Asian markets fell or were flat today, as the Euro continued to fall against the Yen and gold slipped alongside.
The S&P/ASX 200 Index closed down 0.4% or 17 points to 4071 points, dicing with its support line around 4050 points, although given this is the post-Xmas pre-NY break on very light volume, not much weight can be put to this move, yet:
In after hours trading, the SPI futures have slipped further, down another 15 points after the close.
Other Asian equity markets fell, with Japan’s Nikkei 225 down 0.7% to 8367 points, the volatile Hang Seng down 0.9% to 18349 points and the Shanghai Composite is actually up 3 points, currently trading at 2171 points (as at 1630 AEDST).
The AUD was flat today, currently trading just below 1.01 against the USD, whilst WTI crude was similar and remains at $99.53 USD a barrel.
Gold fell further in the Asian session having been sold off overnight and is currently trading at $1555USD per ounce, still below its 200 DMA, but seemingly finding a bottom on the hourly charts. In Australian dollars, the fall has been exarcebated and is now at $1541 AUD an ounce.
Movers and Shakers
All sectors but telecomms were sold off today, with materials and healthcare the biggest losers.
The banks were mainly flat, with ANZ down 0.4%, Commonwealth (CBA) up just 2 cents, National Australia Bank (NAB) up 0.4% and Westpac (WBC) also up 2 cents or just 0.1%, all on very light volume on the second last trading day of the year.
Macquarie (MQG) was up just over 0.1%, whilst healthcare favourite Cochlear (COH) lost a quarter of percent, its “twin” CSL also finished down, but strongly – losing almost 1%
Telstra (TLS) also put on some runs, up 0.3%, this time on below half daily average volume.
To the resources, BHP Billiton (BHP) was basically flat, falling 7 cents, whilst its “twin” Rio Tinto (RIO) fell 0.4% for the day.
Gold miner Newcrest Mining (NCM) continues to fall, down almost 3% falling further than gold itself and is now below $30 per share.
Fortescue (FMG) fell again, losing more than 2% and to finish out the ASX8, Woodside Petroleum (WPL) fell almost 1% again. Sheesh, hasn’t been a good year for resources…
Defensive stocks Wesfarmers (WES) and Woolworths (WOW) did not escape the selloff again, the former falling around 0.8% and the latter 0.3% probably in continued response to further weakness in the retail sector, with JB Hi-Fi (JBH) down over 1%, alongside Myer (MYR).
Futures are pointing to slightly higher opens on the US and flat on the Euro equity markets, as all eyes go to the Italian bond sales – as Delusional Economics stated on Twitter (look to the feed on right sidebar): Will banks support their sovereigns or just themselves?.
Watch tomorrow’s “Market Morning” post for full coverage.