Good Morning Fellow Traders, Thanks @Quantum Torus @Ravgnome and...

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    Good Morning Fellow Traders,

    Thanks @Quantum Torus @Ravgnome and AM Loungers. Special thanks also to @taughtbuffet and @Goblin and @RockstarJones and even @Endless who all keep us amused with their funny contributions.

    So - here we go again. More US woes.

    A late rally from banking stocks kept the Australian share market from the doldrums reached in October, but broad-based losses still dragged the indices lower with local tech stocks following the fortunes of US counterparts.

    The benchmark S&P/ASX200 index was down 21.9 points, or 0.38 per cent, at 5671.8 on Tuesday, while the broader All Ordinaries was down 0.47 per cent.

    The tech sector fell nearly three per cent after seemingly taking the lead from Wall Street, where sliding Apple shares wrecked havoc - Afterpay and Xero lost 4.8 and 5.4 per cent, and Altium fell 9.4 per cent,

    US tech companies missing earnings guidance and continual analyst downgrades are feared to spread to Australia because of the supply chain of related materials, CMC Markets chief strategist Michael McCarthy said.

    "Australia, with its high engagement with both the US and China, is going to be one of those that's going to be disproportionately affected," he told AAP.

    Energy and industrial shares also weighed on the market as oil prices were mixed.
    Oil Search and Santos fell hardest, down 1.7 and two per cent respectively, while Origin Energy and Woodside Petroleum both lost 0.7 per cent.

    The financial sector regained ground from the morning's trading and closed half a per cent higher.
    NAB had the strongest gains of the big four lenders, up 1.3 per cent to $23.89, and ANZ the weakest, up 0.6 per cent to $25.30.

    Mining stocks lost ground despite stronger metals prices and the freshly-renamed giant BHP Group climbing 0.9 per cent to $32.69.
    Rio Tinto and Fortescue Metals were up 0.6 and 0.7 per cent, while South32 and BlueScope lost 1.2 and 1.5 per cent.
    The gold miners were a rare bright spot for most of the day after precious metal prices rose overnight, with OceanaGold and Saracen Mineral climbing 2.8 and 3.2 per cent.

    But health care shares were a significant drag, down 2.5 per cent, with biotech giant CSL losing 3.6 per cent to $175.75, while ResMed lost 1.4 per cent to $14.00.

    In companies news, A2 Milk reversed early gains to close 1.2 two per cent lower to $9.68 on a 64.5 per cent net profit lift for the first four months of 2018/19.

    And livestock producer AACo was up 1.2 per cent despite revealing a global beef glut and the east coast drought saw it post a first-half net loss of $68.40m.

    The Australian dollar came off its high as risk sentiment got a knock amid worries about global growth and worsening trade relations between the United States and China.
    The Aussie was buying 72.76 US cents at 1630 AEDT from 73.06 US cents on Monday.

    ON THE ASX:
    * The benchmark S&P/ASX200 index closed down 21.9 points, or 0.38 per cent, at 5671.8
    * The All Ordinaries closed down 27.2 points, or 0.47 per cent, at 5759.2
    * At 1630 AEDT, the SPI200 futures index was down 13 points, or 0.23 per cent, at 5678.0

    CURRENCY SNAPSHOT AT 1630 AEDT:
    One Australian dollar buys:
    * 72.76 US cents, from 73.06 US cents cents on Monday
    * 81.88 Japanese yen, from 82.40
    * 62.55 euro cents, from 64.10
    * 56.59 British pence, from 56.98
    * 106.32 NZ cents, from 106.75

    GOLD:
    The spot price of gold in Sydney at 1630 AEDT was $US1,222.50 per fine ounce, up from $US1,219.038 on Monday

    The S&P 500 hit a three-week low on Tuesday, as weak earnings from retailers including Target and Kohl’s as well as a fall in energy shares added to worries for Wall Street, which is still reeling from a selloff in technology stocks.

    Warnings from retailers prompted caution ahead of the holiday season, increasing selling pressure on equities as investors fret about a slowdown in global growth, peaking corporate earnings and rising interest rates.

    Apple Inc (AAPL.O) shares fell 3.80 percent amid concerns about slowing demand for iPhones. The stock, which has led the market through much of its bull run, is at its lowest level since early May.

    The tech-heavy Nasdaq fell to its lowest level in more than seven months and is now down about 14.6 percent from its record closing high in late August.

    “Market has clearly run into some headwinds. We’ve got rising rates, strong dollar, concerns over tariffs between U.S. and China and we’ve got the oil selloff,” said Christopher Larkin, senior vice president of trading at E-Trade Financial in New Jersey.

    “There are a lot of things working against the market right now ... We’re seeing a couple of stocks, which are pretty popular specifically with retail investors, under quite a bit of pressure.”

    The S&P 500 retailing index .SPXRT lost 1.83 percent, falling for eight straight sessions.
    At 13:05 a.m. EDT the Dow Jones Industrial Average .DJI was down 455.04 points, or 1.82 percent, at 24,562.40, the S&P 500 .SPX was down 40.17 points, or 1.49 percent, at 2,650.56 and the Nasdaq Composite .IXIC was down 91.79 points, or 1.31 percent, at 6,936.69.

    However, the three indexes were off their session lows.

    The FANG group eased off their earlier losses, while the Philadelphia SE semiconductor .SOX index clawed back losses to edge 0.1 percent higher.

    Signs of slowing demand for Apple’s iPhones have wide-ranging implications for technology and internet companies.

    Should Apple’s loss hold through the day, its shares would have lost more than 20 percent of their value, or around $250 billion, since closing at a record high on October 3.

    Goldman Sachs trimmed its price target on Apple for the second time in just over a week, saying the balance of price and features in the new iPhone XR may not have been well-received by users outside of the United States.

    The S&P energy index .SPNY tumbled 2.92 percent as oil prices plunged another 5 percent amid concerns about rising global supplies.

    “We’re in a holiday week so there are fewer traders than normal and that’s a problem. Because whatever direction the markets go in, it’s exacerbated,” said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh.

    Declining issues outnumbered advancers for a 5.57-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 2.73-to-1 ratio on the Nasdaq.

    The S&P index recorded 20 new 52-week highs and 41 new lows, while the Nasdaq recorded eight new highs and 244 new lows.


    Source: Netwealth Morning Business Roundup

    Looking after you all with a Mushroom and Leek Frittata and a coffee because @paddington bear can't function without one.

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    In consideration of others, PLEASE include the STOCK CODE in all your posts.

    Happy trading, play nicely and make informed decisions.
 
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