daytrading oct 2 afternoon

  1. 9,632 Posts.
    Thanks Gttrain.

    Half-time round-up:

    A fourth day of gains pushed shares near a five-month high this morning as the odds on a rate cut this afternoon shortened.

    At lunchtime the ASX 200 was up 29 points or 0.7% at 4418, three points off the September closing high of 4421. A broad rally lifted all sectors, with gold +1.1%, energy +1.1% and materials +1% the morning's best performers. The gains followed a strong session in Europe overnight.

    "It was a nice run for the Europeans after the Spanish banks passed the stress tests. The overall market has risen across the board," RBS Morgans private client adviser Bill Bishop told Fairfax.

    The odds on a cut to the cash rate this afternoon appeared to improve, with interbank futures factoring in roughly a 70% chance of a reduction of 25 basis points to a rate of 3.25%. The Reserve Bank is due to announce the new rate at 2.30pm EST.

    Japanese stocks recouped some of yesterday's losses as Shanghai and Hong Kong markets remained closed. The Nikkei advanced 0.25%. Dow futures were recently up eight points or less than 0.1%.

    House prices last month recorded their biggest rise in two years, according to figures released this morning. RP Data said home values increased by 1.4%.

    Crude oil futures inched up three cents this morning to US$92.37 a barrel. Spot gold was 80 cents softer at US$1,777.20 an ounce. The dollar was buying $US1.0375.

    Equities are certainly behaving like they think a rate cut is coming. Currency markets are more cautious. Me? Too close to call. Volumes seem pretty weak this morning but it might be no more than the shares I'm tracking. Took some profits on CFU from last week and had a part-fill off the low in VRX that would have been nice with more shares. Just missed CTP at 14, dammit.
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