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Morning Market Report


The market is down 4. SFE Futures were down 3 this morning.

Dow Jones down 139. The Dow was down 156 at worst and up 57 at best. US markets started the session on healthy gains with the Non-farm payroll numbers coming in better then expected but the unemployment rate was up to 7.9% from 7.8%. Markets lost ground towards the end of the day with investors taking profits ahead of the US election that begins this week. Factory orders were up 4.8% for September after being down 5.2% in August. Energy stocks were dragged down by Chevron as their profit results came in below forecasts. Nonfarm payrolls came in at 171,000 which was better then the forecast of 125,000 and the previous reading of 148,000.

Worst sectors  — Basic Materials (-2.2%), Energy (-1.7%), Technology (-1.6%) and Industrials (-0.9%). The US 2 year bond yield down 1pt to 0.285% and the US 10 year yield down 1pt to 1.72%. Over the week the US 2 year yield was down 1pt and US the 10 year yield was down by 2pts. European markets mixed  — UK FTSE up 0.11%, German DAX up 0.38%, France up 0.49%, Spain up 1.05%, Italy down 0.24% and Greece was up 5.38%. The Stoxx Europe 600 index was up 0.4% with Consumer Goods (+0.8%), Industrials (+0.8%), Telecoms (-0.5%) and Utilities (-0.3%).

  • Westpac Group (WBC) —  FY result in line  — Cash Profit of $6.598bn up 5% and slightly higher than an expected $6.566 billion cash profit. Cash earnings from the bank’s Australian retail and business banking units were higher than the previous year’s up 14% to $2.1 billion as deposits and loans grew. Final fully franked dividend of 84c, bringing the total dividend to $166c. WBC is up 0.58% to 2517.5c.
  • Sundance Resources (SDL) —  Hanlong Africa Mining has secured finance from China Everbright Bank Co for $425.39 million to fund their takeover bid for SDL. The new finance together with the previously announced US$1.022 billion in commitments from China Development Bank, was in excess of the amount required by the Scheme Implementation Agreement. SDL is up 2.14% to 35.75c.
  • The AIG/CBA Performance of Services Index (PSI) for October rose 0.9 points to 42.8 points. Activity in the services sector fell for the ninth consecutive month weighed down by weak consumer confidence.
  • The TD Securities Melbourne Institute monthly inflation gauge showed consumer prices rose by 0.1% in October after a lift of 0.2% in September. In the 12 months to October, the gauge rose 2.4%. 
  • MOM retails sales came in at 0.5% which was better then the forecast of 0.4% and the previous reading of 0.3%.
  • The Trade balance came in at -$1.46 billion, which was better then the forecast of -$1.65 billion and the previous reading of -$1.88 billion.
  • The ANZ Job advertisements came in at -4.60% for September which was under the previous months reading of -2.80%. Total job ads are now 15% lower than they were on year ago.

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