Market Comment |
Australia |
| The S&P/ASX 200 index was flat on Wednesday. The index is below its 20d MA (@ 5259) and above its 50d MA (@ 5164). 69% of the index constituents are above their 20D MA (vs 70% the previous session) and 76% of the shares are above their 50D MA (vs 76%). Trading volume on the index was low, 33.6% below the 3 months average.
The Australian Industry Group Australian Performance of Services Index (Australian PSI) dropped 3.3 points MoM to 48.9. Key findings included: “Growth in new orders paused after four months of expansion (down 2.8 points to 48.9); (…) The communications sub-sector, in negative territory since December 2011, contracted again (up 5.9 points to 41.8), if at a slower pace. (…) The retail trade sub-sector was stable after seven months of expansion (down 5.6 points to 49.9). Wholesale trade (down 1.1 points to 44.2) contracted for a third month after July’s brief expansion.” |
Foreign Exchange |
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| The US dollar pushed higher against all of its major counterparts on Wednesday. On the economic data front, MBA U.S. Mortgage applications fell 0.8% last week from a drop of 3.5% the week before. ADP said companies in the U.S. added 182K workers in October, lower than the 190K increase in Sept. The U.S. trade gap shrank in September to a 7 month low at $40.8B from a revised $48B in August. Markit US composite PMI increased to 55 in Oct from 54.5 in Sept. U.S. Services PMI reported 54.8 in Sept from 54.4 prior. Finally, U.S. Non-Manufacturing ISM rebounded to 59.1 in Oct from 56.9 in September.
The Euro was lower against most of its major pairs except for the NZD. In Europe, The euro zone PMI composite index was 53.9 in October in final estimation from 53.6 a month earlier and 54 expected. UK PMI composite index increased to 55.4 in October from 53.3 a month ago. The Australian dollar was mixed against all its major pairs. |
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