Thanks Oscar and morning crew.Half-time round-up:A second week...

  1. 8,593 Posts.

    Thanks Oscar and morning crew.

    Half-time round-up:

    A second week of recovery for the local market stuttered this morning following a mixed close on Wall Street.

    The ASX 200 retreated 23 points or 0.4% to 5905 but remained on track for a weekly gain of more than 50 points at current levels. Energy stocks fell 1.3% after US crude slipped into a bear market overnight, defined as a fall of 20% from the market's four-year peak just five weeks ago. West Texas Intermediate crude futures were lately down another 13 cents or 0.21% this morning to US$60.54 a barrel.

    Also weighing on the index were declines in consumer discretionary -0.9%, metals & mining -0.6% and I.T. -1%. Cushioning the index's fall were improvements in utilities +2.3%, gold +0.6% and telecoms +0.1%.

    A post-election rally in the US stalled overnight as the Federal Reserve indicated it expects to continue to raise rates as the US economy gathers pace. The S&P 500 dipped 0.25%, while the Dow eked out a gain of 0.04%. S&P 500 futures were recently off three points or 0.11%.

    "This Fed meeting may be the catalyst (that) slows up the feel good factor that the markets have enjoyed over the last few sessions post the US midterm election results," Rakuten Securities Australia said in a morning note quoted on CNBC. "We'd seen a positive 'risk on' trading environment after the midterms (passed) largely in line with expectations, but with the Fed confirming that they are sticking with their well defined path we may see some of the investor concern returning to markets and some further downside for the stock indices over the next few sessions."

    Asian markets saw deeper declines. China's Shanghai Composite was last off 0.98%, Hong Kong's Hang Seng 1.66% andJapan's Nikkei 0.73%.

    Gold futures slid $3.30 or 0.27%this morning to US$1,221.80 an ounce. The dollar was buying 72.48 US cents.

    Not a lot of volume at the spec end this morning. Feels like the air has been seeping out all week. Not unusual after the sort of runs we saw last month. Been a subsistence week for me. Missed ADA this morning but caught FAR - as predicted by Thesadorz - well done, mate. My methods are transparent.

GET SUPPORT arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.