Monday has generally been a very steady session as the market digests Friday’s unemployment numbers, with the most notable point being that the DJI made a record high for the 9th successive session. Elsewhere markets have been steady, and in terms of data it has been thin. The EU Sentix investor confidence dropped to 27.7 in August, down from 28.3, but beat expectation of 27.6, while the expectations gauge dropped to 16.0, down from 19.8. The main mover in the currency market has been the Kiwi, which has traded lower after the RBNZ’s inflation survey showed that annual inflation is expected to be at 1.77% in 1 year and 2.09% in 2 years, sharply down from the previous survey, three months ago, at 1.92% in 1 year and 2.17% in 2 years.
Tuesday will again be a bit thin on the ground for any economic guidance although Asia may see a bit of action with the release of the NAB Business Conditions/Confidence and the China Trade Balance (exp $46.10 bio Exports +10.9%, Imports +16.6%). The European focus will be on the German Current Account and Trade Balance (Exp +€21 bio) while the US is pretty much a non-event, with just the API Weekly Crude Oil Stock Inventory to look out for. Oil traders will pay more attention to the OPEC meeting today, and any headlines that may come from Abu Dhabi.
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|INDICES / COMMODITIES|
|ASX SPI: 5722|