A very interesting day on Asian markets, particularly if you like volatility! At the open, the S&P/ASX 200 Index was off slightly, and then coming into lunch slumped as risk merchants reacted to a “too-high” CPI (inflation) number from China. Why? Because it may – may – preclude the use of the expected stimulus to buoy the slowing Chinese economy in the second half of 2012.
But then, the optimists came back to their computers and the market recovered, but still finished slightly in the red, down
Japan’s Nikkei 225 finished flat to 9002, following a similar course to the ASX200, with the volatile Hang Seng up just 16 points or 0.1% to 21034, following the Shanghai Composite also up 0.1% to 2347 points.
The AUD stayed above 1.08 against the USD, currently at 1.082 on the spot market, whilst WTI crude put on 0.4% staying above $99USD per barrel. Gold had a good day during the Asian session up $9 or 0.5% to $1740USD an ounce.
Movers and Shakers
After all that, its actually mainly green across the board according to the sectors, with energy stocks leading the way, up 0.7%, whilst materials and REIT’s lose 0.7% and 1.3% respectively.
Checking out the ASX8 (the top four banks and miners who collectively provided more than 90% of profit growth last year), it was a slightly positive day for the banks, eventually…
ANZ was flat, still just above its 200 day moving average, whilst the big brother of banks, the Commonwealth (CBA) gained only 0.2%, staying just above support at $50.
National Australia Bank (NAB) was up 0.3%, still dicing with support at $23 per share whilst Westpac (WBC) slipped down 0.4%, still below its 200 day moving average and also remaining in a neutral stance.
Quickly checking out Macquarie (MQG), the Millionaire Factory now above $26 per share resistance level, up 0.5% building on its breakout.
To the holes, where BHP Billiton (BHP) after reporting yesterday, fell over 2% when the Chinese CPI data came out, but eventually got some back, only down 1.6%
Its “twin” Rio Tinto (RIO), which has only just reported now (I”ll have to cover that tomorrow folks) slipped only a little, down 0.2%, just above its 200 day moving average, and still in a good uptrend.
Gold miner Newcrest Mining (NCM) was up only slightly still going sideways, whilst Fortescue (FMG) slipped almost 1%, but still above resistance and its long term moving average.
To finish out the ASX8, Woodside Petroleum (WPL) finished up an easy 1% finally getting out of its sideway funk, and probably on its way to the next resistance level at $37 per share.
The overnight futures for the ASX200 are up 3 points to around 4300 while other equity futures are up equally going into the European session with little in way of data releases to spook markets, except that whole Greek thing.