Good Morning,
Just like the stock market, the Americans are “hurting” us once again…
The Aussies are currently playing the USA in the basketball….
AUS 20 vs. USA 17…
Common Aussies… where’s the outperformance?
Last night, US stocks fell (Dow Jones -39 points), as energy producers continued to weaken amid a lower oil price (crude -2.48%).
It also appears that the US dollar is finding some ground, with treasuries in demand, however, theAUD/USD is very high at over $0.77.
“It’s not a good day for energy at all,” Mark Kepner, an equity trader at Themis Trading LLC in Chatham, New Jersey, said by phone. “With financials it’s about the 10 year, we’re back to 1.50 again. There’s that feeling the Fed is probably going to be on hold for September and that’s why I think financials are tailing off again.”
In Oz, reports from CBA, CPU and AGL failed to inspire the market
We have a lot on today with GMG, GXL, MFG and TLS reporting…. While RIO trades “ex” dividend….
We will keep a close eye on CPU today, following our long call in yesterday’s trading session.
The SPI is down 2 points this morning
Niv Dagan is an Executive Director of Melbourne based boutique funds management and corporate advisory firm, Peak Asset Management (www.peakassetmanagement.com.au). He is also a regular financial commentator on Sky Business
By Niv Dagan
