Author: james Carter
It was a roller coaster ride in the ASX200 today, ending the day down only 2 points at 5,518 after falling 39 points intraday.
As expected, it was a quiet day, with the ASX 200 closing only 13 points higher at 5,520. As we anticipated, the RBA announced no change to interest rates this month.
On Cup Day, what else could we revisit than the gaming stocks? Especially with Barrangaroo Sydney Casino development evolving rapidly and the second Brisbane casino licence up for grabs. Both Crown (CWN) and Echo (EGP) are in the running for the Brisbane licence and the winner is likely to get a nice lift in its share price, even if revenue will be years in the future. The dominant factor for overseas casinos has been the regulatory clamp down on “junkets” out of China and this has led to a significant fall in the Crown share price with the other 3 stocks discussed below, likely to have been a part beneficiary of the funds exiting Crown.With my overall market view targeting a 15% correction to US equities as the next major move, albeit likely to be from higher levels, I am reticent to be a buyer of stocks in general at current levels, but the gaming sector has a low correlation to the ASX200, especially due to regulatory decisions having major impact on the company’s operations.
We begin our Monday morning overseas equity segment logically with Apple (APPL.US), the largest company in the world.
The ASX 200 closed 20 points (-0.4%) lower at 5,507, led by the Gold sector.
Where will the unlucky billions of dollars of Medibank money go?
**The Bank of Japan surprisingly eased its monetary policy this afternoon, on concerns with a weakening oil price could decide on the fate with consumer prices and postpone the move in sentiment from deflation.**
Please see our Market Matters Video Update 29th October – Banks, MYR, JBH, SEK, FLT and Membership Changes
Please see our Market Matters Video Update 29th October – Banks, MYR, JBH, SEK, FLT and Membership Changes
A fairly quiet day today, no doubt in anticipation of Federal Reserve events in the U.S. tonight. The ASX 200 steadily declining from morning highs to close down 5 points at 5448.
Really bullish, there's more to go in the reflation rally
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