Daytrading July 5 afternoon

  1. 10,471 Posts.
    Thanks Oscar and morning crew.


    Half-time round-up:

    Weak economic data and soft US equity futures helped drag the ASX towards its first loss in five sessions despite the possibility of a rate cut this afternoon.

    At 1pm EST the ASX 200 was 52 points or 1% weaker at 5230 as a broad pullback turned all sectors red except metals & mining at break-even. Hardest hit were consumer discretionary -1.8%, consumer staples -1.4% and financials -1.4%.

    A glum morning was compounded by a blowout in the trade deficit and weaker-than-expected retail sales. The trade balance deteriorated to -$2.2 billion in May from $1.7 billion in April. Retail spending grew a tepid 0.2% in May, versus expectations for an increase of 0.5%. The news drove the dollar down almost half a cent to 75.13 US cents ahead of the RBA's 2.30pm EST rate announcement.

    Dow futures declined 43 points or 0.24% this morning ahead of the resumption of trade in the US tonight following the Independence Day public holiday. China's Shanghai Composite bucked the trend in Asia with a gain of 0.61%, Hong Kong's Hang Seng fell 0.73% and Japan's Nikkei 0.88%.

    Crude oil futures slid 58 cents or 1.2% this morning to US$48.41 a barrel. Gold futures were $7.50 or 0.56% firmer at US$1,346.50 an ounce.


    Signs of risk-off this morning - US futures, crude, most Asian markets down, gold up. Market seems to be saying there is no chance of a rate cut this arvo. Trading: tough week so far. Losing session yesterday for the first time in five weeks. Struggled all morning today with a shaky internet connection (Telstra supposedly fixing tomorrow, so if I don't show, that's why). Scraped wins out of SAI and ALL, behind on HVN. A rate cut this arvo would do no harm. Come on, Glenn - give us a smile.
  2. This thread is closed.

    You may not reply to this discussion at this time.

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