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Morning Market Report

Feb 26, 2014

Morning Market Report

A calmer day on the market after yesterday's rallies.

The market is down two points. The Dow Jones was down 27 points at 16,180 — The market rose in early trade and moved into negative territory in the afternoon in a 110 point range.

Company earnings were positive with the market rising on the results from Home Depot and Macy’s. Economic data was generally weaker, with consumer confidence falling, but this was once again assumed to be weather affected.

The S&P fell two points to 1845.

Oil fell 0.79% to US$102.01. 

Gold rose US$3.00 to US$1341.00 per ounce.

The US$ was slightly lower against most major currencies in quiet trading and the Australian dollar was slightly weaker, currently trading at US90.15c.

VIX Index fell 1.19% to 14.06.

US treasury markets were stronger — The yield on the 10 year bond fell five basis points to 2.700%.

European shares were mostly weaker — The UK FTSE fell 0.52%, the French CAC fell 0.10% and the German DAX also fell 0.10%.

European bonds were stronger — The yield on the Euro 10 year bond yield fell four basis points to 1.644% and the UK 10 year bond yield was also four basis points lower at 2.741%.

Base metal prices were mixed — Zinc rose 0.58% and aluminium rose 0.42% but lead fell 0.59% and nickel was 0.20% weaker. Copper was unchanged.

Iron ore fell US$0.80 to US$119.10 a tonne.


  •  The yuan fell to a three year low and below its official midpoint rate, as the Chinese central bank guided the currency down with a series of weak fixings. There were rumours of intervention by the PBOC and expectations the official daily trading band will be widened to 2% around a fixed point (from 1% currently) this year to make the yuan more ‘free moving’.
  • Gold rose a further US$3 an ounce and is now trading at a 4 month high.
  • Going ex-div today — ANN (18c), REA (22c), TTS (8c), CGH (3.5c)
  • Ex-dividend tomorrow — AZJ (8), FMG (10c), FXJ (2c), IAG (13c), STO (15c), TOL (13c)
  • Iron ore down another 80c to $119.10.

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