The ASX finished the day flat with a gain of just 2.5 points, essentially a 0% move. With a cautious lead from the US after Fed governor Jerome Powell said overnight that he things rates are going to rise twice this year, and with greece still waiting in the wings, this was not unexpected.
- S&P ASX 200: 5,686.8 +2.5 +0.04%
- All Ordinaries: 5,672.70 +1.3 +0.0%
- AUD/USD: 0.7725 -0.0006 -0.09%
While the index was flat today, two of yesterday’s movers were at it again today. Liquified Natural Gas Limited followed yesterday’s 4.84% rise with another jump of 8.97% today. On the negative side of the ledger Flight Centre was hammered again posting the weakest move on the ASX on the day with a loss of 8.8%. That’s after yesterday’s 13.59% drop. Flexigroup came under pressure for the second day in a row as well down another 5% while Seven West reversed yesterday’s gains.
The top stories today:
1. The IMF said Australian bank capital ratios aren’t that high by global standards and need to be increased. It’s not new but it reinforced what the Murray report said.
2. If you are worried about the global bond market rout you should be. Today Deutsche Bank said the global inflation outlook is improving, which justifies normalising monetary policy.
3. Employment has been strong lately but today we got some depressing news on the outlook for the labour market as skilled job vacancies fell.
AND A BONUS MYTH BUSTING STORY