Daytrading March 21 afternoon

  1. 10,441 Posts.
    Thanks Mitta and morning crew.

    Half-time round-up:

    Australian shares fell for the first time in four sessions as declines in key commodities offset positive leads from overseas equities, and Prime Minister Malcolm Turnbull set the scene for a July federal election.

    At 1pm EST the ASX 200 was 29 points or 0.5% weaker at 5154 after a brief initial rally ran out of steam. Resource stocks came under pressure as crude oil and copper retreated. The energy sector shed 1.6%, metals & mining 0.7% and materials 0.6%. Other headwinds included financials -0.8% and consumer staples -0.9%. The gold sector rallied 0.6%, health 0.6% and industrials 0.3%.

    This morning's reversal halted a three-session rally through to the end of last week as central banks around the world indicated their willingness to consider additional measures to stimulate growth.

    “The policy actions among major global central banks over the past three weeks certainly appears to be coordinated and has helped ease fears about weakening global activity and its contagion into risk assets,” Matthew Sherwood, head of investment strategy at Perpetual, told Bloomberg. “However, investors need to be cautious not to extrapolate recent returns, and the speed of the market recovery, indefinitely into market returns from here.”

    Adding to an uncertain outlook, PM Turnbull this morning said he will ask the Governor-General for a double dissolution unless the Senate passes building legislation.

    Crude oil futures slumped 49 cents or 1.2% this morning to US$38.95 a barrel as the US dollar edged higher. US copper dipped a cent before recovering to trade 0.1% lower at US$2.28. Gold futures were $2.50 or 0.2% softer at US$1,251.80 an ounce. The dollar was buying 75.77 US cents.

    China's Shanghai Composite rose 0.73% and Hong Kong's Hang Seng 0.01%. Japan's Nikkei was closed for a public holiday. S&P futures were recently down 4.5 points or 0.22%.

    Political clouds gathering. Investors like to know who's running the country, so the prospect of an election may cloud trading activity for some weeks/months to come. Partly explains the downward drift this morning. Trading: placed plenty of orders but didn't get a sniff.
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