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Australian shares are looking to claw back some of yesterday’s losses despite Wall Street edging into negative territory but European stocks rose on speculation that Spain might be close to asking for a sovereign bailout.
On the ASX24, the SPI futures contract was 14 points higher to 4403. The Aussie dollar has risen on on improved sentiment around Greek debt. It was recently trading at $US1.043, up from $US1.0402 late yesterday. It was also buying 82.90 yen, 65.75 pence and 82.16 euro cents.
Local investors will be keeping an eye on some key AGMs today, with Wesfarmers and Fortescue both fronting shareholders in Perth today.
What you need to knowSPI futures are 14 points higher at 4403The $A is higher at $US1.043In late trade, the S&P500 was down 0.18% to 1377.54In Europe, the FTSE100 rose 0.33% to 5786.25China iron ore added 20 US cents to $US122.30 a metric tonneGold fell $2.95 to $US1724.15 an ounceWTI crude oil fell 35 cents to $US85.22 a barrelReuters/Jefferies CRB index was flat at 292.15
Making news today
In economics news:ABS wage price index for September quarterWestpac/Melbourne Institute Survey of Consumer Sentiment
In company news:The following companies hold annual general meetings: Wesfarmers, Fortescue Metals Group, Computershare, Webjet. Click here for a full list of AGMs. DuluxGroup full year resultsCSR first half results
Analyst rating changesIncitec Pivot rated new ‘outperform’ at CIMBQBE Insurance cut to ‘neutral’ at MacquarieMirabela Nickel raised to ‘buy’ at Argonaut Securities
Spanish 10-year bonds rose, pushing down yields from the highest in more than six weeks, after German Finance Minister Wolfgang Schaeuble signaled Greek aid payments may be bundled into a single installment.Spain’s 10-year yields dropped four basis points to 5.85%Germany’s 10-year bund yield was little changed at 1.34%
Treasury 10-year note yields reached a two-month low before President Barack Obama meets Democratic and Republican leaders in Congress this week for negotiations to avert the so-called fiscal cliff.The 10-year yield fell two basis points to 1.59%
In late trade, US stocks had risen after Home Depot Inc led a rally in retailers and concern about Europe’s debt crisis eased, as President Barack Obama prepared for talks to avert a so-called fiscal cliff.
Key numbers:Standard & Poor’s 500 Index rose 0.2% to 1382.84Dow Jones Industrial Average added 0.1% to 12,828.53Nasdaq composite lost 0.14% to 2900.05
European stocks rebounded as the threat of an immediate Greek default receded but the euro hit a two-month low against the dollar on falling German investor confidence.
Key numbers:London’s FTSE 100 added 0.33% to 5,786.25 In the CAC 40 added 0.56% to 3430.60 In Frankfurt the DAX 30 was flat at 7,169.12
Asian markets fell on uncertainty about the global economic outlook as the US ‘‘fiscal cliff’’ looms and much-needed bailout cash for Greece was delayed.
Key numbers:Japan’s Nikkei 225 lost 0.18% to 8661.05 Hong Kong Hang Seng lost 1.13% to 21,188.65 China’s Shanghai composite lost 1.51% to 2047.89
Brent oil prices have fallen with the International Energy Agency cutting its global crude demand forecasts. Sentiment was also hit on Tuesday by worries over the looming US ‘‘fiscal cliff’’ and the ongoing eurozone debt crisis.Brent North Sea crude for delivery in December fell 88 US cents to $US108.19 a barrel.New York’s main contract, light sweet crude for December traded in negative territory for most of the day, but recovered to stand at $US85.38 per barrel, down 19 US cents from Monday’s closing level.
Platinum futures climbed 1.2 per cent on projections of a production shortfall for 2013, while gold prices have eased amid pressure from a stronger US dollar and renewed concerns about Greece.Platinum futures rallied in response, with Platinum for January delivery, the most actively traded contract, recently up $US18.30, or 1.2 per cent, at $US1,584.80 a troy ounce on the New York Mercantile Exchange.Gold for December delivery, the most active contract, fell $US8.80, or 0.5 per cent, to trade at $US1,722.10 a troy ounce on the Comex division of the Nymex.
Base metals have closed mostly in positive territory on the London Metal Exchange (LME) after a rise in wider markets and a strengthening euro lifted the complex from a weaker European morning.At the close of open-outcry trading on Tuesday, flagship base metal LME three-month copper was 0.6 per cent higher on the previous session’s settlement at $US7,680 a metric ton.
How we fared yesterday
The Australian share market has closed sharply lower after its biggest one-day fall since July 23.
Investors fretted over the ongoing bailout of Greece and negotiations in the US to avoid the so-called “fiscal cliff” that threatens to derail the wider world economy.
The benchmark S&P/ASX200 index was down 68.2 points, or 1.53 per cent, at 4,379.8 points, while the broader All Ordinaries index had fallen 65.7 points, or 1.47 per cent, to 4,404.2 points.
BusinessDay with agencies
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