Australian Investment Blog

Good Afternoon everyone

Market Data

What Mattered Today
The Dow was off -210pts overnight however we bucked the trend and actually finished higher with the ASX up +26pts…Miners leading the way again, particularly RIO which added +2.51% on continued strength in Iron Ore prices. Fortescue (FMG) was also strong adding +4.91% to close at $3.41.

Gold had a good day – particularly Regis Resources (RRL) which we currently hold in the Market Matters portfolio…up +5.07% to trade at $2.90. We’re in from $2.37. Newcrest (NCM) was also strong and broke out above recent highs to close up +3.49% to $18.97. A weakening US Dollar following a softer than expected GDP print overnight has prompted buying in commodities and commodity coys

Most of the discussion this week had been about the potential for a rate cut next Tuesday given v’weak inflation data…Swaps markets are pricing a 56% chance. Of the 24 economists surveyed by Bloomberg 10 are calling for a cut and 14 are on hold. We’re still of the opinion they’ll keep the powder dry.

Stocks & Sectors Today
Source; Bloomberg

ASX 200 Movers

***Keep an eye for the weekend report on Sunday morning***

What Matters Tonight

European leads are weak with the FUTURES on the FTSE -22, DAX -71 & CAC –47
DOW FUTURES are trading up +20. S&P 500 FUTURES are up +2

Reporting in the U.S tonight we have

Chevron / Exxon


Regards,
The Market Matters Team
Level 12 28-34 O'Connell St
Sydney, NSW 2000

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