Market Comment |
Australia |
| The S&P/ASX 200 index gained 0.94% or 47.959pts to 5146.82 (day range: 5194 – 5098.9) on Thursday. The index is above its 20d MA (@ 5119) and below its 50d MA (@ 5376). 52% of the index constituents are above their 20D MA (vs 41% the previous session) and 31% of the shares are above their 50D MA (vs 28%). |
Foreign Exchange |
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| The US dollar was under pressure against its major counterparts except for the HKD on Thursday. On the economic data front, US 2Q current account Deficit came in at 109.7B compared to 113.3B last quarter (-111.5B estimate). Housing starts fell to 1126K in Aug from 1206K in July (1160K estimate). Building permits increased to 1170K in Aug from 1119K in July (1159K estimate). Initial Jobless Claims declined to the lowest level in 2 months to 264K for the week ending Sept 12 from 275K the week before (275K estimate). The federal Funds Target Rate remained at 0.00% to 0.25% (unchanged) citing inflation continues to run below objective, due to declines in energy prices and prices of non-energy imports. The FED stated it will raise rates when it has seen some further improvement in the labor market and when it is ” reasonably confident” inflation will move back to its 2% Target.
The Euro was higher against its major counterparts. In Europe, eurozone construction output grew 1% in July from June, when it fell 1.2%. UK retail sales rose by 0.2% in August, helped by sales of clothing, particularly school uniforms. The Australian dollar was mixed against all its major pairs. |
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