Your morning market update, with just two sleeps to go.
– It will be a close run thing today as to whether Graeme Swann’s retirement mid-Ashes from the English cricket team or the amazing upgrade in US growth from 2.5% to 4.1% will dominate talk in trading rooms around Australia. Swann will win, given it’s that time of year, but the better performance of the US economy in the revised GDP data released Friday helped drive stocks to a very strong close on Friday night.
– The Dow rose 0.26% to 16,221 but it had been much stronger early in the day, making a high of 16,288 before losing ground into the close. The Nasdaq fared better, up 1.15% to 4,105, while the S&P 500 was 0.46% or 8 points higher at 1,818.
– In Europe, stocks also closed higher, with the FTSE up 0.34%, the DAX rising 0.69% and the CAC up 0.41%. In Madrid and Milan, stocks were 0.27% and 0.61% respectively.
– On the ASX, the March contract rose 11 points to 5236 bid in what has been a very strong recovery over the past week or so off the low near 5000.
– On FX markets, it was a night of US dollar weakness with the Aussie back up above 89 cents, closing the week at 0.8915. It’s up a little at 0.8925 in early Sydney trade this morning. The euro is largely unchanged on Friday morning’s levels, sitting at 1.3673, but that is a solid result given how far it fell during our day. USDJPY closed the week at 104.06 where it sits this morning for a big loss on the week by the yen. Sterling closed at 1.6330.
– On commodity markets, the US dollar weakness allowed both Gold and Nymex crude room to move, with Gold up more than 10 bucks from the low and back above $1200 closing the week at $1204. Crude is above $99 Bbl at $99.10 as the US economy picks up. Dr Copper closed at $3.35 lb while the Ags were all higher with Corn, Wheat and Soybeans up 0.64%, 0.45% and 0.90% respectively.
– Bitcoin sits at $668 this morning.
On the data front this week, it’s fairly quiet but the US personal consumption data and Chicago Fed national activity index will be interesting along with Canadian GDP tonight.