A broadly flat session on equity markets overnight, with only US markets responding weakly to the positive sessions in Asia, as eyes were again on Greece which looks ready to cast itself off into economic oblivion to suit its German creditors.
In detail:
The UK FTSE finished flat again, down 14 points to 5875, still well above its resistance level at 5700 points but struggling to make tractions with the German DAX also flat, down 5 points to 6748 points, still eyeing off the pre-correction support level (now resistance) at 7000, but a potential retracement or correction possible.
The Euro (EUR/USD) stayed above 1.32 against the USD and is currently trading at 1.326, as the USD Index actually gained 0.3 points to be at 78.71, still below resistance at 79 points.
The ever resilient AUD remained fairly strong, the commodity proxy slipping below 1.08 against the USD, now trading at 1.079, whilst Aussie 10 year bonds were sold off again, yields rising to almost 4%, at 3.99%, still below but catching up to the cash rate.
US markets were better than their Euro counterparts, with the S&P500 Index finishing up 3 points or 0.2% at 1349 points, whilst the narrower Dow Jones gained only 5 points to 12884 points. Finally, the tech heavy NASDAQ Composite was the only real mover, up over 0.4% or 11 points to 2915 points.
To commodities, WTI crude finished at $99.15USD a barrel, remaining below the “magic” $100 number. Let’s hope for US consumers that it stays that way, although Brent crude seems to be rallying again, up $1.50USD a barrel to $117.75 on the 3 month futures.
Gold had another volatile session (again I was up late last night trading it, it remains my favourite intraday security to trade) hitting a low of $1729 after falling from $1750, consolidating at $1732USD an ounce, losing nearly $12USD or 0.7% for the night, now waiting for the open of the Asian session.
The Aussie SPI Futures are pointing to a flat open for the S&P/ASX200 index, probably up 2 points around the 4290 points level on these mixed leads. The big movers Rio Tinto (RIO) and Telstra (TLS) are reporting interim results today, both in intermediate uptrends, so this is likely to move the market.
Trading Day will cover the Asian market session and the “ASX8” stocks after the close in the afternoon.
Also note that Earnings Season continues today, with all eyes on Rio Tinto (RIO), whilst Telstra (TLS), BWP Trust (BWP), Stockland (SGP) and Tabcorp (TAH) also amongst the major reporters.