Jan 16, 2014

Morning Market Report

Local markets were buoyed on the back of quarterly reports released by our biggest resources companies.


  • The market is up 39 points.
  • The Dow Jones was up 108 at 16,482. The market rose early in the day and maintained the strength, closing near the highs in a 130 point range.
  • The Beige Book was anything but boring with the Fed’s take on the economy showing expansion is occurring at a moderate pace and some districts are experiencing a pickup in growth. The New York Fed’s manufacturing index also rose to 12.51, ahead of expectation of a 3.5 reading and 1.0 previously. On the inflation front, producer prices rose 0.4% in December, ahead of expectations of a 0.3% rise.
  • The S&P rose 10 points to 1848.
  • Oil was up 1.85% at US$94.30 after a large drop in global inventory levels.
  • Gold fell $4.60 to US$1240.80 per ounce.
  • The US$ was stronger against most major currencies. The Aussie dollar was weaker and is currently trading at US89.17c.
  • VIX volatility index fell 0.08% to 12.27.
  • US treasury markets were weaker — the yield on the 10 year bond rose two basis points to 2.891% following the strong economic reports and inflation data.
  • European shares were stronger — the UK FTSE rose 0.78%, the German DAX was up 2.03% and the French CAC rose 1.35%.
  • European bonds were weaker — the yield on the Euro 10 year rose one basis point to 1.823%. The UK 10 year bond yield rose three basis points to 2.861% and the French and German yield both rose by one basis point to 2.274% and 1.823% respectively.
  • Base metal prices were stronger — nickel continued its strength, rising a further 1.37%. Aluminium was up 1.44%, copper rose 1.04%, lead rose 0.91% and zinc was up 0.41%.
  • Iron ore was up US$0.10 at US$129.60 a tonne.


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One thought on “Morning Market Report

  1. JohnB

    – Copper — financial year production was up 15% to 631.5 million tonnes well above expectations of 590,000 tonnes. Refined copper production was up 7% to 300.1 million tonnes.

    Someone might like to sort out the millions and thousands in Rio’s copper production.

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