Thursday 15 March 2018 | Close

Currency Close Pts Change % Change
$A vs $US 0.7797 -0.0081 -1.02
$A vs GBP 0.5595 -0.0043 -0.76
$A vs YEN 82.88 -0.76 -0.91
$A vs EUR 0.6336 -0.0030 -0.48
$A vs $NZ 1.0712 -0.0059 -0.54
$US vs Euro 0.8126 0.0045 0.56
$US vs UK 0.7175 0.0018 0.25
$US vs CHF 0.9512 0.0068 0.72

NEW YORK [Morningstar with AAP]: The Dow Jones Industrial Average has had a strong surge as industrial stocks gained after the White House trade adviser sought to play down chances of a trade war due to protectionist policies.

President Donald Trump's tough approach to global trade, including new tariffs on metals imports, will not necessarily provoke retaliation from trading partners, Peter Navarro, the top adviser on international economic exchanges, said on CNBC.

"It was very destabilising to the markets that the White House is aware of that and they dialled back the rhetoric to an extent," said Peter Kenny, senior market strategist at Global Markets Advisory Group in New York.

Corporates, especially manufacturers, have been under pressure from Trump's tariff plans, including a move to impose duties of up to $US60 billion ($A76.9 billion) on Chinese imports while pushing for $US100 billion cut in trade surplus.

Thursday's gains helped the Dow erase much of its losses since Trump announced tariff plans on March 1.

The markets also found support from economic data that showed weekly jobless claims fell last week, pointing to a strong labour market.

Heading into the final hour of trade, the Dow Jones index was up 114.03 points, or 0.46 per cent, at 24,872.15, but the S&P 500 lost 0.58 points, or 0.02 per cent, to 2,748.90, and the Nasdaq was down 15.33 points, or 0.2 per cent, at 7,481,48.

LONDON: UK shares managed a meagre gain on Thursday after a three-day losing streak as Britain's third-biggest company, Unilever, fell after announcing it would make Rotterdam its sole legal home a year before Brexit.

The blue-chip FTSE 100 index was up 0.1 per cent at 7,139.76 points at its close, recovering some losses from the day before thanks to gains in financials, healthcare and industrials.

Germany's Dax was up 0.88 per cent, and France's CAC was up 0.65 per cent.

The diplomatic tensions between Britain and Russia have so far had little impact on British shares.

Unilever, which said it would keep its London listing despite scrapping its London corporate headquarters, was down 1.7 per cent.

It remained unclear whether Unilever could still keep its place on the FTSE 100 index.

"It may have a short term impact on demand for the shares however, as institutional investors may have to shuffle their decks a bit," said Laith Khalaf, senior analyst at Hargreaves Lansdown.

TOKYO: Asian stocks sagged on Thursday while government bonds attracted safe-haven demand amid mounting investor concerns that growing trade tensions will hurt the global economy.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.13 per cent.

The Asian markets took their cues from Wall Street shares, which fell for the third straight session overnight after US President Donald Trump sought to impose fresh tariffs on China, intensifying fears of a trade war.

"While US and Chinese officials could be negotiating behind the scenes in an attempt to prevent the situation from worsening, the markets will remain concerned as long as President Trump seems to be going his own way on the matter," wrote Xiao Minjie, China-focused senior economist at SMBC Nikko Securities in Tokyo.

Shanghai lost 0.1 per cent, Hong Kong's Hang Seng was up 0.34 per cent, and Japan's Nikkei erased earlier losses and crawled up 0.12 per cent.

WELLINGTON: The S&P/NZX 50 index on Thursday rose 0.41 per cent, to 8,467.33.

Australian Market

Local Markets Are Expected to Open Higher

Ahead of the local open SPI futures were 12 points higher at 5,923.

Thursday 15 March - close [Morningstar with AAP]: The benchmark S&P/ASX200 index was down 0.2 per cent at 5,920.8 points at 1630 AEDT, following a fall of 0.7 per cent on Wednesday and a decline of 0.4 per cent on Tuesday.

Citi director of equities sales Karen Jorritsma said the financial services royal commission is reminding investors that good bank stocks still come with heavy regulatory risks.

"They have obviously got the noise of the royal commission in the background which leaves investors asking 'why should I step up and buy them today?'," she said.

ANZ, National Australia Bank and Commonwealth Bank were all one per cent weaker, and Westpac dropped 0.9 per cent.

Ms Jorritsma said investors were also influenced by a soft lead from Wall Street, where 10 out of 11 market sectors fell as US President Donald Trump considered fresh tariffs on goods from China, reviving anxiety of a global trade war.

"That made for a soggy entrance into the market this morning," she said.

Gains among the big mining companies after a rise in iron ore prices were offset by a mixed day for the energy producers.

Rio Tinto climbed two per cent, BHP Billiton gained 0.8 per cent and Fortescue Metals added 0.6 per cent.

Woodside Petroleum dropped 0.5 per cent and Origin Energy shed 1.5 per cent, while Santos and Oil search turned around slow starts to gain 0.6 per cent and 0.4 per cent, respectively.

Newcrest Mining wavered throughout the session and closed 0.5 per cent lower, after the gold miner confirmed it will miss its full-year production guidance and some contracts for copper concentrate product will be unfulfilled because of the closure of its Cadia mine in NSW.

The Australian dollar is slightly weaker, trading at 78.70 US cents at 1630 AEDT, down from 78.75 US cents on Wednesday.


The benchmark S&P/ASX200 index was down 14.5 points, or 0.24 per cent, at 5,920.8 points

The broader All Ordinaries index was down 15 points, or 0.25 per cent, at 6,027.6 points

National turnover was 3.8 billion securities traded worth $7.3 billion

Annual General Meetings today (ASX 300)

  • No Annual General Meetings today

Companies trading ex-dividend today (ASX 300)

  • Primary Health Care Limited
  • The Reject Shop Limited

Companies trading ex-dividend next business day (ASX 300)

  • Auckland International Airport Limited
  • Chorus Limited
  • Cochlear Limited

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