Companies

Jul 4, 2014

Morning Market Report

A strong start to the financial year across all markets.

The ASX 200 is up 40 points. The Dow Jones was up 92 points at 17,068 — The market rose strongly on the opening after good employment data good economic data which supported cyclical sectors. Consumer Discretionary and Financials were the best performing sectors while Health Care and Utilities lagged. It was shortened trading session due to the Independence Day holiday on Friday and the market traded in a 95 point range.

US economic data was stronger — June nonfarm payrolls exceeded expectations (288,000 v consensus 210,000) and the unemployment rate fell to 6.1% from 6.3% (economists were expecting no change). The trade deficit narrowed to US$44.4 billion from US$47 billion in April but the ISM Services Index fell to 56.0 from 56.3 when a rise to 56.5 had been expected.

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